What Should You Do With An Inherited Home in Erie, PA?

January 4, 2025

What to do if you are faced with an inherited home? Inheriting an older home in Erie, PA can feel like both a blessing and a burden. While it’s a piece of property that may hold sentimental value, there are often significant maintenance issues, repairs, or decisions that need to be made. Whether you want to keep the house or sell it, the first step is to decide what course of action is right for you. In this article, we’ll explore the options available to you and provide tips on how to manage the inherited home.

Deciding Whether to Keep or Sell the Property

If you inherit a home without a mortgage, it might seem like an ideal opportunity for a family member to move in or even for rental purposes. You could consider renting it long-term or even as a vacation property, especially if it’s in a location that attracts seasonal tourists. If you’re not sure about vacation rentals, take a look at this useful guide to understand the ins and outs of vacation rental laws. If you’re more interested in long-term renting, check out this article comparing renting vs. selling to help guide your decision.

One thing is certain, though: you don’t want to leave the house vacant for too long. Vacant homes are prone to various problems, including structural damage, vandalism, and more.

6 Tips If You’re Keeping Your Inherited Home in Erie, PA

If you decide to hold onto the inherited property, there’s likely a significant amount of work ahead of you—especially if it’s an older home in need of repairs or updates. While it can take time and effort, the benefits of keeping the house may make it worthwhile. Here’s how to start:

1. List the Necessary Tasks

The first step in tackling the inherited home is to list everything that needs to be done. Whether it’s painting the walls, replacing old fixtures, or cleaning out clutter, having a list will help you prioritize and stay organized. Break it down into manageable tasks and determine what can be done now versus later.

2. Get Organized and Declutter

An essential first step when dealing with an inherited home is to declutter. Start by completely emptying rooms to assess the amount of work needed. Organize everything into boxes—either to keep, donate, or discard. If the home is filled with personal items, it might be helpful to get assistance from family or friends to make the sorting process smoother.

3. Examine Each Item

Take the time to go through every item in the home, particularly antiques or valuables. Consider what you’ll keep, give away, or sell. Sorting through belongings can be emotionally taxing, but it’s easier with help. If you’re unsure about certain items’ value, a professional appraiser may be useful.

4. Research the Home’s History

Knowing the history of your inherited home can be invaluable. Research any prior renovations or potential issues to understand what might need attention. This can help you plan for repairs and ensure that you’re not surprised by unexpected problems down the road.

5. Consider an Inspection

If you plan to rent the property, a home inspection is crucial. It can reveal safety issues (e.g., faulty wiring or plumbing leaks), maintenance needs (e.g., roof repairs), and legal compliance issues (e.g., zoning or fire safety codes). These inspections ensure that your property is in good shape for tenants and compliant with local laws, which can help prevent problems later.

6. Set a Budget

Repairs and updates can be expensive. Create a realistic budget to handle any necessary maintenance or improvements. Keeping track of expenses will ensure you’re not caught off guard and help you determine if your long-term plans for the home are financially feasible.

Spruce Up the Property for Resale

If you decide to sell, you’ll need to ensure that the house is in the best possible condition. Hiring a reliable contractor is a smart move, especially for major repairs like electrical, plumbing, or structural issues. Make sure to get recommendations and read reviews before hiring anyone.

When you’re ready to start making updates, focus on the exterior first. Give the house a fresh look with pressure washing, new paint, or replacing any outdated components like shutters or windows. Once the outside is in good shape, move on to updating the interior to improve its appeal for potential buyers. Small updates such as new flooring, renovated kitchens or bathrooms, and fresh paint can go a long way in boosting the home’s value.

Options for Selling an Inherited Home in Erie, PA

Once you’ve decided that selling is the right option, you have several avenues to explore:

1. Hire a Real Estate Agent

Hiring an expert realtor in Erie, PA can help you navigate the selling process. A qualified real estate agent will evaluate the home’s condition and offer advice on repairs or improvements that will increase its value. They will also help with listing the property, showing it to potential buyers, and handling all the paperwork and negotiations.

2. Sell By Owner

If you prefer not to pay real estate agent commissions, you can attempt to sell the home yourself (For Sale By Owner, or FSBO). While this requires more work, it might save you money. You’ll need to list the property, manage showings, and handle negotiations directly. To learn more about selling a home on your own, check out this article on FSBO vs. selling directly to a cash buyer.

3. Sell to a Cash Home Buyer Like 814 Home Buyers

If you want to sell quickly without the hassle of repairs or showings, consider selling to 814 Home Buyers. We make fair cash offers and can close on your property within a week. With us, there are no commissions, closing costs, or inspections. We handle everything for you, and you don’t have to worry about cleaning, repairs, or any extra fees. If you’re looking to sell fast and without stress, contact 814 Home Buyers today to get a no-obligation offer within 24 hours.

Conclusion

Inheriting a property in Erie, PA is a big decision. Whether you choose to keep it or sell it, there are steps you can take to manage the property efficiently and profitably. If selling is the route you decide on, working with a trusted cash buyer like 814 Home Buyers offers a straightforward, hassle-free way to sell your inherited home quickly.

Contact us today to discuss your options and get a fair, fast cash offer for your inherited home in Erie, PA. We’re here to help you navigate the process with ease!

Call us now at 814-738-1212 or fill out our online form for more details.