Have you recently inherited a home in Odessa, Texas and you’re not sure what to do?
Inheriting a home can be both a blessing or a burden depending on mortgage obligations, the condition of the home, costs of ongoing maintenance, property taxes, and more. There will be thousands of homes inherited in Odessa this year and you’re not alone.
Let us just start by saying that if you’ve lost a loved one, we send you my deepest condolences. When you go through the loss of a loved one, it’s hard to understand how the world keeps on spinning. You’re expected to continue living your life. We’ve found, from personal experience, that there is so much to do after a loved one passes and there’s barely any time to breathe, let alone grieve; between getting the death certificate, canceling leases/services/appointments, setting up funeral arrangements, contacting family, and getting the will or trust arranged. The list literally goes on and on.
You then start going through personal belongings — the old clothes, photographs, written notes, and then you find the treasures. Whether it was the hand made quilt your mother’s mother made or the family ring that has been passed down through generations, you find the right spot to keep them or the right person to have them. But what about the rest? What about the largest gift… the house? You’ll want to make sure you explore all your options before you start paying taxes or paying the mortgage on this “gift.”
4 Tips for Dealing with an Inherited Home in Odessa
Here are your options for dealing with your inherited home in Odessa, TX.
1 – Live in the house!
Sometimes there’s nothing better than hanging on to the house that became your family home. There’s something special about raising your kids where you first learned how to ride a bike or spent your afternoons on the old tire swing outside. Keeping this home can be the best heirloom of all.
2 – Sell it via a real estate agent
In order to get full market value for your Odessa home, you’ll want to make sure you take care of all repairs and maintenance. Once you’ve got it “show ready,” you’ll want to list it with a realtor. Keep in mind that this process could take about 4-6 months due to numerous showings, offers falling through as appraisals don’t match the asking price, competing bidders, and much more. Also, consider the fact that you may not be the sole inheritor; who will pay for the upgrades prior to listing on the market? Who will pay the bills and mortgage until it sells?
3 – Rent your inherited Odessa home
This could be a great source of passive income. Make sure to look at your local laws regarding short and long term rentals to see how appealing this option may be. Also, consider paying a property management company to take care of the ongoing maintenance, filling vacancies, setting up leases, and showing the home to potential renters. Being a landlord isn’t for everyone, especially if you’re not local to Odessa. Of course, the trade off to hiring this type of service means less money in your pocket.
4 – Sell your Odessa home to Thousand Hills Properties
This is the quickest and most convenient option for dealing with your inherited Odessa home. What if you don’t have the time, energy, or funds to fix up the home and sell it for full market value? What if the house is left to multiple family members who can’t agree on how to handle this? Selling the home and splitting the profit is usually an easier solution for everyone involved.
Maybe you’ve let the house sit for five years or more thinking someday you’ll get it back to the condition it was in before things started to fall apart as the health of your loved one degraded. Well maybe that “someday” never came. Life happens, and just as life happened, things in the house only got worse and more expensive while it was sitting there.
We buy Odessa homes in any condition, no questions asked. There are no commissions, no fees, and no obligation. Our number one goal is to make the process of selling your home as quick, easy, and stress-free as possible.
Start by requesting a cash offer from Thousand Hills Properties or contact us to have all your questions answered.
Frequently Asked Questions about Inherited Homes in Odessa
Should I sell my inherited home?
You have many options when it comes to dealing with your inherited home in Odessa. Ultimately, the decision is yours and should be based on which outcome works best for you. Ask yourself these questions when considering your options:
- Do I have the time, energy, and money to repair and maintain the home?
- Am I local to Odessa?
- Can I pay someone to care for my home?
- Do I have the time to rent the home?
Do I have to pay taxes on an inherited home sale?
Yes. Simply put, if you inherit a property in Odessa, TX and sell it, you pay a capital gains tax based only on the value of the property as of the date of death.
We understand that we’re not the only option you have when dealing with your inherited home in Odessa, TX, but we are the quickest and easiest one. We’re here to help during this difficult time, and if you want to consider us, we’re happy to talk. We want to hear about your loved one and their property. Most importantly, we want to help you decide what the best option is for you and your family, even if that means we don’t get your business.