Inheriting a home can mean plenty of opportunities for you and your household. There’s no one right answer as to what you should do with an inherited home in Melbourne, FL, so what you should do depends on your current situation and what you want to improve.
Ultimately, it comes down to three choices: you can keep it for personal use, keep it for income, or sell your inherited Melbourne home. Each comes with its own pros and cons, so here’s what you should know about each of the three options.
Keep the Home for Personal Use
Melbourne, Florida has a lot to offer for families, young professionals, and retirees. It ranks 4th on U.S. News on the best places to retire in the United States, and 18th in best places to live in general. It’s one of Space Coast’s most populated areas, but still has that small town appeal. And while access to outdoor activities is plenty in Melbourne, you’ll also get to take in the scenic tropical views as well as glimpses of satellites and spacecrafts launching from Cape Canaveral.
This makes Melbourne a great place to live. So, if you’re currently renting or living in shared housing, you can opt to live independently in the city. There are plenty of job opportunities in Melbourne, but you can also opt for remote working setups.
However, owning a house isn’t always simple. There are additional costs and taxes associated with owning a home. You’re also responsible for the upkeep, which can be an additional expense you might not be able to afford.
Keep the Home for Income
If you want to retain ownership while also profiting from your newly inherited home, you can opt to rent or lease it out. One option is to rent it out for people looking to live in the area. Melbourne is a bustling city, so depending on the quality and location of the property, you might be able to rent it out fast. However, you’ll need to assume the responsibilities of a landlord. While some are lucky and end up with a good tenant, there are some nightmare tenants that can make renting more trouble than it’s worth.
Another option is to act as a host for platforms like Airbnb. With so much to see in Melbourne, there may be a demand for properties like yours. It’s also a good option because you’ll be listing your property on a popular platform and only have to deal with mostly short-term stays. However, the work of dealing with bookings and cleaning up after guests may not be ideal for some.
Sell to a Professional Home Buyer!
If owning the property and incurring the costs of owning a home is impractical, and you want to avoid the responsibilities of renting out property, your best solution is to get rid of the house by selling it. You’ll want to sell it as fast as possible to avoid the costs of holding onto the property for too long, such as maintenance expenses, HOA fees, and property taxes.
You could list your property on the market, but there’s no guarantee it will sell fast. On top of that, there are plenty of additional costs incurred before you can even sell your home on the market. This means that you’ll have to spend your own money on home improvements to fetch a fair market price.
But if you want to sell your house in Melbourne, Florida fast, a cash home buyer like Anchored Homes offers you the faster and more practical option. We have a faster turnaround time and can give you a fair cash offer within 24 hours of viewing your property. We can then close the deal in as little as 14 days. We also buy homes as-is, so there’s no need to spend on home improvement to receive an offer.
There are a number of things you can do with inherited property. But if you don’t want the added costs and responsibilities of owning an unwanted home, your best option is to sell ASAP! At Anchored Homes, we can take your property off your hands with a quick turnaround time.
Contact us today to schedule a property viewing for your home.