Whether it’s from a generous family member or as a result of the passing of a loved one, when you have inherited a house there is much work ahead. This is an exciting experience for you because there are so many possibilities such as keep, sell or rent. Once probate is cleared and the house is now transferred to your name it is now time to decide what you want to do with it.

While you’re still deciding what to do with it, here are some things you should take care of when you inherit a house.

Sort Stuff

The stuff at home doesn’t belong to you so it can be hard to imagine keeping all of its contents. The most practical thing to do is to go through everything inside the house and sort it into 3 piles: keep, donate and discard.

Some of the things in the house could be valuable or have sentimental value to you so you will want to hold on to them. For example, photographs, journals, antiques, jewelry or souvenirs that have memories attached to them should be kept for posterity.

Valuable items can also be sold. For instance, that antique tea set might not be to your liking but there are people who collect these sorts of things.

There will also be lots of items in the house that are still useful to others but not to you. In this case, they should be donated. You might have a charity of choice or you can give them to the Salvation Army or Goodwill. Old books can also be donated to libraries and other similar institutions.

The discard pile is where anything that is useless should go. They can be old broken furniture and other knick knacks that cannot be donated.

Clean The House

It doesn’t matter if you want to keep, sell or rent the property. The next step should be cleaning the house from top to bottom. You can hire professionals to do it for you but you should rent a Port St. Lucie dumpster where all the garbage and unwanted items can go.

There will be items in the house that you can’t sell or donate. This is what the dumpster is for. Aside from broken furniture and garbage, you can use it to dump old stained mattresses, debris from your cleaning and anything else that is not recyclable.

Cleaning the house is a must. If you plan to keep the house, you want to start with a clean slate. A clean house will give you a good idea of what you want to add, how to paint it or what needs to be repaired because it will now be easier to spot problems before they develop into a major headache.

Once the house is clean and you plan to rent or sell it then it will give the professionals an easier job. For example, staging the house will be easier and it will be sold faster.

Organize A Sale

Organizing a sale for useful items you don’t want to keep is a good idea. Aside from making extra money, it will also help you get rid of things.

You can do this offline and online. For example, you can have a yard sale on the spot to sell used furniture, old books, sports equipment and other household items. If you prefer online selling, you can take photos of your items for sale and post them on sites like Craig’s List and eBay.

If you don’t know how much an item is worth, you can have them appraised by a professional. Having a third-party appraise your inheritance gives you a clear idea of how much these items are worth in the market.

For instance, if you don’t want to hold on to vinyl albums, you can have a professional appraise them. He or she will then give it a market value price which you can opt to follow when selling these items offline or online.

A third-party appraiser is also a good idea since it will prevent squabbling in case there are multiple heirs since they are impartial and will assign an unbiased value.

Get An Appraisal

Speaking of appraisers, get an appraisal on the property. This will give you an idea how much the house is worth on the market. This is very important if you plan to keep, sell or rent the place.

An appraiser will give you a report based on a visual inspection, latest market trends, recent sales of similar properties in the area and aspects of the property like square footage, floor plan and amenities like basement and others.

Getting an appraisal is important because it will be the basis of many future payments like taxes, maintenance and securing financing.

For example, if you want to sell the house then you can use the appraiser’s report for the asking price. This will give you a basis of comparison when you hire a real estate agent.

Update The Property

Most of the time, inherited properties are old. The house might be your grandparents’ so most of the interior and exterior will be outdated or have damage. Before selling, keeping or renting it is important to update and repair the property first before anybody moves into it.

This is very practical since you want to avoid accidents. For instance, the floor could be damaged or some parts of the wooden fixtures could have rot. Addressing these problems will make it easier for you to sell or rent the place since many prospects want to move in as soon as possible rather than spend time and money repairing a house.

Old homes usually have outdated bathrooms and kitchens. This can cost a lot of money but it can be a good investment especially if you want to sell quickly. For properties that are more current a fresh coat of paint and landscaping can make the house look clean and modern.

If you do decide to take on renovations, you’ll probably need a Port St. Lucie construction dumpster rental to dispose of all the remodeling waste. Items like old cabinets and flooring are far too bulky for your everyday garbage can. Plus, renting a dumpster bin comes with the trash disposal service, so you will save yourself a trip.

Call A Realtor

Now that you have an appraised value but decide to rent the place, you should now consider hiring a real estate agent.

Realtors are more knowledgeable in terms of rental prices in the area. They also have the connections you need in order to rent the place quickly. They can also post pictures of the house on their websites and other real estate sites.

Realtors can also help you when the time comes to show the house to prospective renters. Most of us have jobs and other responsibilities and owning another property can add to the burden. Realtors can talk to interested renters so all you need to do is to vet prospects.

Summing It Up

Inheriting a house can be emotionally and physically exhausting. Not only do you need to go through a loved one’s belongings, the responsibilities of owning a property can be overwhelming.

Following our tips can help you sort out your feelings regarding an inherited property. Doing these chores can help you figure out whether you are up to the challenge of keeping, selling or renting it.

FAQs

How long can we rent a dumpster while we are cleaning out the estate?

The answer depends on the company you rent the dumpster from. Some dumpster rental companies only allow a 3-day rental period, while others might rent a container for up to 7 days. However, with enough notice, most rental companies are willing to extend the rental period to accommodate you needs.

Can we dispose of old electronics in the dumpster?

No, not typically. Most dumpster rental companies are unable to accept any type of electronic equipment, as it may contain hazardous materials and metals which are not allowed in a standard waste yard.