First of all, we’re so sorry for your loss. This can be a very challenging time for many reasons and dealing with property ownership is tough at the best of times.
You’re thinking, “I inherited a mobile home, what to do with a mobile home?” Should I rent it? Should I sell it? How should I sell it?
Tons of options open for you, but…
… we could definitely help.
We’re experienced investors in Pennsylvania, Connecticut, New Jersey, & New York real estate and we’re looking to buy several mobile homes each month in the Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster Pennsylvania, Connecticut, New Jersey, & New York area. Every couple months we get calls from those who have inherited a mobile home and are looking to sell it… so the info below are some tips to help you navigate the process.
I Inherited A Mobile Home, What To Do Next?
Inheriting a house can be overwhelming, but there are several steps you can take to make the process smoother:
- Obtain the necessary documents: You will need to obtain the death certificate of the deceased and any legal documents pertaining to the inheritance, such as a will or trust.
- Determine your ownership share: If there are multiple heirs, it’s important to determine each person’s ownership share of the property.
- Transfer ownership: You will need to transfer ownership of the property into your name. This typically involves filing a deed with the local government and paying any applicable transfer taxes.
- Assess the property’s condition: It’s important to assess the property’s condition and determine if any repairs or renovations are needed.
- Understand the tax implications: Inherited property may come with tax implications, so it’s important to understand the tax laws in your jurisdiction.
- Decide what to do with the property: You will need to decide if you want to keep the property, sell it, or rent it out. This decision should be based on factors such as your financial situation, the property’s condition, and your long-term plans.
- Seek professional advice: It may be helpful to seek advice from a real estate agent, attorney, or financial planner to ensure that you make informed decisions and avoid any legal or financial pitfalls.
1) Make sure the mortgage is paid.
It may seem like a simple point, but it’s important to note that if the individual who bequeathed a property to you also had a mortgage, you will be responsible for paying it off if you wish to retain ownership of the property. Depending on the bank’s policies, you may be able to take over the existing loan or be required to obtain a new loan through refinancing. In the event that you are ineligible for a new loan, renting the property may not be a viable option for you.
2) The investment is only as good as the manager.
If you find that dealing with brokers, maintenance, tenants, rent collection, and other intricacies of property management is not the most efficient use of your time, it may be worthwhile to hire a professional to assist you or consider selling your property now. While some individuals who inherit properties opt to retain the property and rent it out for additional income, it’s crucial to be aware of the challenges that come with managing a property, including tenant issues and maintenance problems. Nonetheless, it’s a sound strategy, and we would encourage you to consider it.
3) Property ownership costs money.
Finding a building that has been impeccably maintained is a rarity. Inherited mobile homes, in particular, often require significant improvements.
To avoid unexpected costs, it’s advisable to engage a professional property inspector who can provide you with a comprehensive report outlining the necessary improvements and estimated expenses over the next five years. Unforeseen expenses can be extremely costly, so it’s critical to have a clear understanding of the property’s condition before making any major decisions.
4) Selling a property for higher amount costs money.
If you don’t want to deal with making repairs, fixing leaking roof, improving landscaping and overall cleanup, don’t worry. We buy Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster mobile home for cash, as-is.
5) If the market will continue to grow faster than your other options, hang on to the investment, don’t sell it.
We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you definitely should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly deal with it.
6) Get advice.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.
7) Consider all your options.
In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Philadelphia investment experience can help you win.
8) Compare and make your own conclusion.
We’ll help you determine prices for any property near Philadelphia – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).