I Inherited a House, What To Do? – Should I Rent or Sell in Boise?

First, please accept our sincerest condolences for your loss. This is an incredibly difficult time, and navigating property ownership on top of everything else can feel overwhelming.

You’re probably wondering, “I inherited a house — now what?” Should I keep it? Should I rent it out? Should I sell it?  And if so, how?

There are plenty of options available to you, but…

… we’re here to help guide you through them.

We’re experienced investors in Boise real estate, and with over 17 years serving the Boise, Idaho area, we purchase several homes each month across the region. We regularly hear from homeowners who have inherited a property and aren’t sure what to do next — so we’ve put together the tips below to help you navigate the process with confidence and clarity.

Do you have a rental house outside of the Boise area? No problem! We buy houses throughout Idaho including Nampa, Mountain Home, Emmett, Payette, Twin Falls, Jerome, Gooding and more. Reach out today to see how we can help.

I Inherited A House, What To Do Next?

Here are a few key things to keep in mind as you figure out the best path forward:

1) Make sure the mortgage is taken care of.

It sounds simple, but if the person who left you the property still had a mortgage on it (unless it was fully paid off, which is ideal!), that balance becomes your responsibility if you plan to keep it. Some lenders will let you assume the existing loan, while others may require you to refinance in your own name. If you don’t qualify for a new loan, renting the property may not be a viable option.

2) A rental property is only as strong as who manages it.

If handling brokers, maintenance calls, tenant issues, and rent collection doesn’t fit your lifestyle, consider bringing in a professional property manager — or simply cashing out now. Many people who inherit homes choose to rent them out for steady income, and that can be a smart move. Just go in with realistic expectations about what managing tenants and repairs actually involves day to day.

3) Owning property comes with ongoing costs.

It’s rare to inherit a home that’s been perfectly kept up. Most inherited properties come with deferred maintenance or repairs that need attention.

We recommend getting a professional property inspection so you have a clear picture of what repairs or updates will be needed over the next few years — along with realistic cost estimates. Unexpected issues can get very expensive, very fast.

4) Getting top dollar on the market requires an investment upfront.

If you’d rather skip the repairs, kitchen updates, landscaping, and cleanup that a traditional sale demands, we’ve got you covered. We buy Boise houses for cash, as-is — with over 17 years of experience serving Idaho homeowners just like you.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Nampa investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Boise – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Do you have a house outside of the Boise area? No problem! We buy houses throughout Idaho including Nampa, Mountain Home, Emmett, Payette, Twin Falls, Jerome, Gooding and more. Reach out today to see how we can help.