I Inherited A House in Georgia – Should I Rent or Sell?

Inheriting a property can be a tricky business. On top of losing a loved one, you have to deal with Georgia’s probate process, title transfer procedures, and the typical burdens of property ownership. The situation can be overwhelming for a lot of people, and you might be stuck while you consider what to do with your inheritance. Should I sell my inherited house? Should I rent it? How much will these options cost me? We’re here to help you consider your options based on Georgia’s real estate market and legal processes, and to offer a quick and easy way for you to sell your inherited house in Georgia without any worries.

What to do after inheriting a house in Georgia

Here’s a few important considerations to help you make the right decision about your inherited house. Keep in mind that your situation is unique, and if you are ever confused about the process or options ahead of you, you can always contact a legal professional to guide you through Georgia’s inheritance procedures and their impact on your property.

1) Stay involved in probate & title transfer

Depending on the exact circumstances of your situation, it is likely that your inherited house will have a lot of legal hoops to jump through before the title is officially transferred into your name. In Georgia, this is usually done through probate, which can be a months-long process. During this time, your inherited property will be appraised, inventoried, and inspected by Georgia professionals. Additionally, Georgia’s probate process handles any outstanding payments that are owed on your inheritance.

All of this will give you a better understanding of the condition and value of your property, as well as the funds that you may have to invest in that property if you choose. You need to be aware of what is happening during Georgia’s probate procedures so that you can begin thinking about the best way to deal with your inherited house based on its condition and your situation.

2) Are you prepared to be a landlord?

Having a rental property for extra income is a fantastic idea, but it’s also important that you consider the responsibilities that will fall to you. Do you know how to manage a rental property? Do you know what will be required of you as landlord? How will you find good, reliable tenants? Are you prepared to invest in the house’s upkeep? Can you reasonably handle these additional responsibilities on top of your current schedule?

If you’re not sure about how to answer these questions yet, do some research about how to get started as a landlord in Georgia and the responsibilities you will have. This is the best way to see if the job will be a good fit for you and for your inherited house. Rental houses are a great source of additional income, but you definitely need to be prepared to manage your property and the hassles that can come with tenants before you jump in.

3) Consider the costs of property ownership

If you’re a Georgia homeowner already, it’s no surprise to you that houses are costly. An inherited house can be just as expensive. Odds are, the property was a lived-in residence, and houses that are lived in are rarely perfectly maintained. This means that the house may need minor or major improvements before you can consider renting it out or listing it on Georgia’s market, and you will have to consider the costs of these improvements and if they will be manageable for your situation.

During Georgia’s probate procedures, an inspection will be done on the house, and this will give you an idea of which repairs will be necessary if you are looking to rent or list the property. If your title transfer procedure differs and, for whatever reason, no inspection was done, you might consider consulting a Georgia real estate professional about the condition of your inherited house. If you are not sure about the estimated costs for bringing the house to a new condition, you can also ask the professional about that. Make sure that you also factor in the costs of any taxes, mortgage payments, or utility bills that you will have to cover, as well as the ongoing costs of keeping the property maintained if you choose to rent it out.

4) Consider the costs of listing

Listing a house is always a hassle, and it can also be a huge financial burden, even in Georgia’s seller’s market. Getting a house into market-ready condition can be expensive and time-consuming, so if you are planning to list your inherited house, make sure you know how much that will cost. Factor in the estimated cost of repairs and updates, a realtor’s commission (which in Georgia is 2-3%), and any additional fees and closing costs that you can expect during a closing in Georgia.

You should also consider the potential capital gains tax that could be placed on your inherited house. A capital gains tax only applies if you sell your inherited house for a profit. The tax will be applied to the difference between the house’s selling price and its fair market value at the time that the title was transferred to you. (For example, if your inherited house was appraised at $200,000 during probate but you sold it for $270,000, then the capital gains tax would be placed on that 70,000 profit.) Consult a tax professional if you are unsure about how a capital gains tax can factor into your situation.

5) Consider a direct sale to a cash home buyer

If listing or renting out your inherited house seems like too much of a hassle, then we have the perfect solution for you. The quickest and easiest option is to sell directly to a local cash home buyer. Georgia real estate professionals like our team at We Buy Houses In West Georgia can make cash offers on properties completely as-is in their area. This eliminates the need for you to invest any time or money into getting your inherited house market-ready. You can sell your inherited property for cash within 2 weeks without any repairs, commissions, or worries. Fill out the form below to get your free, no-obligation cash offer started, or contact our team at (404) 997-2197 to see how we can help you sell your inherited house in Georgia.