I’ve seen family after family try to tackle the daunting task of navigating inheriting a property all by themselves.   

A lot of people try and handle an inherited property on their own because they have no idea what the costs are that are associated when having a professional help them through the process.

So how much does it cost? The answer is that IT DEPENDS! 

Every family is unique, and so many factors go into each inherited property. Each affects the costs but if done right, most if not all of the costs can be offset by something else or all costs can be deferred till the end. 

Step 1: Estimate the value of possessions in the house.   

If there is enough value in the positions in the house then an estate sale is a good option. An estate sale helps by having people to pay you to remove belongings from the house so you have less to do. With the proceeds from the estate sale you can then usually cover the cost of having the house cleared out by a professional. 

If there is not enough value or the family wants to keep most or all of the valuables (which it is your stuff you are allowed to do that) then you are going to have the remaining stuff donated or tossed away by a professional.

Step 2: Assess the property value of the real estate. 

When everything is out of the house you are going to be able to see what is going on. Do you need to make any minor repairs? Is the house Liveable? How extensive is the cleaning? Should you have an inspection to find hidden problems?

Having an inspection done before the house goes to market is going to give you the opportunity to fix any problems before the house goes on the market. 

Step 3: Have a plan to recoup your costs

When listing the house on the market when these things have been done you are guaranteed to get the most amount of money for the property and do right by for the loved one that passed away. When you sell the house any costs you have racked up will be recouped at that time.   

Seem simple and that you could do it on your own?   

BONUS: Here are 3 hidden costs that quickly add up on families

1. Time is Money

Undertaking the management of an inherited property requires a significant investment of time and effort. From sorting through belongings to coordinating repairs and cleaning, the hours add up quickly. What may initially seem like a cost-saving measure can turn into a drain on your resources as you juggle your regular responsibilities alongside the demands of property management. Not to mention the extra emotional toll that handling all these tasks bears. 

2. Problems Quickly Multiply

Without the expertise of professionals, DIY property management can lead to costly mistakes. Minor repairs overlooked during the initial assessment may escalate into major issues down the line, resulting in higher repair costs. Additionally, navigating legal complexities and paperwork without proper guidance can result in delays and potential legal fees. 

3. The Cost of a Bad Deal

One of the most significant risks associated with DIY property management is the potential for a bad deal. Without the guidance of professionals, individuals may find themselves vulnerable to unscrupulous buyers or unfavorable terms that can have lasting financial repercussions. Accepting a below-market offer or entering into a contract without adequate legal protection can result in significant losses and legal expenses down the line.

Rely on the Inherited Property Experts

While the allure of DIY property management may be tempting, it's essential to weigh the potential costs against the benefits. By enlisting the expertise of professionals like KC Legacy Properties, you can navigate the inheritance process efficiently and minimize the financial burden on yourself and your family.

Don’t let the process get overwhelming and debilitating.   

It can take months if not years which add up to a lot of dollars in utilities, insurance, taxes, and maintenance, and there is always added risk involved if a property sits vacant. 

To avoid these pitfalls, enlisting professional help from experts like KC Legacy Properties ensures an efficient inheritance process and maximizes financial returns. Don't let DIY property management overwhelm you—seek professional assistance to navigate the process effectively. CALL TODAY 816-914-5464 to make your inherited property a blessing and not a burden.