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Learning More About Real Estate

After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.

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Learning More About Real Estate

Why Selling Inherited Property to a Property Buying Firm Makes Sense

by Nathan Olson

Inheriting a property is not always as exciting as sounds. Not only are there often upkeep costs involved, such as utilities, but there might also be property taxes due on the home. Depending on where you are in life at the moment, caring for an additional property might not fit within your means. Selling your home to a property buying firm might be a solution to your problems. 

Travel Costs

If the property is located in another city or state, you will incur travel costs to maintain the property. From time-to-time, you will need to check on the property, which can add up over time, especially if the trip is scheduled at the last minute. Selling to a property buyer can help you eliminate these additional costs. 

Lawncare

If the property is covered by an HOA, you will also have the stress of abiding by their guidelines. For instance, many of these associations have specific landscaping requirements. Whether you maintain the lawn on your own or pay someone to do it, maintaining the lawn will cost you time and money. When you sell the property, lawncare is no longer your concern.

Tenant Expenses

If you plan to rent the property, you might have to come out of pocket to get the property ready for move-in. Depending on the condition of the property, you could easily spend thousands of dollars to go about the process. As a result, it might take you several months to break even. However, even with your efforts, there is no guarantee you will find a tenant for the property, which will also leave you in the red. 

Commission Fees

If you're already confident you don't want to keep the property, you might be thinking about partnering with a real estate agent. However, remember that you will have to pay the agent for their service in the form of commission fees, which is equal to a percentage of the selling price. Property buyers generally don't charge commission fees, but instead offer a fair, no-haggle amount for your home. 

Insurance Costs

Even if there isn't anyone living in the house, you still need to protect the property with insurance. However, many people are surprised to discover that homeowner's insurance costs are often higher when a property is vacant given the risks that come along with an empty property, such as vandalism or damage from a frozen pipe during the winter. 

A property buying firm can handle every part of the selling process for you, to make the transaction as stress-free as possible.

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