If you’ve recently inherited a property in Newcastle and are looking to sell it, you may be struggling with where to start. This can be particularly difficult if you’re grieving and dealing with emotional stress and the difficulties of navigating a property sale.
Whether you’re selling due to funds being tied up in a property, or perhaps you’re not the only party to be involved in the inheritance, here at We Buy Any Home we’ve helped many people to sell an inherited property fast in Newcastle and have a thorough understanding of how this process works.
Stay tuned for a step-by-step guide to selling an inherited property in Newcastle, including information on factors that can impact the sale, strategies for selling, top tips, and ultimately how we can help.
Factors that Can Impact the Sale of an Inherited Property in Newcastle
When selling an inherited property in Newcastle, you’ll need to consider several factors before listing the property on the market. These include the property condition, location and demand within the local housing market and outstanding debts/taxes on a property.
The property’s condition can affect the sale as it may have a lower valuation if a lot of work needs to be carried out. It may be worth considering carrying out some essential updates to ensure you achieve the optimum price for your inherited property.
Location is another important factor in property selling. If the property is located near a city centre it may be worth more for example, and some neighbourhoods will fetch higher valuations than others. There may also be more or less of a demand in certain areas which is worth considering when having the property valued.
Lastly, outstanding debts/taxes need to be cleared/considered prior to a property sale, and legal/administrative issues related to the inheritance should be thoroughly investigated. Taxes that need consideration are likely to include inheritance tax, capital gains tax, and income tax, as well as any probate considerations.
More on this later, but we strongly recommend speaking with a probate attorney/accountant to ensure all appropriate taxes and legal concerns have been examined.
Strategies for Selling an Inherited Property Fast in Newcastle
There are a few different strategies for selling an inherited property fast in the Newcastle area, these are detailed below to give you an idea of all possible routes.
Hire A Cash House Buyer
The first strategy we’d recommend is hiring a cash house buyer with experience in inherited properties. Cash buyers have highly sought after, as they usually result in quicker transactions as they have the money up-front to pay for a property. This is also quicker in general because there won’t be a long chain that is likely to break when obtaining a cash buyer for your property.
As the largest cash buyer in the UK, We Buy Any Home can help you with this, especially given our experience in purchasing inherited properties in Newcastle. Get a free cash offer for your inherited Newcastle property today via our website.
Putting Your Property Up for Auction
You could also consider putting your property up for sale via an auction, however, this does tend to deter some buyers who would prefer to purchase a home via more traditional buying methods.
You’ll also need to find a reputable estate agent, which can be easier said than done. If you do go down this route, we recommend investing some time into checking out recent reviews to ensure your estate agent works in your best interests.
Selling Your Property Via the Traditional Property Market
The last way you could sell your inherited property is via the traditional property market. This is the most common route for property sellers; however, this will again involve researching a reputable estate agent as well as negotiating with potential buyers.
Also, your property won’t be the only one available in its area, so make sure to be realistic with your expectations and communicative when negotiating with potential buyers.
However you decide to sell your inherited Newcastle property, you’ll need to carry out a few key steps:
- Organise a property appraisal – this will help you to determine the value of your property and establish the potential selling price.
- Make necessary repairs/updates – this will increase the appeal of your property and ensure you achieve the best selling price.
Tips for Navigating Legal and Administrative Issues Related to an Inherited Property
One of the biggest pressures involved with selling an inherited property in Newcastle is the legal and administrative issues related to selling inherited homes.
We always advise working with an experienced probate attorney to ensure all necessary legal steps are taken. Good probate attorneys are highly experienced in their field and will save you a lot of time and aggravation as they’ll know the right steps you’ll need to take, at the correct times.
It’s also important to communicate effectively with co-owners or beneficiaries of the property, to ensure everyone is kept in the loop and there are no nasty surprises down the line.
A final piece of advice we have for you is to make sure you obtain all the necessary documentation and paperwork for the sale. This may sound obvious, but it will save you a significant amount of time and potential stress in the long run if you have all these documents easily to hand when you need them.
These could include wills, letters of administration, and land deeds for example. Always consult with an experienced legal representative to ensure you have all the correct paperwork and legal documents – this will save you a lot of time and effort down the line.
Hopefully, this guide has provided you with all the information you need to get started on selling your inherited property fast in Newcastle. There’s lots to consider such as factors that could impact the sale, legal and administrative issues, and plenty of ways you could go about your property sale.
To keep your stress to a minimum, we strongly recommend hiring a cash buyer such as We Buy Any Home to purchase your inherited property. We have many years of experience in selling inherited properties in the Newcastle area, and we can pay for your property upfront negating the delays involved with banks, mortgages, and third parties. You may even receive your funds in as little as 7 days!
Get a free cash offer on your inherited Newcastle property in minutes via our website and get the ball rolling on your property sale.