While the news you’ve inherited a house may sound like a windfall, you may have an entirely different perspective if you should discover you’ve inherited a hoarder house. Inheriting a house from a hoarder brings a unique set of considerations. Hoarders assign value to possessions that no longer serve them and fill their homes with these items. In addition, these homes pose a fire hazard to the surrounding properties and any occupants, with exits challenging to reach and health risks because they attract rodents.
While your loved one may have had the best intentions in leaving you their house, unfortunately, when you have a hoarder house on your hands, you may be overwhelmed by the amount of work ahead of you. So read on as we explore these five tips to help if you have inherited a hoarder house in New Jersey.
Take Up Residence
Our first tip if you have inherited a hoarder house in Riverside, Lawrence, Bordentown or any other New Jersey town is to consider taking up residence. However, moving in is not so easily accomplished with homes in this condition; you’ll have to ready the house, including the clean-out and repairs. In addition, it can be tough to assess the condition of a property when piles are lining every available space from floor to ceiling. Suppose you aren’t interested in living in the property. In that case, you can forget about making the repairs and doing the prep work or passing an inspection by selling directly to a local cash investor like those at Beacon Realty Investments. A cash investor from Beacon Realty Investments will buy your hoarder house as-is for cash.
Rental Property
Another tip if you’ve inherited a hoarder house in Willingboro, Burlington, Lawrence or other New Jersey area is to consider making it a rental property. Being a landlord means you’re now in the real estate investing business and dealing with people, so it helps to be a people person. Owning an investment property requires following all local, state, and federal laws concerning tenants; missteps in this area can be extremely costly. Additionally, you should establish a stringent tenant screening process and ensure you keep your documents and records organized to realize the full potential of any tax benefits. Landlording can be hard, or it can be easy. It depends on your skill level and willingness to network with other experienced landlords in your Riverside rental area and learn from them. You don’t necessarily need to be on call 24/7 for emergencies when your tenants call – because after all, they should be able to handle non life threatening situations if you empower them to do so. However, if you want more of a hands -off approach, cash investors like those from Beacon Realty Investments work with top-notch property managers who can help you avoid the costs of undesirable tenant placements. There are pros and cons to each side. It depends on your desire to manage your Lawrence rental property.
Selling
If you’ve inherited a hoarder house in Willingboro or other New Jersey town and decide to sell the property, that requires sellers to prepare the property to sell for the highest possible profit if you’re going to work with a top notch realtor. Or perhaps you’ve thought of prepping the house, listing it as an FSBO, and selling it yourself to save the real estate commissions. However, there are many reasons FSBO sales rarely work out in favor of the seller, such as limited marketing and a failure to properly screen buyers among them. So our next tip is to sell by working with local cash investors like those at Beacon Realty Investments, who will buy your hoarder house, paying you a fair market value without charging any real estate commissions. It’s a win win, because you no longer have to deal with the house in Lawrence, and you don’t need to fix it up or clean it out.
Holding Costs
Suppose you inherited a hoarder house in Riverside. Another tip is understanding the costs of holding the property, such as the mortgage, taxes, insurance, and utilities, adding a financial strain to your life. Additionally, there is the emotional cost of losing precious time with family and friends as you take on the monumental task of digging into the piles and cleaning the house. It may be worthwhile to hire professionals to take on the job. However, if you’re under a time crunch or the financial burden is too much, and you want to sell, a cash investor like those from Beacon Realty Investments will provide you with a guaranteed closing date, with no closing costs in just days.
Beacon Realty Investments
If you inherited a hoarder house in New Jersey, a direct sale to a cash investor at Beacon Realty Investments is the best tip. A cash investor from Beacon Realty Investments will walk you through the process, taking the time to listen to you and answer any questions or concerns you may have without any obligation. If you’d like to know what you could profit from listing vs. a direct sale, start with a cash investor from Beacon Realty Investments. At Beacon Realty Investments, our policy is full transparency because we want you to feel good about working with us long after the closing. The cash investors at Beacon Realty Investments will lay all the numbers on the table, detailing the expenses and profit of each sales method so you can make an educated decision about what works best for you. If you have inherited a hoarder house in New Jersey, why not talk to one of the cash investors at Beacon Realty Investments today? Call Beacon Realty Investments at 609-531-4990.