Landlord Products / Services
If you’ve inherited a property (I sincerely hope under positive circumstances) and you’ve stumbled upon this blog post, you’re probably facing a dilemma:
- Move into the property yourself
- Leave it vacant
- Sell the property
- Rent the property out
The first two options are likely not part of the dilemma, but the last two are.
Obviously I can’t tell you what to do or what the right decision is for you, but what I can do is provide you with some insight and options for the latter two options: sell it or let it!
As a preface, I must make it clear that I am not a soulless robot, nor am I relying on AI-generated spiel (a growing and toxic trend that seems to be overtaking the blogging world and putting me out of business *grumbles*), so I can and certainly do emphasise with how difficult it can be managing an inherited property, both emotionally and practically (especially when multiple beneficiaries are involved).
Needless to say, every situation is unique, so it would be unproductive to account for all the possible circumstances and nuisances, which is why I’m hoping my overarching and ‘a matter of fact’ format provides, at the very least, some clarity.
Selling an inherited property
Quick overview
- The obvious: typically results in a substantial lump sum of cash.
- Offers a less committal option, as the process concludes once the property is sold.
- Provides an easier solution to navigate, especially in cases with multiple beneficiaries of the inherited property. In other words, selling usually results in reduced family conflict.
- Potentially subject to inheritance tax upon sale (here’s HRMC’s guide on inheritance – it will help you understand if you’ll be subject to it).
- Real estate is an appreciating hard asset that generally performs well against inflation. If there are no immediate plans to spend the money, the proceeds may lose value against inflation if left dormant in a savings account. Another way to look at it is, if the property has potential for substantial future appreciation, selling now could mean missing out on long-term investment gains.
- The property market can be unpredictable, and selling during a downturn may result in a lower sale price. So timing can be of concern.
How to sell an inherited property
No surprises here, the usual options apply (well, actually, maybe the second option isn’t so expected):
1) Sell on the Open market
Use a traditional high-street estate agent or an online estate agent to sell on the open market. Basically, sell the ‘normal way‘.
Using an online solution like Purplebricks results in significantly less fees, but not so much of a personal one-to-one service (but perhaps that’s a positive to you).
But before I move on, I’d be remiss if I didn’t single out flyp’s house-selling service, as it would most likely be my first choice if I wanted to go down the open market route. Genuinely!
The folk at flyp brings something different to the table – and it’s very pretty, in my opinion. What makes their service unique is their multi-agent strategy – essentially, if you use flyp to sell your property, they’ll recruit and manage the best-performing local agents to market your property all at the same time, leading to a quicker sale [compared to relying on one lonesome estate agent].
| Service | Rating | Notes / Includes | |
|---|---|---|---|
Service | Rating TrustPilot Reviews | Notes / Includesflyp’s service is designed to help homeowners sell their property as quickly as possible while securing the highest price.
| Book FREE Appraisal |
I won’t get into all the details here, as there’s a lot to explain and I don’t want to get totally side-tracked (and repeat what I’ve already explained). So for more information, feel free scope out my blog post where I dive into flyp’s Awesome House Selling Service. In my humble opinion, it’s defo worth a gander if you’re looking to sell your house as efficiently as possible on the open market for the most amount of money, because that’s exactly what their service is designed to do.
Right, so, that’s three options right there – pick your poison!
2) Sell to a Cash buyer company (the super quick & hassle free option)
An increasingly popular option for homeowners that want a quick sale (i.e. receive a cash offer within 24 hours, and sale completed in as little as 7 days) and don’t mind selling for below the market value.
The appeal for using a professional cash house buyer company (also known as a ‘We buy any house‘ company) is self-explanatory, especially for those looking to wipe their hands of a ‘difficult‘ property or a complicated set of circumstances, which is frequently the case involving inherited properties with multiple beneficiaries. However, it’s clearly not an option for everyone, especially for those looking to squeeze as much juice out of the berry!
There are plenty of cash buyer companies to choose from, but I would definitely choose wisely, as there’s an abundance of sharks in the water looking to exploit your vulnerability (which, unfortunately, is prevalent among those selling an inherited property).
For the past few years, I’ve been a faithful affiliate partner of MyHomeBuyers. I’ve built a good relationship with them, and I’ve mentioned their services several times in various other blog posts. I personally trust them. The deets below (once again):
| Service | Rating | Features | Offers (up to) | |
|---|---|---|---|---|
My Homebuyers | Rating TrustPilot Reviews | Features
| Offers (up to) 80-85%of Market Value | Get cash offer |
That said, I still absolutely implore you to conduct your own due diligence. If you’re genuinely interested in exploring the possibility of selling to a legit cash buyer, I recommend reading my in-depth guide on Cash House Buyer Companies – it covers how it all works and the red flags to be wary of avoid like the freaking plague!
Renting out an inherited property
This is what I do!
Well, not rent out an inherited property, I mean the whole landlord thing.
While in 2024 there’s much scepticism and gloom about BTL as an investment (largely due to increasing red-tape, increased tax liability, and a declining property market), I still believe it’s the safest investment vehicle in the long-run (if done sensibly). I’m all in!
In any case, I’ll spare you from my babble, I’m here to be objective and unbiased today.
Quick overview
- Renting out a property ensures a steady and predictable income, contributing to financial stability! Who doesn’t want that?
- Potentially good option if the current market conditions suck balls; keeping the property allows for flexibility in the future – you can choose to sell when market conditions are favourable. In the meantime, rent it out and earn some regular doe.
- Real estate is an appreciating hard asset that generally performs well against inflation, so it will likely increase in value over time.
- If you don’t need the money from the sale, property has historically been a great place to store, preserve and grow wealth (for the above reason)
- Being a landlord can be a royal pain in the arse (understatement of the year), especially if you get lumbered with a deadbeat tenant whose life mission seems to be making your life a living hell. Moreover, maintenance and repairs will be ongoing :)
- Despite popular belief, being a landlord is not a “passive” occupation, even if you use a property management company. It’s hands-on, especially emotionally at times.
- There’s a bunch of red-tape and regulations to comply with.
- Being a landlord is a business, so it’s subject to the usual crap businesses have to deal with, including filing taxes, paying taxes, tracking expenses, running costs etc.
- If multiple beneficiaries are involved, it can easily result in conflict if there is a lack of alignment in the direction and management of the rental business. The phrase “too many dildos up the bum” comes to mind, or is it “too many cooks in the kitchen“? Anyways, you get my vulgar point.
Hmm… I’m not convinced I’ve done a great job selling the job I love think is pretty cool.
If you want to learn more, by which I mean the A-Z of being a landlord, then download my free ebook for new landlords. I’m shamelessly going to say it’s a “must-read” for any aspiring landlord. It will either suck you in, or make you run for the hills, screaming, “fuck that shit!”
Conclusion
If you want your life to be as least complicated and hassle-free as possible, hand on heart, I can’t recommend renting out your property and becoming a landlord. That kind of hurts me to say it. But let’s be real.
However, if you want to keep your money invested in a historically reliable and proven wealth-generating venture, and you’re comfortable interacting with all types of people (and adept at it), well shit, look no further, you have the makings of a decent landlord. Probably!
Whatever you decide to do, best of luck.
Landlord out xo
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
