Congratulations, you've inherited a property in Smyrna, Georgia! But what do you do now?
An inherited property can be a joy to receive and also a burden to manage. From property management to insurance, many considerations come with inheriting a home.
If you're a first-time landlord, you may have a lot of questions about what to do next. Here are some tips for accidental landlords in the Smyrna, Georgia area.
Evaluate the Property's Market Value
Before you do anything else, it's a good idea to get an appraisal on the Smyrna area property. You'll want to know how much you can sell it for if you decide to go that route.
If you're not the selling type, this will help you determine what rent price is reasonable for your rental property.
If you have a real estate agent, they can help with this process. Otherwise, visit the MLS and look for similar listings in the area to get an idea of what your property is worth.
Get Adequate Insurance
With insurance, there's no such thing as too much. It's essential to have homeowners insurance on your property in Smyrna, Georgia.
You should also carry liability insurance, renter's insurance, and more, depending on your situation. Talk to an insurance agent to get a quote and make sure you're covered in case something happens.
Perform Maintenance and Repairs
Inherited properties often require some level of maintenance and repairs. You may need to replace a roof, repair the plumbing, and perform other maintenance tasks.
The more extensive the home's defects are, the more work you'll have to do on it. If you don't know how to fix something, hire a professional. This will add to your financial responsibilities, but it's better than doing the work yourself and making things worse.
Market the Property
Whether you plan on renting or selling the Smyrna area property, you'll need to market it. Use social media, listing websites, flyers, and word of mouth to attract people interested in the property.
You can even hire a real estate agent to help you with the marketing process. This will be an additional expense, but it may also increase your profits.
Find a Property Manager
If you decide to rent the property to tenants, you'll probably need to hire help. A property management company in Smyrna can help you find tenants and evict people who don't pay.
They also do maintenance work and keep track of how much money you're making on the property.
Property managers typically charge a percentage of your income. The fee is more than worth it if you don't have time to manage things yourself.
Accidental Landlords: Figure Out What to Do With Inherited Property
If you're an accidental landlord, you may wonder what to do with the property. You could sell it, rent it, or keep it for yourself. If you follow these tips, you can make an excellent decision that works for you and your family.
PMI Terminus is part of a larger franchise that's been helping property owners like you for over 20 years. If you need help with renting out your inherited property or have questions, contact us today!
