Are you trying to decide whether to sell or keep your inherited property in Florida? Inheriting a house can bring unexpected responsibilities, and you might be wondering, “Is inheritance marital property in Florida?” or considering “selling an inherited house in Florida.” It can be frustrating spending money on a house that wasn’t originally yours. Consider your alternatives, by the end of this article you’ll understand your options for selling an inherited house in Florida.
Whether you expected the inheritance or not, you might face some surprises once the property is in your name. Owning a house can be expensive—the bills, the taxes, the maintenance, and unexpected repairs can all add up. As any homeowner will tell you, the longer you own it, the more it costs you. Before you decide whether to sell or keep the inherited property, ask yourself a few important questions. Take the time to learn about the market and the property to help with your decision. Below, we’ll offer some tips to help you determine if you should keep or sell an inherited property in Florida. We’ll also provide some insight into the best ways to sell.
Ask Yourself These Questions
Do you have a use for the property?
Keeping the house for sentimental reasons is perfectly fine if that’s what you want to do, but don’t feel obligated to keep it. Only hold onto the property if you have a real use for it. There’s no sense in keeping a house that will just end up sitting there unused.
Are there other owners or heirs?
If there are other heirs who inherited the property, you all need to sit down and come to an agreement. Work together to decide if the home should be kept or sold. If someone disagrees, consider buying them out to avoid further disagreements. Another solution would be to have somebody help you act as peacemaker, this could be a relative both of you trust, a paid probate attorney, a licensed real estate agent, or a cash buyer. Remember, it’s just a house, and the person who left it to you wouldn’t want their gift to cause arguments.
If you decide you want to sell, how much can you spend upfront?
If the home has not yet been cleared out, that should happen first and foremost. A traditional property listing will come with some upfront costs. You’ll likely need to make some house repairs and have it professionally cleaned. It’s tricky making repairs to a house you’ve never owned. You may not know what you’re getting into. You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway. Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Is Inheritance Marital Property in Florida?
You might be asking, “Is inheritance marital property in Florida?” In Florida, inherited property is generally considered separate property, not marital property. This means that if you inherited the house, it belongs to you alone, even if you’re married. However, if you mix the inheritance with marital assets—like using joint funds to improve the property—it can become marital property. Understanding this can help you protect your interests.
What About Capital Gains Tax on Inherited Property in Florida?
When selling an inherited house in Florida, you might be concerned about capital gains tax on inherited property in Florida. The good news is that you usually get a “step-up” in basis. This means the property’s value is considered its market value at the time you inherited it, not what the original owner paid. This can reduce the capital gains tax you owe when you sell. Be sure to consult a tax professional to understand how this affects your situation.
If You Decide to Sell, How Much Can You Spend Upfront?
If the home hasn’t been cleared out yet, that should be your first step. Listing the property the traditional way comes with upfront costs. You’ll likely need to make some repairs and have it professionally cleaned. Fixing up a house you’ve never lived in can be tricky—you might not know what you’re getting into. You don’t want to find yourself spending thousands on a house you plan to sell anyway. Depending on how you decide to sell, you could face repair costs and marketing expenses.
Ways To Sell
List It
Listing your inherited property in South Florida will require you to get the house ready for the MLS (Multiple Listing Service). Look at what other homes are selling for and see how your property compares. Be realistic with your pricing, and don’t spend too much on improvements. When you list an inherited home, it can be frustrating to suddenly have to spend money selling a house that wasn’t yours.
Sell On Your Own
Selling the house using an FSBO listing will save you on the commission fee, but you will still need to pay for cleaning repairs, marketing, and other selling costs. In most cases, selling on your own to a regular buyer will take longer and ultimately put less in your pocket. We’d be happy to make you an offer if you are considering selling an inherited house in Florida with no extra seller fees.
Sell To An Investor
When you sell your inherited property to Future Generation Homes, you’re choosing a team that understands your unique situation and is dedicated to making the process as smooth as possible. We believe in offering personalized solutions without any out-of-pocket expenses—no costly house repairs, no expensive commissions, and no hidden administrative fees. By selling directly by owner, you can quickly receive your funds. If it sound like to much work to spend months on house repairs and then waiting for the property to sell on the market, we’d love to make you an offer. We can help you move on from the house without the stress, let us take care of the details so you can focus on what matters most to you.