After a loved one passes, you may determine that you will need to sell their home. Before selling, you might wonder whether or not you should renovate. This can be an expensive and lengthy process, so it’s worth careful consideration.
Reasons to Renovate
The number one reason to renovate a home is to raise the value of the property. Renovations and upgrades make the home look nicer and function better. Buyers will often look for homes that are renovated because they are so desirable. This is also why they are willing to pay more money for them. Renovations can help you attract more buyers to the home. In addition, you may need to renovate the home. This could be due to damage in the home. Making repairs can make the home safer to live in, as well as raise the home’s value.
If you want to renovate and sell the home, you first need to acknowledge the legal processes in place. When a homeowner dies, their home will go into probate if they did not transfer the home to someone while they were still alive. The probate process is one in which the transfer of property is heavily reviewed by the court to ensure there is no fraud taking place. Probate can take weeks, months, or even years if the property is extensive. While the house is in probate, you may not be able to sell it or even renovate it. You need to determine the laws in your specific state to see what actions you can take.
Finding a Buyer
Whether or not you renovate, you will need to find a buyer. If you do renovate, you can easily find a buyer through a variety of methods. Following the traditional home sale method of working with a real estate agent might be your best option. If you choose to not renovate the home, you also have plenty of options for buyers. One of your best options is selling to a cash buyer. In a cash sale, the buyer will provide you with all the money upfront and the sale is fairly quick. Additionally, cash buyers are more likely to purchase homes as is.
It can be difficult to sell the home of a loved one after they pass. It’s important that you take some time to understand what the probate process is all about and what options are available to you. And if you need to get the property off your hands, a home buying company can help.
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