When was the last time you inherited something?
If you inherit a house it can be a double-edged sword. On the one hand, you are grateful to have all the memories of your loved one and some extra cash that your relative has left you. It can be a portal to your childhood that can be hard to let go of.
But on the other inheriting a house full of stuff can be difficult to manage. What should you keep for yourself and the memories? What should you sell and what items are valuable and which ones are not?
Here’s what to about selling deceased estate property and inheriting a house full of stuff.
1. Make an Inventory
The first thing to do is to make an inventory that contains all of your deceased’s belongings including their house.
Go through each room individually. Be careful to ask your other relatives and friends what they would like and what you shouldn’t sell and should hang on to before you sell anything. Just selling everything could cause some family drama that you want to avoid and could appear insensitive.
Once you have established what is being kept and what can be sold start to try and understand the value of all of the items. It might be hard to determine the value of some of them so be sure to consult experts and the internet to see how much items are worth.
It is well worth having an expert look at jewelry to see what its value is worth if you are unsure. Other smaller items that are less valuable could be given away.
Remember this is a big task that could take several days. Don’t try to do the whole house at once. Go through the house room by room with a spreadsheet. Consider using a Google Docs sheet so that other family members can see what you are doing.
2. Box It Up
After going through the items in the house and listing them the next thing to do is to start boxing them up. You are probably going to need a fair few cardboard or plastic boxes.
Make sure you label them and perhaps start to organize them by value as well as by their size. This way you know where everything is. Again it is better to do this room by room sorting the objects as you go. As each room becomes clear, be sure to clean it up.
Dust everywhere and fix any minor problems like a leaking radiator or a broken light bulb in a light fixture. Gather all the items in one room of the house such as the living room or the garage. Consider storing them at another location such as a garage if you are in a hurry to clear the house
3. Sell the Items
What comes first the chicken or the egg? Do you sell the items in the house first or the house? It depends. If you are in a hurry perhaps sell the house first but remember, depending on location, this could take several weeks or even months.
Selling the items in the house can generate cash quickly. Reach out to friends who might want some of the items first and give them a good deal if they take them off your friends.
Also, be sure to use services such as eBay and Amazon marketplace as well as the Facebook market place. But be careful not to get ripped off and to decide in advance what your policy will be about the buyer coming to collect the items or postage and packaging.
If the house contained lots of valuable furniture and high-value jewelry then you might want to consider an auction. This can be fun and exciting and can generate the most amount of money. You could turn it into an exhibition celebrating the life of your loved one.
4. Sell the House
Selling the house can be the most stressful part of the process. You might feel the pressure to sell the house fast straightway to the first buyer that comes along to avoid paying high maintenance bills. Avoid this but be sure to read our tips about how to sell a property fast.
Remember young buyers have to save harder to get on the property ladder compared to previous generations so they are the best buyers to target. At the same time if the house belonged to an elderly relative it might need some renovations.
You need to decide if it is worth your time investing in these renovations or instead of selling it at a cheaper price but marketing it in such a way as to create a vision of what they could turn the house into.
You could ask an estate agent to sell for you or you could advertise it on our property search feature.
Inheriting a House Full Of Stuff? Don’t Despair Take It Step-by-Step
If you end up inheriting a house full of stuff it is easy to feel overwhelmed. If it was a close relative or friend then you will naturally be overwhelmed that you had to clear out all of their belongings.
But take it step-by-step. Clear out each room and make an inventory of all the items trying to evaluate what they might cost. Ask friends and other relatives to help you to lessen the burden.
When it comes to selling the house try not to get bounced into a quick sale so that you get the best deal. If you need to generate some cash quickly then remember you can sell the items before you sell the house.
If you are interested in our property selling services then be sure to click here to get a cash offer today.