While the news you’ve inherited a house may sound like a windfall, you may have an entirely different perspective if you should discover you’ve inherited a hoarder house. Inheriting a house from a hoarder brings a unique set of considerations. Hoarders assign value to possessions that no longer serve them and fill their homes with these items. In addition, these homes pose a fire hazard to the surrounding properties and any occupants, with exits challenging to reach and health risks because they attract rodents.
While your loved one may have had the best intentions in leaving you their house, unfortunately, when you have a hoarder house on your hands, you may be overwhelmed by the amount of work ahead of you. So read on as we explore these five tips to help if you have inherited a hoarder house in .
Take Up Residence
Our first tip if you have inherited a hoarder house in is to consider taking up residence. However, moving in is not so easily accomplished with homes in this condition; you’ll have to ready the house, including the clean-out and repairs. In addition, it can be tough to assess the condition of a property when piles are lining every available space from floor to ceiling. Suppose you aren’t interested in living in the property. In that case, you can forget about making the repairs and doing the prep work or passing an inspection by selling directly to a local cash investor like those at MINQ Homes. A cash investor from MINQ Homes will buy your hoarder house as-is for cash.
Another tip if you’ve inherited a hoarder house in is to consider making it a rental property. Being a landlord means you’re now in the real estate investing business and dealing with people, so it helps to be a people person. Owning an investment property requires following all local, state, and federal laws concerning tenants; missteps in this area can be extremely costly. Additionally, you should establish a stringent tenant screening process and ensure you keep your documents and records organized to realize the full potential of any tax benefits. You should also be prepared to respond promptly to emergencies, night or day, when your tenants call. Cash investors like those from MINQ Homes work with top-notch property managers who can help you avoid the costs of undesirable tenant placements.
If you’ve inherited a hoarder house in and decide to sell the property. In that case, one of the cornerstones of conventional real estate sales is the showing process which requires sellers to prepare the property to sell for the highest possible profit. Or perhaps you’ve thought of prepping the house, listing it as an FSBO, and selling it yourself to save the real estate commissions. However, there are many reasons FSBO sales rarely work out in favor of the seller, such as limited marketing and a failure to properly screen buyers among them. So our next tip is to sell by working with local cash investors like those at MINQ Homes, who will buy your hoarder house, paying you a fair market value without charging any real estate commissions.
Suppose you inherited a hoarder house in . Another tip is understanding the costs of holding the property, such as the mortgage, taxes, insurance, and utilities, adding a financial strain to your life. Additionally, there is the emotional cost of losing precious time with family and friends as you take on the monumental task of digging into the piles and cleaning the house. It may be worthwhile to hire professionals to take on the job. However, if you’re under a time crunch or the financial burden is too much, and you want to sell, a cash investor like those from MINQ Homes will provide you with a guaranteed closing date, with no closing costs in just days.
If you inherited a hoarder house in , a direct sale to a cash investor at MINQ Homes is the best tip. A cash investor from MINQ Homes will walk you through the process, taking the time to listen to you and answer any questions or concerns you may have without any obligation. If you’d like to know what you could profit from listing vs. a direct sale, start with a cash investor from MINQ Homes. At MINQ Homes, our policy is full transparency because we want you to feel good about working with us long after the closing. The cash investors at MINQ Homes will lay all the numbers on the table, detailing the expenses and profit of each sales method so you can make an educated decision about what works best for you. If you have inherited a hoarder house in , why not talk to one of the cash investors at MINQ Homes today? Call MINQ Homes at 617-203-6999.