If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited home in Kentucky for sale…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can oftentime be a costly burden. So selling it makes sense and allows you to use the gifted equity for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited home in Kentucky for sale:
Tip #1: Price Competitively To Sell Quickly
When pricing an inherited property, some people simply set a price they believe the market might pay. However, determining the right price involves considering many factors, with one of the most important being: how quickly do you want to sell? If you list the property with an agent “on the market,” the process can take several months. During this time, you’ll still be responsible for paying for utilities, property taxes, and maintaining the home. These ongoing costs can quickly add up, potentially eating into the higher price you were hoping to get. For those looking to sell faster and avoid these expenses, a direct sale may be a more cost-effective and efficient option.
Many property owners quickly realize that pricing their home slightly lower can often lead to a faster sale. While they may get less for the property, they save on the costs associated with repairs, ongoing maintenance, taxes, and other carrying expenses. The time and effort required to keep the house on the market also decreases, making it a worthwhile trade-off. In some cases, this strategy can prove to be a wash—where the savings in time and expenses outweigh the potential higher price they might have received. If speed is a priority, pricing competitively can be the most practical option.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges property owners face when pricing an inherited home for sale is separating emotional attachment from the true market value. While the house may have significant sentimental value due to the memories of growing up or special moments spent there, it’s important to focus on the property’s actual market worth. Emotional attachment can lead to overpricing, as you might unintentionally factor in the memories rather than the true value of the home in its current condition. Recognizing this emotional bias is key to setting a realistic price that aligns with what the market will bear. (This is VERY common.)
A more effective approach is to work with a reputable real estate company to get an accurate assessment of what your inherited property is worth in today’s market. While the price they offer might be lower than expected, it’s important to recognize that this isn’t because the house lacks value. Instead, it may be due to the emotional attachment you have, which can unintentionally inflate the price. A professional can help you see past the memories and evaluate the property objectively, ensuring that you set a fair price that aligns with current market conditions. This way, you can make an informed decision that works best for you.
Tip #3: Build In Discounts For Repairs
If you inherited the property from a loved one who had lived in the property for many years then you might find out that the property needs some repairs. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “repair discount”. That way you avoid the hassle of the work, and you still come out the same financially.
Summary
An inherited house can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price an inherited house? These tips will guide you on how to price your inherited home in Kentucky for sale.
Why not bypass all the work and cost of selling through an agent and instead get in touch with us today about selling your inherited property to us here at Sidewalk Property Solutions ? Just call us at 859-800-6686 or click here and enter your information in the form.