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What to Do With an Inherited House in Tampa, FL: Sell, Rent, or Keep?

What to Do With an Inherited House in Tampa, FL?

Introduction

If you’ve recently inherited a house in Tampa, FL, you may be facing some tough decisions. Whether you’re overwhelmed by the thought of maintaining or dealing with the property, or you’re unsure of what to do next, it’s normal to feel uncertain. This property may have sentimental value, but it could also come with a range of challenges, including costly repairs, unpaid taxes, or a potential mortgage.

You’re probably wondering: should I sell, rent, or keep the house? Each option comes with its own set of pros and cons, and you’re likely searching for clarity about what will give you the best financial and emotional outcome. You may be considering how much money you could make if you sell, or how much stress and responsibility you’re willing to take on if you rent or keep the house. Whether you need to sell quickly for financial reasons or just want to avoid the hassle of upkeep, this blog will walk you through all the options, helping you make the most informed decision for your specific situation.

Let’s dive into the three main options: selling, renting, or keeping your inherited house. By the end of this article, you’ll have a clearer picture of which path is right for you, and why selling for cash may, in fact, be your best move.

What to Do With an Inherited House in Tampa, FL: Sell, Rent, or Keep?

When you inherit a home in Tampa, FL, you find yourself standing at a crossroads with several options in front of you. The decision to sell, rent, or keep the house is a deeply personal one. Your emotional attachment to the property, financial considerations, and your future plans all play a role in how you proceed. Let’s take a closer look at each of these choices, and what the financial and emotional impacts of each decision may be.

Option 1: Selling Your Inherited House in Tampa, FL

Selling an inherited house can feel like a quick and easy way to handle the property, especially if you don’t have the time or resources to maintain it. However, before making this decision, it’s important to understand what’s involved in selling an inherited home.

Why Selling Might Be the Best Option

Selling your inherited house is a great option if you’re looking for a clean break from the property. It’s especially appealing if the house requires a lot of repairs that you’re not prepared to handle. A cash sale can give you a quick and easy exit, freeing up any emotional or financial burdens tied to the property. In Tampa, selling a house traditionally can take anywhere from 45-60 days on average, which can feel like a long time when you just want to move on.

If the house is in disrepair, selling as-is to an investor may be your best option. Investors, like us, will buy the house in its current condition, saving you time and money on costly repairs and renovations. This is especially important in Tampa, where older homes may require significant updates to meet modern buyer standards. The costs of these updates can easily run into the tens of thousands of dollars, which might not be worth it if you’re just looking to sell quickly.

Financial Implications of Selling:

  • Real Estate Agent Fees: If you choose to sell through a realtor, expect to pay around 6% in commission fees, which can take a big chunk out of your profits.
  • Closing Costs: These can range from 2-5% of the sale price and can include things like title insurance, taxes, and attorney fees.
  • Repairs: If the house requires any major repairs, you’ll either need to handle them before listing or adjust your asking price accordingly.

By selling to a cash buyer, you avoid the lengthy process of making repairs or dealing with fees and commissions, making it a more financially viable option in the long run. For more information on selling your house for cash, check out our page on How to Sell an Inherited House Fast in Tampa, FL.

Challenges to Selling

While selling your inherited home can seem like the most straightforward choice, it’s not without its challenges. If the house is in a less desirable neighborhood or in need of major repairs, you might not get as much for it as you’d hoped. You could also face delays if the probate process is still ongoing, which is common when dealing with inherited properties.

Additionally, if the house has a mortgage or back taxes, these liabilities will need to be dealt with before you can sell. If you’re not familiar with the legalities of the situation, working with a real estate attorney or an investor experienced in inherited properties can help guide you through the process. A helpful resource for this is LegalZoom’s guide on inherited property.

Option 2: Renting Your Inherited House in Tampa, FL

Renting out your inherited property can provide a steady stream of income. However, before deciding to become a landlord, it’s important to weigh the responsibilities involved.

Why Renting Might Be a Viable Option

Renting the house may be a good solution if the property is in decent shape and in a good neighborhood. Tampa’s rental market has been growing steadily, and you could generate significant rental income if the house is located in a desirable area. Additionally, if you’re emotionally attached to the house or feel that it has long-term value, renting it could give you the flexibility to keep the property in the family while benefiting from consistent cash flow.

For more information about rental properties and landlord responsibilities, visit the Florida Department of Business & Professional Regulation’s Rental Resources.

Financial Implications of Renting:

  • Monthly Rent: Depending on the location and size of the property, rental prices in Tampa range from $1,200 to $3,000 per month. This could be a reliable source of income for you, but you’ll need to account for ongoing expenses.
  • Maintenance and Repairs: As a landlord, you’re responsible for maintaining the property and handling any necessary repairs. Costs for plumbing issues, HVAC systems, or roofing can quickly add up.
  • Property Management Fees: If you choose to hire a property manager, expect to pay about 8-10% of the monthly rent.

Challenges to Renting

While renting the property can bring in some much-needed income, there are significant downsides to consider. As a landlord, you are responsible for maintaining the property and responding to tenant issues. This could include fixing appliances, landscaping, and handling tenant complaints. If you live far away from the property, managing these tasks can be time-consuming and stressful.

Another risk of renting is dealing with tenants who may not pay on time or cause damage to the property. Evicting tenants is a costly and time-consuming process that could cause significant headaches. Additionally, depending on how much you charge in rent, the property may not generate as much income as you expect, especially if you have high maintenance or management costs.

Option 3: Keeping the Inherited House in Tampa, FL

If you’re emotionally attached to the property or want to preserve it for future generations, keeping the house may seem like the best option. However, holding on to an inherited property comes with its own set of financial responsibilities and emotional considerations.

Why Keeping the House Might Make Sense

If the house has sentimental value, you might want to keep it in the family. This is especially true if it’s located in a growing neighborhood or is near a location you believe will increase in value over time. Tampa has been experiencing significant population growth, which could lead to increased property values in the coming years.

However, keeping the house may not be the best option if you’re already financially stretched or live far away from the property. If you live in another state, you may find it difficult to manage the property effectively.

Costs of Keeping the Property:

  • Property Taxes: Tampa property taxes vary, but on average, you can expect to pay around 1.04% of the property’s assessed value.
  • Upkeep and Maintenance: Even if you don’t rent the property, you’ll still need to maintain it. Costs for lawn care, repairs, and utilities can add up over time.

Challenges of Keeping the House

Maintaining an inherited home is not without its challenges. As the owner, you’ll need to stay on top of repairs and property management, and this can quickly become overwhelming if you’re not prepared for it. Additionally, if the home is located in a neighborhood that is not appreciating in value, you could end up with a property that’s costing you more than it’s worth.

Conclusion: Should You Sell, Rent, or Keep Your Inherited House in Tampa, FL?

After considering all your options, it’s clear that each choice has its own set of advantages and challenges. Keeping the house may offer sentimental value, but the financial and emotional responsibility of upkeep can quickly become overwhelming, especially if the property requires repairs. Renting it out could provide you with steady income, but being a landlord also comes with its own set of stresses, including tenant management and maintenance costs.

For many people, the quickest and most financially sound option is to sell the property. Selling for cash, particularly to a trusted investor like Tampa Fast Home Buyer, means you can avoid costly repairs, agent commissions, and the waiting game of traditional home sales. If you’re looking to simplify the process and move on with your life, selling your inherited house for cash could be the most straightforward solution.

At Tampa Fast Home Buyer, we specialize in helping people like you by providing fair cash offers and a fast, hassle-free selling process. If you’re ready to sell your inherited property without the stress and hidden costs of repairs, maintenance, or dealing with tenants, we’re here to help. Reach out to us today, and let’s discuss how we can assist you in selling your inherited house quickly and for cash.