Inheriting a house during coronavirus – what should I do?
Inheriting a house during coronavirus – what should I do?
You may be unsure as to what to do after inheriting a house. Knowing what your options are allows you to make the best decision for you. The most common options after inheriting a house are to rent it out or sell the property. Renting has its benefits but also carries heavy responsibilities; properties will have to be upgraded to meet minimum energy safety requirements. On top of this, finding tenants with secure employment situations has only been made more difficult from the recent economic downturn, caused by the coronavirus pandemic. This could leave you with no income, running costs, council tax and inheritance tax bills due.
How long will it take to sell my property?
When selling your property through traditional or online estate agencies, be prepared for the process to take a long time. Currently, a quarter of all properties for sale on Rightmove have been there for 6 months or more (Rightmove, 2020). In addition to this, 25% of all property sales have fallen through as lenders adjust their mortgage offers due to coronavirus (Rightmove, 2020). The pandemic has also resulted in a 50% reduction in property sales, as seen in May this year (BBC, 2020), leading to most transactions being halted. This makes life incredibly difficult for some people who had been relying on the sale of their house before the pandemic.
Are house values going to drop?
Currently, it’s not possible to say with 100% conviction that house prices are going to fall or not, however, ThisIsMoney.co.uk reported a bump in existing house buyers stalling to renegotiate, as the risks of proceeding with existing transactions rise. From our own research, we have found that it is most likely that house prices in the next 6 months will fall. As we are a property investment company, we take a long-term view of the property market and therefore are less affected by medium term downward trends in house prices. However, if you are looking to get the most value out of your property within the next year or so, then you may want to sell relatively quickly, rather than waiting and potentially suffering from a decrease in value in the coming months.
How can I sell my house now?
At Fair & Fast house buyers all we require are your contact details and the details of your property. We are operative despite coronavirus and will generate our genuine cash offer for you, so you can proceed instantly if you wish. As we are a cash buyer there are no delays due in waiting for mortgage approval, nor a risk of a breakdown in the purchasing chain. With our simple three step process we can buy your house quick, exchange in as little as 48 hours and complete when suits you. Cash advances on the sale of your property are available too, for those that need money fast. We will buy any property, in any location and in any condition. This saves you the time and hidden of costs of the traditional sale or rental process. Contact us for your free, no obligation cash offer by entering your postcode into our offer generated today.