Thursday, February 7, 2013

Selling Estate Property

There are a number of factors to consider when you're selling property that has been inherited. More often than not, the term "estate condition" implies that a property has not been updated in a number of years. Kitchens and bathrooms are from another era, the decorating and colors are out of date, and there is sometimes even neglect, so repairs need to be made. Of course, "estate condition" can also mean that a property has some cool vintage features or funky retro flourishes that could be selling points. There may be some ugly linoleum or wallpaper, but there also might be some cool fixtures or older materials that have come back into vogue.

There are two major considerations when selling estate property. The first is the legal side of things -- probate, taxes and deeds -- which probably require the attention of an attorney, depending on the state where the property is located. And the second big concern is whether or not to renovate.

Quite a few buyers would prefer to do their own renovations so that they can be done according to their own tastes. But at the same time, obvious shortcomings can make a property tougher to sell. At the very least, you're going to want to make sure that the property is safe and that basic functionality is there. Plumbing should work and lights should turn on. You also might want to consider some minor cosmetic work, such as a fresh coat of paint, carpet cleaning, floor buffing, or updated cabinet knobs and outlet covers. Beyond that, you may be able to do a lot with staging.

A professional real estate agent can be a big help with deciding how much to do and spend before listing a property of this type. An agent can also be a big help when it comes to writing the listing, so that the proper disclosures are made without scaring off any potential buyers. And of course, his or her experience can be indispensable when it comes time to put a price on a property.