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Inheriting a house can be a mixed bag of emotions. While it may come with sentimental value, it also brings its own set of responsibilities and decisions. You may find yourself wondering about the best course of action if you can't or don't want to keep the inherited property.
Many people who inherit a house find themselves without a clear understanding of what steps to take next, so comprehending the different aspects of inheriting a house is important. If you’d like to sell your inherited house, you need to know what taxes you may need to pay, what your selling options are, and how Broad Street Buyers can help.
If you inherited a house, you generally don’t owe taxes until you decide to sell the property. When you sell an inherited house, you will owe something called a capital gains tax.
Capital gains taxes are calculated using a method known as the stepped-up cost basis. A stepped-up cost basis means that you will pay taxes only on any appreciation that has occurred since you have inherited the house.
If keeping your inherited house isn't the right choice for you, selling it is a viable option. This is particularly true if you live out of state or far away from the house, which makes property management and maintenance challenging.
Selling your inherited house can help eliminate many of the financial responsibilities that come with the property. And when you choose to sell with Broad Street Buyers, you also get to avoid many of the upfront financial responsibilities that come with selling a house in general.
When it comes to selling an inherited house, here are two great options:
Sell with an agent: The traditional home-selling process is one method that involves listing the property on the market, working with real estate agents, and navigating negotiations with potential buyers. However, this may not be suitable for everyone, especially if you don’t live in the same area as the property.
Sell to Broad Street Buyers: An alternative option is selling to an off-market home buyer like Broad Street Buyers. Direct home buyers like us streamline the selling process, and we offer a quicker and more straightforward sale. This option is particularly helpful for those who want to avoid the lengthy and sometimes uncertain traditional selling process.
Here at Broad Street Buyers, we understand the challenges that come with selling an inherited property. Our goal is to make the process as seamless and stress-free as possible. When you decide to sell an inherited property to us, you get to:
Sell your inherited house “as is”: You don't need to worry about making repairs or renovations. We buy houses in almost any condition, which lets you sell the property without investing any additional time or effort.
Leave behind anything you don’t want: You won't have to move belongings or clear out the property. You can leave behind any items you don’t want, and we will deal with those for you at no cost.
Have a stress-free sale: We take care of the entire process, from start to finish. We offer a free, in-person visit to your property’s location, where we can sometimes make an offer on the same day we come over. We pay all typical closing costs and don’t charge commissions or hidden fees.†
If you find yourself in a situation where selling your inherited property is the best option for you, consider working with your local buyer at Broad Street Buyers. Contact us today to get started on selling your inherited house stress-free!
Let’s get you moving with cash in hand and peace of mind.
Our property specialists live and work where you do, and our knowledge of the local real estate market means we can provide an all-cash offer right away, often on the same day as our visit. A walkthrough allows us to assess the property more thoroughly than typical online-only valuations, and it saves time since we're able to understand and see all the aspects of the house from the start.
If you accept our no-obligation offer, we can move on to closing. Thanks to our strong relationships with lenders, we close quickly, often in as little as 3 weeks. If you need more time, we can work with your schedule. We also pay typical closing costs, saving you money. No matter what situation you’re facing, you can get the sale you want when you need it.
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