If you’ve inherited a house in Hawaii through probate or other means, then you may have a big decision to make. The big question most homeowners in this situation ask is…
Should you liquidate an inherited house?
There are certainly pros and cons to selling the house versus keeping it for the long haul. Let’s look at both…
Reasons to Keep an Inherited House
There are both financial and non-financial reasons for not liquidating real property that’s come your way from inheritance. Financially, owning real estate is widely known as one of the best ways to create wealth over a lifetime, and Hawaii real estate is always in demand. Generally speaking, real estate appreciates in value over time much better than any other asset class. Keeping an inherited house in your family’s investment portfolio and watching it grow can be a great benefit. If you already own your own home, then you could use the new property as a rental, stepping into the role of landlord and generating monthly cash flow while watching your equity improve with time! (of course, this means you want to be a landlord… more on that below…. )
Of course, you may have emotional ties to the property and wish to keep it in the family. It’s never easy departing with a house full of cherished memories. My parents still live in the same house I grew up in!
Reasons to Sell an Inherited House
That being said, most people know the price point of Hawaii real estate. We live in one of the most expensive markets in the country. The latest Oahu median single family house price was $677k! Parking stalls in Hawaii can cost more than houses on the mainland. That’s crazy! But it’s also reality.
If you’ve just inherited a house in Hawaii, you might be in a unique position to quickly change your family’s financial landscape (current mortgages and other debt notwithstanding). What if you could sell the house quickly for a few hundred thousand dollars. What would that do for you? Could you pay off student loans? Credit card debt? A mortgage? Upgrade to a larger house? Retire early? One house in Hawaii can help you do all of this!
You also may not want the hassle of being a landlord, dealing with tenants. Sometimes a big lump sum cash payout is just better –> All money, no stress.
So if you’re in the fortunate situation of inheriting a house here in the great state of Hawaii, think about how the property can best serve you and your family. If you decide to sell, be sure to ask us for an “as is” Fast Cash offer!