What do we do with the house?
Many adult children are faced with the emotional task of helping their parents move to a retirement or assisted living facility and then having to figure out what to do with the empty family home. Fortunately in today’s market you do have several options.
Rent It Out – The rental market is strong right now and the average rents are higher. You may easily be able to charge enough to pay the mortgage and then some, or earn money from a free and clear home to help your parents pay for their new living space. Renting is not without its risks, make sure to consult with a property management company to help you with the process.
Sell It As-Is – If the home needs a lot of repairs or updating that you are unable to do yourself, you might want to consider selling the home to an investment company. A “we buy houses” company such as STL Real Estate will purchase the home for cash without making you go through real estate agents and inspections. You net less profit from the sale of the house but save yourself time and money on repairs and commission.
Fix and Sell – If you want to sell the home for top dollar you will want to clear the home out (perhaps an Estate Sale) and do all the necessary repairs and updates to make the home match the local market competition. Hire a real estate professional to help you price, stage, market and sell the home. This will take more time, effort and money upfront but can net you the highest return in the end.