Inherit a House in Cedar Rapids
If you grew up here, there comes a time in many lives when you inherit a house in Cedar Rapids. You and your siblings now face some difficult choices. What to do with the house; renovate it, rent it, live in it, or sell it?
Take a deep breath. Nothing has to be done immediately when you inherit a house in Cedar Rapids. You and siblings will have a lot of different emotions and memories about the home. Think about what the home means to each of you. Some may want to sell and split the proceeds immediately. Others may think about living in the house again or renting it out. You all may want to know what the house is worth.
Seek the advice of professionals. When you inherit a house in Cedar Rapids, a real estate agent or real estate investor is a must. The agent or investor can walk through the house, see if work needs to be done to sell it and give you a feel for the house’s worth. The neighborhood may have changed a lot since you lived here.
The real estate investor can offer cash and close in less than 30 days. The real estate investor does not charge a real estate commission or closing costs. The house will be sold as-is.
Another professional could be an attorney specializing in taxes and real estate. These professionals will answer any questions you have and will help you make selling decisions.
Clean the house. As you clean, you can divvy up the folks’ personal belongings and arrange to sell the rest in a garage sale or estate sale. If you plan to sell, the house will present a better face to the public if it is clean and empty or staged.
Decide to sell or rent after the house is clean. Cleaning may reveal structural damage. The family then can make a choice to sell as is, or rehab.
People always ask if you have taxes due on the inheritance. One of the first questions asked when you inherit a house in Cedar Rapids: are there taxes due? Iowa does not impose a separate state estate tax due to changes in the federal estate tax laws. There is a separate inheritance tax for non-family members who inherit assets of the deceased.
Understand this process; nothing can tear a family apart more than money. Be wary of arguments about renting vs. selling; what price to sell the house; who gets what possessions; what is the proper sharing arrangement; what professionals to use; and how to invest any commingled money.
Preserve your capital, when you inherit a house in Cedar Rapids.
There may be a lot of new cash in hands not used to handling money. Old money has a saying, “Never touch the principal.” They live off the income. Capital can be hard to accumulate. Even if you save 10% of your income each year, it takes considerable effort to save and invest to accumulate a large savings account, especially in this interest rate climate. So treat it kindly. Would your parents, who passed on leaving you their wealth, feel good about the way you spend your inheritance? Consider hiring a professional investor.
Harmony Property Solutions, LLC is here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple, honest truth about your home and how we can help you sell it fast to resolve any situation.
Harmony Property Solutions, LLC is part of a nationwide group of thousands of investors who are helping tens of thousands of homeowners every year. We may not be the “traditional” route, but we CAN help and we can do it quickly!
Give us a call today at 319-343-6773 to let us know what YOU need help with!