What to Do With an Inherited House in Arlington VA: Sell, Rent, or Keep?
Introduction
When you’re searching for what to do with an inherited house in Arlington, VA, you are likely in a state of uncertainty. The emotions tied to inheriting a home can be overwhelming, and while you may want to honor the memory of a loved one, the practical side of things demands attention. The idea of keeping, renting, or selling the property can feel like a tough decision. Your main concerns might revolve around how to deal with the property quickly, how to minimize costs, and how to avoid unnecessary stress and legal hurdles.
You may also be wondering about the financial implications of each option—whether it’s worth holding onto the house, renting it out for a passive income, or selling it as quickly as possible. Selling the house may seem like the easiest way to resolve the situation, but you want to make sure you’re making the right choice based on your circumstances. This blog will address all these concerns in detail, helping you weigh your options and make the most informed decision. Whether you’re looking for a quick sale to get cash or want to know the pros and cons of renting or keeping the property, we’ll guide you through it.
What to Do With an Inherited House in Arlington VA: Sell, Rent, or Keep?
Inheriting a house can bring about a whirlwind of emotions and responsibilities. While many people might view this as a windfall, the truth is that it often comes with significant decisions and responsibilities. Deciding whether to sell, rent, or keep an inherited home in Arlington, VA, is no small task. Each choice carries its own set of benefits and potential pitfalls, and it’s important to evaluate these options carefully to find the best solution for your unique situation.
In this post, we’ll explore each of these options in depth—selling, renting, or keeping your inherited property—and discuss the costs, potential gains, and the overall impact of each. By the end, you’ll have a clearer idea of the right path forward and why, in some cases, selling to a cash buyer might be your best option.
The Pros and Cons of Selling an Inherited House in Arlington VA
Selling an inherited home in Arlington, VA, can often feel like the most straightforward option—but that doesn’t mean it’s always the best one for everyone. If you’re looking for a quick resolution, a cash sale might seem particularly appealing. The main advantage of selling the house is the ability to cash out and move on. But, like any option, selling has its own set of considerations.
Advantages of Selling an Inherited House in Arlington, VA
One of the main advantages of selling your inherited property is that it can provide immediate cash to deal with any financial obligations or future plans you might have. The sale process, particularly if you choose to sell to a real estate investor or cash buyer, can be fast and hassle-free. Unlike traditional home sales, there’s no need to worry about repairs, inspections, or appraisals. A cash sale bypasses much of the usual complexity and can close within as little as a week or two.
Additionally, selling the house for cash can relieve you of ongoing property taxes, maintenance costs, and utilities. An inherited home can quickly become a financial burden if not dealt with promptly, especially if it’s sitting vacant or needs repairs. Selling the house can free you from these responsibilities.
The Disadvantages of Selling an Inherited House in Arlington, VA
However, selling a home isn’t without its costs. Depending on the state of the property, you may need to spend money on repairs and renovations before putting the house on the market. In Arlington, VA, the housing market can be competitive, and making your home stand out may require an investment in updates, which can be time-consuming and expensive.
Furthermore, traditional home sales often involve real estate agent commissions (around 5-6% of the sale price), closing costs, and capital gains taxes if the home’s value has increased. If you’ve inherited a property with substantial equity, these taxes could eat into your profit.
At this point, you may be wondering whether it’s possible to sell your inherited house fast to avoid all the complexities and costs of a traditional sale. If you’re interested in a quick cash offer, check out our How to Sell an Inherited House Fast in Fairfax VA page for more information on how selling to a cash buyer can simplify this process.
Renting an Inherited House in Arlington VA: Is It a Viable Option?
Renting out an inherited property in Arlington may seem like an appealing choice if you want to hold onto the property and generate passive income. However, this decision should not be taken lightly, as there are several factors to consider when becoming a landlord.
Advantages of Renting an Inherited House in Arlington, VA
One of the biggest advantages of renting out an inherited home is the potential for ongoing rental income. In a city like Arlington, where demand for rental properties is relatively high, you may find tenants quickly. If the property is in good condition and located in a desirable area, renting it out could be a profitable venture.
Additionally, owning rental property can provide long-term appreciation in value. If the real estate market in Arlington continues to grow, the home’s value could increase over time, making renting a lucrative investment for the future.
Before deciding to rent out your inherited property, it’s essential to understand the responsibilities of being a landlord. Learn more about your duties and obligations by reading this guide to landlord-tenant laws in Virginia.
Disadvantages of Renting an Inherited House in Arlington, VA
However, there are significant downsides to renting out an inherited home. First, you’ll be responsible for property maintenance, repairs, and ongoing management. This can be costly and time-consuming, especially if you don’t live locally. You’ll need to deal with tenant complaints, late rent payments, and the risk of property damage.
Furthermore, there are tax implications for rental properties. Income from rental properties is taxable, and you may need to pay for property management services if you don’t want to handle everything yourself. These costs can add up quickly, eating into any potential profits.
For more insight on tax implications related to rental properties, check out IRS Rental Property Tax Guidelines.
The Hidden Costs of Being a Landlord in Arlington, VA
Property taxes, insurance, and maintenance can be expensive in Arlington, where real estate prices are high. For example, the average property tax rate in Arlington is about 1.03% of the home’s value, which can be a significant burden if you’re not generating enough rental income to cover it. Furthermore, you may be responsible for repairs, which can vary depending on the condition of the property.
While renting an inherited house can be profitable in the long term, it requires a lot of time, effort, and capital. For some, the hassle and cost may not outweigh the benefits, especially if you’re just looking to liquidate the property quickly.
Keeping an Inherited House in Arlington VA: When Does It Make Sense?
In some cases, you may decide to keep the inherited property for sentimental or financial reasons. This decision typically comes with emotional considerations, as many people want to preserve the home as a family heirloom or continue to live there.
Advantages of Keeping an Inherited House in Arlington, VA
The main advantage of keeping the home is that it can stay within the family, potentially becoming a valuable asset in the future. If the property appreciates in value, it could become an important part of your financial portfolio. You may also have personal attachments to the home and the memories it represents.
Additionally, if you decide to keep the property for the long term, you may be able to rent it out later to generate passive income, or sell it at a later date when market conditions are more favorable.
Disadvantages of Keeping an Inherited House in Arlington, VA
However, keeping an inherited house also comes with significant responsibilities and costs. As mentioned earlier, you’ll be responsible for property taxes, maintenance, and insurance. The ongoing expenses can quickly add up, especially if you’re not actively living in the home or using it for income purposes.
Moreover, if the house is old or in need of repairs, keeping it could become a costly endeavor. Many inherited homes require significant repairs or renovations before they’re livable or rentable, and these costs can eat into any potential profits down the line.
If you’re unsure about whether keeping the property is the right move, you may want to consider selling it for cash. Cash sales offer a way to eliminate the ongoing costs and headaches associated with maintaining an inherited property while still gaining financial flexibility.
If you’re considering selling but are concerned about the probate process, check out our How to Sell an Inherited Home in Fairfax VA Without Going Through Probate page to learn how you can skip the probate process and sell your home quickly.
Conclusion: Why Selling to BlueTrust Housebuyers May Be Your Best Option
After weighing the pros and cons of selling, renting, or keeping an inherited house in Arlington, VA, it’s clear that for many people, selling to BlueTrust Housebuyers could be the best option. While renting or keeping the property might be appealing for some, the financial burdens, legal complexities, and ongoing responsibilities can make these choices more difficult and time-consuming. Selling for cash through BlueTrust Housebuyers offers a quick and hassle-free way to liquidate the property without worrying about repairs, agent commissions, or dealing with tenants.
Selling to BlueTrust Housebuyers eliminates many of the headaches typically associated with traditional real estate transactions. You don’t need to worry about making costly repairs or renovations, nor do you need to deal with the uncertainties of the housing market. Our process is straightforward and fast, meaning you can get cash in your hands in as little as a week, allowing you to move on with your life without the stress of property ownership hanging over you.
If you’re ready to sell your inherited property quickly and with peace of mind, BlueTrust Housebuyers is here to help. Contact us today for a fair, no-obligation cash offer and get started on the path to a simpler solution.