Selling an inherited Property

[TINY]

Hi all

Looking for any advice. Both my parents passed esrly last year, leaving their home to myself and my sister.

We were going to rent it out but figure it’s easier to sell and not have the issues that come with being a landlord. Anyway, we’re in the middle of redecorating, just a repaint and fix a couple of bits, and I was going to look to replace the bathroom, is it worth it? I think I’ll redo the carpets on thr stairs as there’s a few bald bit.

Is now a good time to sell? Should we look to get the house in the best possible state or forgo some bits? It’s a mid terrace, 3 bed, 1 bathroom in Middleton

 

[denislawsbackheel]

Don’t forget capital gains tax will be due on any increase in value of the house from when you inherited it to when you sell it, less you and your sister’s CGT allowance.

 

[nellyonthewing]

My advice- do the probate yourself its really straightforward.

 

[denislawsbackheel]

It must have already been done…

 

[metalblue]

It’s probably not worth spending a penny on it mate just to sell it. It’s unlikely to add anything to the value compared to what you’ll spend.

 

[fanatic1]

Yes but 1st impressions count. Give the property a really good clean/vacuum. Freshen up with a coat of paint where necessary. Keep garden under control. Declutter - makes rooms look bigger. Lot you can do and don't give prospective purchasers any ammo to knock price down.

 

[Dirty Harry]

As above mate, give the place a freshen up and keep it sparse and tidy , wouldn’t bother with the bathroom (unless it’s really knackered and/or outdated) a lot of people tend to change that not long after anyway.

 

[JOGAMIGMOG]

Sorry to hear of your loss. With the instability in mortgage rates at the moment it’s perhaps not the best time to sell but I’m sure it still will (sell). It’s quite straightforward being a landlord if you use a letting agent to do the work for you. You’d probably get £650 pcm after commission but with tax to pay, repairs to account for and giving your sister 50% you’ll do well to come out with £250 pcm. So I agree that it’s best to sell it despite the current climate. Best of luck anyway.

 

[The Stockport Iniesta]

Hi all

Looking for any advice. Both my parents passed esrly last year, leaving their home to myself and my sister.

We were going to rent it out but figure it’s easier to sell and not have the issues that come with being a landlord. Anyway, we’re in the middle of redecorating, just a repaint and fix a couple of bits, and I was going to look to replace the bathroom, is it worth it? I think I’ll redo the carpets on thr stairs as there’s a few bald bit.

Is now a good time to sell? Should we look to get the house in the best possible state or forgo some bits? It’s a mid terrace, 3 bed, 1 bathroom in Middleton

My sister and brother in law, buy a house a year, do it up, then sell it on. They always make a nice profit, its like a 2nd job/hobby for them. They do a lot of the work themselves though so don't spend a fortune on tradesmen.

 

[PragueBlue]

Couldn't you get a couple of estate agents in to value it as it is now and then give you some idea of the likely selling price if you do a few extra bits and pieces.

That way you can see if it's worth your time and money to do them or if you're better off just selling as is.