What Should You Do With An Inherited Home in Philadelphia, PA?

If you recently inherited an older home in Philadelphia, you might be feeling overburdened by the mess and potential maintenance requirements. Here are some practical methods for handling an inherited house. However, you must first determine whether you want to keep the house or sell it. Some of the goods listed below are relevant to both keeping and selling.

Decide If You Will Keep Or Sell The Property

If the house has no mortgage, it can make the ideal first home for a member of the family. Perhaps you might rent out the house on a regular basis or for vacations.. Before considering the vacation rental option, read this information from the legal experts at NOLO on vacation rentals.  If you’re thinking of renting a house outright, read this article comparing the rent vs. sell options for more help in your decision-making.  One thing is for sure, you do not want to let the house be vacant very long because there are many possible problems with a vacant home.

6 Tips If You Are Keeping Your Inherited Home in Philadelphia

You can have a lot of work ahead of you unless the inherited home in Philadelphia is brand-new or recently renovated, which the majority of inherited properties are not. The efforts might be worthwhile if you keep it for the appropriate reasons or sell it.

1. List the tasks that must be completed. Make a list of everything that needs to be done, such as painting, replacing outdated fixtures, and clearing the clutter, to get started. This will assist you in setting priorities and deciding what can be completed right away vs later.
2. Get organized and Declutter. Rooms should be completely empty so that you can determine how much work needs to be done. Assemble everything into boxes with adequate labels for easier transport or disposal, if necessary. It’s better to start with one area at a time while cleaning up clutter in a Philadelphia home that was inherited. By doing so, you’ll be able to remain on top of the project and get a sense of how much work has to be done in each area. Examine each item – Spend some time sorting through everything in the Philadelphia home to determine what should be retained, given to charity, or discarded. Even though this is frequently a challenging procedure, it can be made simpler by asking friends or family for assistance. Be prepared – After going through the stuff, organize your Philadelphia house so that everything has a dedicated spot and is simple to find when needed. This could entail investing in storage bins, shelving, and other organizational supplies to keep the house looking tidy.. Here is more advice on decluttering and organization.
3. Learn about the home. Do some research on the history, any renovations, and any potential issues of the Philadelphia home you have just purchased. You will be better able to comprehend what needs to be done and how to take care of the property because of this.
4. Consider getting an inspection if you plan to rent the property to others. Getting a newly acquired inherited home inspected before renting it out to others is essential for several reasons:
   • Safety: An inspection can reveal any potential safety hazards that may exist in the home, such as faulty wiring, plumbing leaks, or structural issues. This information can help you ensure that the property is safe for tenants to live in.
   • Maintenance: An inspection can also highlight any necessary repairs or maintenance that the property requires, such as fixing a leaking roof or replacing an old HVAC system. Addressing these issues before renting the property can help prevent more significant problems down the road and ensure that the property is in good condition for tenants.
   • Legal compliance: An inspection can also help ensure that the property meets all legal requirements for rental properties in your area, such as building codes, fire safety regulations, and zoning laws. This can help you avoid potential legal issues that could arise if you rent out a property that does not meet these requirements.
   • Tenant satisfaction: Finally, getting an inspection can help ensure that your tenants are satisfied with the property they are renting. By addressing any issues before renting the property, you can help prevent tenant complaints and minimize turnover.
5. Make a budget. Make a budget for basic maintenance, improvements, and repairs so that you can estimate how much money will be required. When it’s time to start working on projects, keeping track of this data can be helpful because it will help you stay focused on the job at hand and ensure that all connected expenditures are taken into account.
6. Find a reliable contractor and spruce up the home for resale. You need to select a reputable contractor who can do the work according to code if there is major work that needs to be done, such as plumbing or electrical work. Before signing a contract, make sure to properly study each potential choice, request references, and ask for recommendations. Get started if the majority of the work is something you can complete on your own. Giving the exterior of a historic Philadelphia house some much-needed TLC is the first step in updating it. Pressure washing, painting, or replacing any damaged or outdated components like shutters, windows, and doors are some examples of what can be done. When the Philadelphia home’s outside is in good shape, it’s time to focus on the interior. Consider what improvements should be made to the house to make it more livable and fashionable or sellable, such as updating outdated bathrooms, floors, or fixtures.

3 Options for Selling An Inherited Home in Philadelphia

1. Hire a real estate agent to help you out. An expert realtor will be able to evaluate your home’s condition and give you advice on what needs to be done to make it more appealing to prospective buyers. This can entail making some financial investments in repairs, staging the house, or even assisting with the decluttering procedure.

• For sale by owner. Try selling your house independently. While it can need a little more work, this is a terrific option to avoid paying commissions and other costs related to using an agent. You can read more about the FSBO option vs. a direct sale here.  If you decide to go this route, you must first list the home online or in local periodicals, after which you must handle any ensuing showings.

• Consider selling the house to a cash homebuyer such as 717 Home Buyers. Within roughly 24 hours of our initial talk, our business will present you with a fair offer that is pressure-free. We can often close the sale within a week if you accept our offer. Keep in mind that you won’t need to clear or perform any repairs. We handle everything for you. There are no inspections and no additional charges, such as commissions or closing costs. You can read more about how we operate here. Read more here if you are concerned about getting a fair price. You can read some of our reviews here. We have a reputation for professionalism and integrity. You have nothing to lose by investigating this option further. Give us a call today at 717-639-2164 or fill out the form here on our website. We hope to hear from you soon.