How To Price Your Inherited Home In Reno For Sale

If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Reno for sale

Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Reno Nevada for sale…

Tip #1: Price Quick To Sell

Some people price their inherited property at an amount they think the market might pay for the house. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for the house and maintain the property the entire time. That can be costly and can eat into the higher price.

Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the house but they also pay less on repairs, carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.

Tip #2: Avoid Pricing Based On Fond Memories Or Emotion

One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the house. The house might be worth a certain amount on the market but you may have such fond memories of growing up in the house or of happy times in the house that you accidentally use that emotion to increase the price. (This is VERY common.)

A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the house isn’t worth as much but because your wonderful memories have accidentally inflated the price!

Tip #3: Build In Discounts For Repairs

If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.

Tip #4: Consider All Of Your Options

It is important to realize that you have other options besides selling. Why not keep the house? You can move in or rent your inherited house. Many people decided to rent there house and gain income every month. Renting your your inherited house will help you most of the cost associated with the house. If you have any questions about renting your house and want to know how much you can rent it for, Contact me today and I will be happy to help you out. Also, if you would like to hire a property manager. Feel free to contact me today. I can help you with that as well.

Summary

An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Reno Nevada for sale.

If you have any questions or if you want to sell you inherited house in Reno Nevada or the Reno Nevada area, Contact me today of call me at 775-525-0980. I will be happy to walk you through the selling process.

Connect With Us!

If you're looking to buy or sell a property connect with us today!

How Can We Help You?

I would love to hear from you! Please fill out this form and I will get in touch with you shortly.
    (check all that apply)
  • This field is for validation purposes and should be left unchanged.