Inheriting a fixer-upper property can be a mixed blessing. On one hand, you may have just received a valuable asset that could potentially increase in value over time. On the other hand, you may be facing costly repairs and renovations just to make the property livable. So, should you keep an inherited fixer-upper? We’ll explore three sub-topics to help you make an informed decision.
Assessing the Value of the Property
Assessing the value of an inherited fixer-upper property is crucial in determining whether it’s worth keeping or not. There are various factors to consider when evaluating the value of the property, including its condition, location, and market trends. Consider the condition of the property. Is it in need of minor repairs, or does it require major renovations?
A property that requires significant repairs can be costly and time-consuming to fix, making it less desirable for potential buyers or renters. If the property requires extensive repairs, it may not be worth the effort and investment to renovate it. Also, consider the location of the property. Is it situated in a desirable neighborhood, close to amenities such as schools, shops, and transport links? Properties in prime locations are generally more valuable than those in less desirable areas. Additionally, consider the local housing market trends. Are property values in the area increasing or declining? Understanding the local housing market trends can help you determine the potential return on investment for the property.
Budgeting for Renovations
If you decide to keep the inherited fixer-upper, you’ll need to budget for renovations. The cost of repairs and renovations will depend on the extent of the damage and the desired improvements. Be sure to budget for both material and labor costs, and add a cushion for unexpected expenses that may arise during the renovation process.
It’s important to be realistic about your budget and to prioritize renovations that will add the most value to the property. For example, upgrading the kitchen and bathrooms can have a significant impact on the property’s value and desirability. It’s also important to consider ongoing maintenance and repair costs. Fixer-upper properties often require more upkeep than move-in-ready homes, so it’s essential to factor in the ongoing maintenance costs when developing a budget plan.
Let Go of The Property
Deciding to let go of an inherited fixer-upper property can be a difficult decision, but sometimes it’s the best option. If you don’t have the time, resources, or desire to renovate the property, selling it to a cash buyer can be an excellent solution. Cash buyers will typically purchase the property as-is, which means you won’t have to worry about making any repairs or upgrades to the property. This can save you time and money, as well as eliminate the stress of managing a renovation project. Cash buyers can typically close the sale within a matter of days or weeks, rather than the months it can take to sell a property through traditional methods. This can be especially advantageous if you need to sell the property quickly.
Deciding whether to keep an inherited fixer-upper requires careful consideration of the property’s value, renovation costs, and your personal goals and abilities. The decision to keep or let go of the property will depend on a variety of factors, including your financial situation, time constraints, and personal preferences.
If you’re ready to sell your home, you might be considering a traditional sale with an agent. But that’s not the only option available. Consider selling your home for cash to Oregon Homebuyers. We buy houses in any condition, so you don’t have to worry about renovating or traditionally listing your property. Give us a call today to get your fair cash offer!