Inheriting a home often brings up a mix of emotions—nostalgia, excitement, and sometimes stress. Once the initial shock wears off, a pressing question looms: What should you do with this new property? For many, the choice boils down to a quick sale or renovation. Both options have pros and cons, and the decision isn’t always clear-cut.

To help you out, this post will weigh each option so you can choose the best path forward. Read on to learn more.

Know The Home’s Condition

Before deciding to sell or renovate, assess the inherited property’s condition. Older homes, especially those that haven’t been well-maintained, might require a hefty investment to bring them up to code. Start by walking through each room, taking notes, and identifying key areas needing attention.

Hiring a professional home inspector can save you from hidden surprises. An inspection will outline structural issues, plumbing or electrical concerns, and other costly repairs. Understanding these factors early can help you determine whether it’s worth the investment to renovate or if a quick sale would be more practical.

If you want to forego an inspection and doing home repairs entirely, you can instead do a quick sale for your home. There are many real estate investors in the United States that are willing to pay cash for residential properties as-is. Say you’re located in the Northeastern seaboard. If that’s the case, you can work with quick sale companies that offer promises like we buy houses in Massachusetts for cash.

Look Into Your Finances

Inheriting a home can be a financial responsibility, especially if it comes with an unpaid mortgage, property taxes, or insurance costs. Renovations are a major investment, and the financial aspect will play a big role in your decision.

First, get quotes from contractors to understand how much a renovation might cost. Major renovations—like kitchen upgrades, bathroom overhauls, or replacing a roof—can be expensive. If the costs outweigh the home’s market value after renovation, a quick sale might be the wiser choice.

Whether you renovate or hold onto the home while waiting to sell, carrying costs add up. Mortgage payments, insurance, taxes, and utilities are ongoing expenses you need to cover. Factor these in when deciding your budget and timeline for selling or renovating.

Weigh The Potential Return Of The Renovations You’ll Make

Renovations can increase a home’s value, but not all improvements offer a good return. It’s important to think strategically about which upgrades are likely to attract buyers and increase the property’s value.

Remember: certain renovations—like kitchen and bathroom updates—typically yield high returns and are attractive to buyers. A fresh coat of paint, updated flooring, and modern lighting fixtures can give the property a new look without breaking the bank. Research the local market to see which upgrades are most in demand among prospective buyers.

If your inherited property is in a hot market where buyers are paying top dollar, renovations might be worth the effort. However, if you’re in a buyer’s market where competition is high, a quick sale could save you the cost of renovations and still fetch a good price.

Look Into The Time You’re Willing To Commit

Renovations take time, and managing the process—whether you hire a contractor or handle some projects yourself—requires effort. Be honest about how much time you’re willing and able to invest.

Major fixes can take months to complete, which means you’ll be managing the property and overseeing the work during that time. Even with professional contractors, delays are common. If you’re looking to offload the property quickly, the renovation route might not be ideal.

If you’re working a full-time job or managing other responsibilities, handling a renovation may be overwhelming. Selling the home as-is may provide relief and free up your time for other priorities.

Factor In Emotional Attachment

Inherited homes often carry sentimental value, especially if they belonged to close family members. This emotional connection can impact your decision, as it’s hard to let go of a property filled with memories.

If the home has significant emotional value, you may feel inclined to keep it in the family by renovating and renting it out or even moving in yourself. Renovating may be a way to honor family memories while modernizing the property. If you’re not attached, selling can help close this chapter and move on.

In cases where multiple family members inherit a property, it’s essential to consider everyone’s wishes. Renovations require collective investment and agreement, while a quick sale can simplify the process and ensure everyone receives their share of the inheritance promptly.

Consider The Current Real Estate Market In Your Area

The real estate market plays a crucial role in determining the best course of action. A booming market might justify the time and cost of renovations, while a sluggish market could favor a quick sale.

Real estate prices fluctuate based on location and demand. Check recent sales in your neighborhood to see if prices are climbing, stable, or declining. If prices are high, you may get a solid return on a quick sale. If prices are climbing, it could be worth investing in renovations to capitalize on future gains.

Know Your Options For A Quick Sale

Selling a home quickly doesn’t necessarily mean settling for a low price. There are several options to sell an inherited property quickly, each with unique advantages.

For starters, cash buyers or real estate investors are often willing to purchase homes as-is, saving you time and effort on renovations. While the offer might be lower than a traditional sale, the convenience and speed of this method can be appealing, especially if you’re looking to avoid the hassle of repairs.

Real estate agents, on the other hand, can market your home to a wider audience and negotiate on your behalf. They may even recommend minor updates or staging to boost appeal, which can help you get a higher price without a full-scale renovation. Agents often know how to expedite sales in a competitive market, getting you a quick offer without compromising too much on price.

Weigh The Advantages Of Home Renovation

Renovating an inherited home can be a rewarding project, but it requires careful planning and investment. For some, the benefits outweigh the costs, making renovation a valuable option.

If you’re willing to put in the time and resources, a renovated home can fetch a higher market price. Aside from that, by holding onto the property and renovating, you’re building equity that can benefit you in the future. If the housing market continues to rise, a renovated home could appreciate in value, leading to substantial profits if you decide to sell later on.

Final Words

In the end, choosing between a quick sale and a renovation depends on your financial goals, time availability, emotional attachment, and the condition of the inherited home. Remember to look into your current situation and goals carefully before coming up with a decision.

Whether you decide to renovate or sell, trust that you’re making the best choice for your circumstances. Balancing practical and emotional considerations will help you move forward with confidence, knowing that you’ve honored both the past and your future.