If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited condo in Orange County for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you’ve never done it, or haven’t sold a property in a while. So here’s how to price your inherited condo in Orange County for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the condo. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months, and you’ll have to pay for and maintain the property the entire time. That can be costly and can eat away at the higher price you’re getting by waiting.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the condo but they also pay less on repairs, carrying costs, effort, and time. It’s ultimately a trade-off that might turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their property for sale is separating the happy memories from the true value of the condo. The property might be worth a certain amount on the market but you may have such fond memories of happy times your price becomes inflated with the accompanying emotion. This is VERY common.
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the condo isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
An inherited condo can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited condo? These tips will guide you on how to price your inherited condo in Orange County for sale.