FreshBooks banner ad

Inherited Homes – To Refurbish Or Not To Refurbish

Inheriting a home is an emotional thing, to say the least. More often than not when the ownership of a deceased loved one’s property is transferred to you, you’re still grieving and are in no state of mind to think about investment and returns.

Deciding what the best course of action is can be an extremely difficult task to undertake during these difficult times. Sentimental and emotional attachments are likely going to cloud your judgement, and the entire process can be troubling, to say the least.

Inherited homes: Refurbish or not?

Today we are going to look at one of the biggest questions many inherited homeowners face when contemplating a sale.

Should you invest in refurbishing the property, or should you try and sell it as it is?

When To Refurbish

If the inherited property is in reasonably good condition, then it may be a good idea to do some very light refurbishments to give it a fresh and clean appearance that will help the sale. You don’t have to spend a huge amount of time or money doing this, and it usually pays off in the long run.

Do a quick audit of how things currently are in the home, and make a note of anything that is particularly dirty or worn. Consider replacing things like carpets, tiles, and curtains that are looking a little shabby.

Additionally, it’s always a good idea to give all the walls a fresh lick of paint (unless they have been recently painted). Stick with neutral colours to ensure you don’t put potential buyers off with colour combinations they might dislike.

Finally, hire a professional cleaning company to go through the entire house and make everything look as good as new.

Combined, these few things shouldn’t cost you much more than £1000 (not including the cost of replacement curtains/carpets etc). You’ll make that much extra back on the sale with ease, and get a quicker sale.

Scenic houses for sale

When Not To Refurbish

It’s difficult to say precisely when you shouldn’t refurbish an inherited home, every situation is different. However, when refurbishment turns into repairing, it’s often a good idea to assess if you really want to deal with the hassle.

If the inherited home needs large repairs (let’s say a new roof for example) then you’re going to need to come up with the money to get the repairs done. These kinds of repairs can easily run into the tens of thousands of pounds, which most people don’t usually have to hand.

As a rule of thumb, you will usually make your money back on any repairs that you undertake. But if you don’t have the money to repair the property and need to take out a loan, the interest payments (alongside the hassle of repairing and selling the home) make the idea potentially not worth the effort. Also when dealing with other matters i.e. Legal grant of probate this may take time and committing to a new project may not be feasible.

In these situations, where repairs are needed but funds are limited it’s often better to deal with specialist property cash buyer services (like ours) who understand the situation. We have no chains, we don’t need mortgages, and we make hassle-free cash offers that take the current state of your inherited home into account.

Our transactions are convenient, stress-free, and leave you with a lump sum sitting in your bank in no time at all. This gives you more time to grieve the loss of your loved one without financial issues weighing you down.

About author

Ivan Widjaya
Ivan Widjaya 2594 posts

Ivan Widjaya is the Owner/Editor of Noobpreneur.com, as well as several other blogs. He is a business blogger, web publisher and content marketer for SMEs.

Funding Note

You might also like

News

UK’s Spending Habits in 2013: Better? (Infographic)

Did you know why many people – including business people and entrepreneurs – drown themselves in bad debts? The answer is spending habits. That’s right – spending habits are some

Personal Finance

3 Tips to Find the Perfect Home Loan

It can be incredibly overwhelming to look through mortgage interest rates, home loan fees, and other expenses associated with a mortgage. After a while, you’ll come to realize deciding to

Tips

Small Business Owners: Watch Out for Your Business Credit Card Charges

Business credit cards for small business owners are essential tools to “make your life easier.” Other than providing a form of financing for your business purpose, you can enjoy perks,