Selling a home is often a stressful and time-consuming process. There are many things to do – from home repairs and staging to home inspections and appraisals. Additionally, if you’re selling it the traditional way, you have to deal with many people. From potential buyers and real estate agents to contractors and designers – they’ll all demand a bit of your time and money. What’s more, if the home you’re selling is inherited, the process becomes lengthier. What if you live in another state? Or need to sell as fast as possible for some reason? Luckily, there is a way to get a fair price and sell your home without hassle. Here’s a simple guide for selling an inherited house in South Carolina!
Should you sell your inherited home?
A house is a major asset in most circumstances. However, inheriting a house usually leaves you with mixed feelings. Naturally, it means you’re dealing with a loss of a loved one. Processing grief is a painful and often overwhelming experience. And the last you want to deal with at the moment is property-related issues and paperwork. However, whether you want to keep or sell the house, you need to take care of this unpleasant process. Additionally, there are many circumstances in which selling the home fast becomes a priority. Here are some reasons why selling an inherited house in South Carolina might be a good idea.
You don’t need the property
This is probably one of the most obvious reasons. If you already own a home and don’t need an investment property, it’s best to sell. If you decide to keep it and not live in it, you’d have to take care of a great many things.
For example, you’d have to pay bills and taxes. Empty homes tend to deteriorate faster, so you’d also have to finance the maintenance.
On the other hand, if you decide to rent it, you’ll have a lot of responsibilities as a landlord. If you’re not interested in any of that, selling is your best option.
You’re planning to move to another state
Additionally, all of the previously-mentioned tasks become even more difficult if you plan to move out of Palmetto State. Having two homes in different states can be pretty challenging and expensive. Not to mention you have to deal with packing and relocation on top of everything else!
Of course, expert interstate movers can help you organize a stress-free relocation across the state border. However, you probably don’t want to leave unfinished business behind you. If that’s the case, selling your house to a direct South Carolina buyer is an excellent idea!
Your inherited home is in poor condition
Another excellent reason for selling an inherited home in South Carolina is its bad condition. After a poor property inspection, it might be challenging to decide what to do. If your home is old and requires extensive repairs, selling it fast is the best solution. Otherwise, you would have to invest a lot of time, effort, and money to meet the buyers’ standards. Ask yourself whether it’s worth it. On the other hand, you can find South Carolina buyers who will buy your inherited home as-is and pay you in cash. So, if you don’t want to tackle a damaged foundation or repair the roof, this is a great way to make the most of the situation.
Inheritance laws in South Carolina
Of course, before you make your final decision, you should get acquainted with South Carolina inheritance laws.
- Taxes – the good news is, there are no estate or inheritance taxes in South Carolina; there is one exception, though – if you inherit a house from someone who lived in another state, you might have an obligation to pay taxes to the state in question.
- Different types of inheritance – there are slight differences if the person dies with or without a will; for this reason, it’s best to learn more about how probate works in South Carolina.
- Inheritance-related paperwork – if you decide to sell fast, there won’t be a lot of paperwork; the main ones have to do with the will and probate status; additionally, research the possible taxes (including inheritance and income taxes as well as capital gains tax).
What is the best way to sell your inherited home in South Carolina?
There are a few ways to sell an inherited house in South Carolina. But, firstly, you should give yourself some time to make a decision. Handling grief and making significant financial decisions can be overwhelming. Instead, allow some time for your emotions to settle. If you still want to sell the house after that, here are some options.
Choose the solution that works best for you
The most obvious one is the traditional route. Of course, whether it’s the best choice will depend on the house’s condition as well as your particular circumstances. If the house is in good condition and a desirable neighborhood, this may be profitable. However, keep in mind it will demand a lot of time, effort, and paperwork.
If you’re not in a hurry, rent-to-own can be another solution. You agree to rent your home to a buyer (usually for a year), and on the agreed date, the buyer needs to pay the rest of your agreed price. This gives the buyer precious time to improve their credit score, get approved for a mortgage, etc. At the same time, you collect rent money and don’t have responsibilities concerning the house. However, this takes even more time than a traditional sale, and you get the money much later.
Lastly, finding direct buyers in South Carolina is the best option if you want to sell your inherited home fast. There are many benefits of selling your home to a direct buyer. You avoid all the stress of dealing with prospective buyers and realtors. Additionally, you save thousands of dollars on expensive repairs, upgrades, staging, etc. Not to mention they buy your home as-is and pay in cash.
As we’ve mentioned before, selling an inherited house in South Carolina can be stressful. Mourning the loss of a loved one and selling their home is both an emotionally and mentally draining task. We hope this guide will help you deal with the situation and find the best solution for your needs.