What to Do When You Inherit a Home in Reno, NV. Jock Ochiltree, eXp Realty, NV License S.0178090.
Inheriting a home is not something most people plan for when mapping their careers. It happens to people every day, but you could hardly call it a typical way to become a proud Reno homeowner. It's normal to be completely unsure about what to do with the house. After all, you hadn't planned to suddenly have an entire home of equity, maintenance, and potential on your hands. Especially if the house isn't close to where you currently live.
If you have recently inherited a home, there are half a dozen different things you can do about it. You may be hearing advice to sell or to rent. Today we're here to highlight your realistic options for what to do next with your inherited home.?
Live in The House
If you're currently renting and have been thinking about Reno home ownership, moving to wherever the house is located to take up residence might be a great idea. There are many benefits to homeownership, especially if there is no mortgage to pay. This could be your opportunity to leave renting behind and begin the stair-step to your dream home.?
Sell the House Quickly
Most people who inherit a home try to sell it quickly. The reason for this quickness is cost. A vacant home comes with a surprising amount of effort and expense to upkeep. You'll need to make sure the home stays in good condition, pay property tax, and you'll likely want to keep the utilities on. Fortunately, the Reno housing market is incredibly hot, demand has never been higher, and your home sale should be fast and easy when you're ready to move forward.
It is important to move quickly if selling is your choice. Inherited homes usually take some time and effort to stage for the market. The good news is that a skilled local Reno real estate agent can help you take care of all the necessary steps in time to get that house into the hands of an eager family who have been waiting for the perfect Reno house to come on the market.
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Become a Landlord
One potentially profitable option in Reno is to rent the house instead. Done correctly, the rent paid by eager tenants will more than cover annual maintenance and you get to keep your ownership of a Reno house whose value will only continue to rise. This can become a source of passive income and the house can be used as leverage to improve your loan on the next house you want to live in.
Not to mention, the Reno rental market is on fire right now. There is a high demand for rental homes and you're likely to get a great price for almost any location. It's also worth considering that any renovations needed to rent would also be needed to sell. So you have every reason to rent even if you're also looking for a buyer in the long-term.
Open a Vacation Rental
Finally, don't forget the vacation rental market, which is also very lively near the city. A great way to make money with the inherited home is to rent it as a vacation house through platforms like Airbnb and VRBO. All you have to do is decorate the house as if it were a hotel suite, list it for guests to book, and arrange for a local property management or housekeeping service to maintain the place between guests.
For a popular vacation location like Reno which features mountains, lake, and a sparkling gaming city, this can be even more lucrative than long-term rental, but does require more active management.
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Anyone who has recently inherited a Reno home is in a very interesting and potentially profitable situation. With the area in such high demand, you're in a great place to start making money as either a landlord or a vacation rental host even if you don't want to live in the house yourself. With the help of a talented real estate manager, you can tackle everything you need to prepare the home for sale or rental.