Estate Sale Tips You can UseBefore you make a final decision on the house, you should deal with all the personal possessions. One popular way of doing this is to host an estate sale. It’s a great way to clear out much of the stuff for a little money in return. This isn’t exactly like a garage or yard sale. Instead of carting everything outside, you leave the items in the house. Mark everything with prices and let people browse and buy.
Inheriting a home from a loved one can be a wonderful gift or a challenging inconvenience, depending on your individual circumstances and what you plan to do with the home. Many times, families will move into an inherited home and sell their own properties that they’ve been living in. In other cases, those who inherit a home will hold an estate sale to sell off unneeded items and then sell the property itself. —Redfin.comThis is an ideal way to pare down on stuff so you have less to deal with. First, be sure to set aside the junk. Leave that for a junk hauling service to take away. Then, you can organize and sell what’s left.
Banning Heir Estate Home OptionsNow, as for the house itself, you might well be wrestling with what to do with it. If you don’t know what to do, here are some helpful estate home options for heirs you can consider:
- Sell it. You can elect to update it and sell it to get the most out of the sale, or, sell it as-is. Depending on your set of circumstances, you can put a little money into updating the home a little and staging it, or, list it for sale at just below market value.
- Rent it. If there’s equity in the home and it’s in relatively good condition, you can put a bit of work into it by updating the appliances, giving it a some fresh curb appeal, and brushing on a new coat of interior paint. Then, you can rent it out and earn a passive income.
- Move-in. For some heirs, they value keeping the home in the family. You can sell your current home or wait until your rental home lease expires, and move-in to the house. This is a great option because you’ll likely have instant equity and make updates over time.
- Rent it part-time. Another option is to get it into rental shape and use it as a vacation home. Through the year, you can rent it out here and there, but before you do this, be sure to consult a tax professional about the pros and cons.