What to Do With an Inherited House in Maryville TN: Sell, Rent, or Keep?

Introduction

If you’ve recently inherited a house in Maryville, TN, you’re likely feeling overwhelmed by the responsibility that comes with it. Whether it’s a home you never lived in or one with sentimental value, you’re probably grappling with the decision of what to do next. You might be wondering whether it’s best to sell the house quickly, rent it out for a steady income, or simply keep it as a long-term investment. Each of these options comes with its own set of challenges, benefits, and costs. You might have concerns about the property’s condition, the time and money it will take to maintain or repair it, and what your best financial move is in the long run. Above all, you likely want to make a decision that offers the most value, without the stress of unnecessary complications.

In this blog, we’ll break down your options—selling, renting, or keeping—by addressing the advantages, disadvantages, and potential costs of each choice. By the end, you’ll have a clearer picture of how to move forward and understand why selling your inherited house for cash might be the best solution.

What to Do with an Inherited House in Maryville, TN: Sell, Rent, or Keep?

Inheriting a house in Maryville, TN, brings with it an emotional and financial decision that can feel daunting. The first major decision you’ll need to make is what to do with the house. Should you sell it, rent it out, or hold onto it as a long-term investment? Each of these options requires careful consideration of your financial situation, the property’s condition, and the time you have available. Let’s explore each choice in detail.

Selling Your Inherited House in Maryville, TN: The Fast and Easy Option

Selling an inherited house quickly is often the most straightforward option, especially if you want to avoid the hassle of repairs, maintenance, and dealing with tenants. When you sell, especially if you sell for cash, the process can be fast and efficient. In many cases, you can have a cash offer on the table within days, and the transaction can close in as little as a week or two.

Benefits of Selling:

Quick Cash in Hand: If you’re facing financial challenges or need cash for other obligations, selling your inherited home for cash is a great option. With a cash sale, you avoid waiting months for financing to come through.
No Repairs or Maintenance: Cash buyers typically purchase homes as-is, so you don’t have to worry about fixing up the property or dealing with unexpected repairs. This can save you thousands of dollars in renovation costs and effort.
Avoid Inherited Property Taxes: In Tennessee, if you don’t plan on keeping the property for long, selling the house can help you avoid the burden of property taxes on an unused home.

Potential Costs:

Commission Fees: If you go through a realtor, commission fees typically range from 5% to 6% of the sale price. This means on a home worth $200,000, you could lose up to $12,000 just in fees.
Market Conditions: The sale price might not be as high as you expect, especially if the market is slow. A cash buyer might offer less than what you would get through a traditional sale.

Overall, selling for cash could be the fastest and easiest route, but it’s important to weigh the costs of commissions and market conditions.

Learn more about How to Sell an Inherited House Fast in Tennessee

Renting Out Your Inherited House in Maryville, TN: A Potential Long-Term Income Source

If you don’t need immediate cash and the house is in good condition, renting it out might seem like an appealing option. Renting can provide a steady stream of passive income, especially if the property is in a desirable location in Maryville.

Benefits of Renting:

Ongoing Income: Renting the property can provide you with a regular income, which can be especially valuable if you’re not in a rush to sell. The rental market in Maryville has shown steady demand, with average rental prices around $1,200 to $1,500 per month for a single-family home.
Property Value Appreciation: By holding onto the house, you give it the potential to appreciate in value over time. If the market improves, you may be able to sell for a profit later on.
Tax Deductions: As a landlord, you can deduct certain expenses, such as property taxes, maintenance costs, and mortgage interest, which can lower your taxable income. To learn more about tax advantages for landlords, check out IRS guidelines on rental property.

Potential Costs:

Maintenance and Repairs: Being a landlord comes with ongoing responsibilities. From fixing leaky faucets to dealing with appliance breakdowns, maintenance can quickly add up, costing anywhere from a few hundred to a few thousand dollars annually, depending on the property’s condition.
Property Management Fees: If you don’t want to manage tenants yourself, you’ll need to hire a property manager. Property management fees typically range from 8% to 12% of the monthly rent, cutting into your potential profits.
Vacancy Risks: If the property sits vacant between tenants, you’ll still be responsible for mortgage payments, property taxes, and maintenance, which can be a financial burden.

Renting out your inherited home may offer long-term rewards, but the challenges of management and maintenance can outweigh the benefits, especially if you’re not prepared to deal with the time commitment.

Learn more about How to Sell an Inherited Home in Tennessee Without Going Through Probate

Keeping the Inherited House in Maryville, TN: When Holding On Makes Sense

In some cases, keeping the inherited home might be the best decision, particularly if the property has sentimental value or you anticipate a significant increase in market value. Holding onto the house may be appealing if you’re looking to build long-term wealth or have specific emotional ties to the property.

Benefits of Keeping the Property:

Sentimental Value: If the house holds emotional significance, keeping it in the family can preserve the memories associated with it.
Long-Term Investment: Over time, real estate tends to appreciate, especially in a growing area like Maryville. Holding onto the house could lead to a significant increase in its value, making it a profitable asset in the future.
Future Flexibility: Keeping the property gives you options down the road. You might choose to sell it later, rent it out, or even move into it if your circumstances change.

Potential Costs:

Ongoing Expenses: Even if you’re not living in the house, you’ll still be responsible for property taxes, insurance, utilities, and general upkeep. Depending on the size of the property, these costs can easily add up to $5,000 or more per year.
Emotional Burden: The responsibility of maintaining a home that has sentimental value can be emotionally and financially draining, especially if the house needs repairs or renovation.

Holding onto the house may be right for some, but it comes with the long-term responsibility of maintaining an asset that might not provide immediate returns.

Conclusion: Why Selling Your Inherited House for Cash Might Be the Best Option

While renting or keeping your inherited house might seem like tempting options, selling for cash offers distinct advantages, especially when considering the time, money, and effort involved in maintaining a property. Selling quickly eliminates ongoing costs and offers a clean break without the headaches of repairs or tenant management. For many heirs, the fastest and most stress-free solution is to sell to a cash buyer, which can allow you to walk away with money in hand and avoid further complications.

If you’re ready to sell your inherited home in Maryville, TN, for cash, East Tennessee Home Buyers LLC is here to help. We specialize in fast, hassle-free cash home purchases, offering you a fair and transparent deal. Contact us today to learn how we can help you move forward with peace of mind and financial flexibility.