What Should You Do With An Inherited Home in New York?

If you’ve recently come into possession of an older home in New York, you might find yourself overwhelmed by the clutter and potential upkeep it requires. Here are some practical approaches to managing an inherited house.

However, the first step is to decide whether you want to keep the house or sell it. Some of the tips listed below are applicable to both scenarios of keeping or selling the property.

Decide If You Will Keep Or Sell The Property

If the house is mortgage-free, it can serve as an excellent first home for a family member. You may consider renting it out either on a regular basis or for vacations.

If you are contemplating outright renting the house, this article comparing the rent vs. sell options will provide further guidance in your decision-making process.

One thing is certain, keeping the house vacant for an extended period should be avoided due to the potential problems associated with a vacant home.

6 Tips If You Are Keeping Your Inherited Home in New York

Unless the inherited home in New York is brand-new or recently renovated (which is not the case for most inherited properties), you may have a significant amount of work ahead. However, the efforts could be worthwhile if you have valid reasons to keep it or decide to sell it.

  1. List the tasks that must be completed. To begin, create a comprehensive checklist of tasks that require attention. This may include painting, updating fixtures, and decluttering. This will aid in establishing priorities and determining which tasks can be tackled immediately as opposed to later on.
  2. Get organized and Declutter. To accurately assess the required efforts, ensure that rooms are completely empty. Pack items into appropriately labeled boxes for easier transport or disposal, if needed. It’s advisable to begin by tackling one area at a time when decluttering an inherited New York home. This approach allows you to stay on top of the project and gauge the level of work required in each section. Take the time to carefully evaluate each item in the house, deciding what should be kept, donated to charity, or discarded. Although this process can be challenging, seeking assistance from friends or family can simplify it. Once you’ve gone through everything, organize your New York house in a way that ensures every item has a designated place and is easily accessible when needed. This may involve investing in storage bins, shelves, and other organizational tools to maintain a tidy appearance. For more guidance on decluttering and organization, check out this informative resource
  3. Learn about the home. Conduct thorough research on the history, renovations, and potential issues of the New York home you recently acquired. By doing so, you will gain a comprehensive understanding of the necessary steps to care for and maintain the property. This knowledge will empower you to make informed decisions and effectively manage your new investment.
  4. Consider getting an inspection If you are considering renting out a newly inherited property, it is crucial to have it inspected beforehand for several reasons:
    • Safety: An inspection can reveal any potential safety hazards that may exist in the home, such as faulty wiring, plumbing leaks, or structural issues. This information can help you ensure that the property is safe for tenants to live in.
    • Maintenance: An inspection can also highlight any necessary repairs or maintenance that the property requires, such as fixing a leaking roof or replacing an old HVAC system. Addressing these issues before renting the property can help prevent more significant problems down the road and ensure that the property is in good condition for tenants.
    • Legal compliance: Conducting an inspection is crucial to verify that the property complies with local rental regulations, encompassing building codes, fire safety standards, and zoning laws. This proactive approach mitigates the risk of legal complications that may arise from renting out a property that fails to meet these requirements.
    • Tenant satisfaction: Obtaining an inspection is a crucial step in ensuring tenant satisfaction with the rental property. By addressing any potential issues before the rental process, you can proactively prevent tenant complaints and minimize turnover.
  5. Make a budget. Create a budget for essential maintenance, improvements, and repairs to accurately estimate the required funds. When initiating projects, keeping track of this information can be invaluable. It helps maintain focus on the task at hand and ensures that all associated expenses are accounted for.
  6. Find a reliable contractor and spruce up the home for resale. When undertaking major home renovations, it is crucial to choose a reputable contractor who can perform the work in compliance with building codes. Prior to signing any contracts, it is advisable to thoroughly research and evaluate potential candidates, request references, and seek recommendations. 

If the majority of the work can be handled independently, it may be worthwhile to proceed. The initial step in modernizing a historic house in New York is to give its exterior the attention it deserves. This may involve pressure washing, painting, or replacing any worn or outdated elements such as shutters, windows, and doors. Once the exterior is in good condition, focus can shift to the interior. Assess the necessary improvements to enhance the livability, style, or marketability of the house, such as updating outdated bathrooms, floors, or fixtures.

We Buy Houses New York
If you inherit a home in New York and want to sell fast with no hassle. Call Velocity House Buyers.

3 Options for Selling An Inherited Home in New York

  1. Hire a real estate agent to help you out. A skilled realtor can assess the condition of your home and provide guidance on how to enhance its appeal to potential buyers. This may involve investing in repairs, staging the house, or even assisting with the decluttering process. Their expertise will ensure that your home is presented in the best possible light, increasing its chances of attracting buyers.
  • For sale by owner. Consider selling your house independently as a viable alternative. While it may require a bit more effort, it presents a fantastic opportunity to bypass agent commissions and related expenses. Should you opt for this approach, the first step is to list your home online or in local publications, and then take charge of any subsequent showings.
  • Consider selling the house to a cash home buyer such as Velocity House Buyers. Within approximately 24 hours of our initial conversation, our business will provide you with a fair and pressure-free offer. If you accept our offer, we can often finalize the sale in just one week. It’s important to note that you won’t need to worry about clearing or repairing anything – we take care of all the details for you. 

There are no inspections or additional charges, such as commissions or closing costs. If you’d like to learn more about how we operate, you can find additional information here. Additionally, you can take a look at some of our reviews here. We take pride in our professionalism and integrity. There’s nothing to lose by exploring this option further. Contact us today at 845-367-4898 or fill out the form on our website. We look forward to hearing from you soon.

About Greg Helbeck

Greg is passionate about real estate investing in his home state of New York. He is known for his dedication to solving property challenges for homeowners, no matter their situation. Greg successfully juggles his career, family commitments, and his physical fitness. He is also actively engaged in his community and consistently aims to excel in all his endeavors.

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