Introduction

If you’re reading this, you’re likely dealing with the emotional and financial complexities of inheriting a home in West Palm Beach. You may have questions running through your mind, such as, “Should I keep the house?”, “Is renting out the property a viable option?”, or “Should I sell it instead?” Each decision comes with its own set of considerations, and the weight of your choice can feel overwhelming.

Perhaps you’re facing the burden of maintaining a property you didn’t plan on owning or the financial pressures of taxes, upkeep, or even dealing with an inherited property that needs significant repairs. On the other hand, you might be thinking about the potential for long-term rental income, but you’re also wondering about the responsibilities of being a landlord. Alternatively, selling the house may seem like the fastest, most straightforward option, but you might not be sure whether it’s the right choice.

In this guide, we’ll walk you through the pros and cons of each option—selling, renting, or keeping an inherited house in West Palm Beach—so you can make an informed decision that’s right for you. By the end of this post, you’ll have a clearer understanding of the options available and why selling your inherited house for cash might be the best route to take.

What to Do With an Inherited House in West Palm Beach: Sell, Rent, or Keep?

Inheriting a house can be both a blessing and a burden. The decision of what to do with the property can feel daunting, especially if you’re unfamiliar with the real estate market or the responsibilities that come with property ownership. Many people who inherit homes in West Palm Beach are uncertain whether they should sell the house, rent it out for passive income, or keep it and make it their own. This post will break down each option in detail, with a focus on the potential costs and benefits, so you can make the best choice for your situation.

Should I Sell My Inherited House in West Palm Beach?

Selling an inherited house is a common and often practical choice for many heirs. If you’re not emotionally attached to the property or if the house is in need of repairs, selling can be the quickest and easiest way to deal with the property.

The advantages of selling an inherited home in West Palm Beach are numerous. First and foremost, selling eliminates the ongoing costs of maintenance, taxes, and insurance. In Florida, property taxes can be as high as 1.2% of the home’s assessed value annually. For example, if the house is worth $300,000, you’d be paying roughly $3,600 a year just in property taxes. Additionally, owning an inherited property means you’re responsible for its upkeep, and this can quickly become overwhelming if the house needs repairs or renovations.

If you’re not familiar with the local real estate market, selling your home through traditional channels (such as a real estate agent) could be time-consuming and stressful. On average, homes in Florida take about 45 to 60 days to sell. In some cases, this can be even longer if the property requires extensive repairs. Even after the sale, you will have to wait for closing costs to be deducted, which typically range from 2% to 4% of the sale price.

Why selling for cash might be a better option: You may want to consider a direct cash offer. Selling to an investor or cash buyer can speed up the process and eliminate the usual headaches. Cash offers can close in as little as 7-14 days, depending on the circumstances. This is especially beneficial if you’re facing time-sensitive financial obligations or want to avoid months of uncertainty. Additionally, you won’t have to worry about costly repairs or commissions, as cash buyers often purchase properties “as-is.”

For more information on how to make this process seamless, check out our guide on How to Sell an Inherited House Fast in Florida to understand how cash sales work and why they might be the best choice for you.

Should I Rent Out My Inherited House in West Palm Beach?

Renting out the inherited house can be an appealing option, especially if the property is in good condition and you’re interested in generating passive income. If you have the resources to maintain the property, renting it out could provide a consistent cash flow, especially in a desirable location like West Palm Beach, where rental demand can be high.

However, being a landlord comes with responsibilities. You’ll need to find reliable tenants, maintain the property, handle repairs, and deal with potential legal issues. Property management fees, which typically range from 8% to 12% of the monthly rent, can eat into your profits. Additionally, you’ll be responsible for handling tenant complaints, ensuring the property is up to code, and paying for any necessary repairs.

For example, if you’re renting out the property for $2,000 per month, after deducting property management fees, you’ll make about $1,760 per month. But remember, there will also be additional costs such as property taxes, insurance, and maintenance. If a major appliance breaks or there’s a plumbing issue, you could be looking at hundreds or even thousands of dollars in unexpected expenses.

In West Palm Beach, the rental market can be competitive, and while some properties generate substantial rental income, the potential for vacancies, evictions, or non-paying tenants can lead to significant stress. Unless you’re prepared to handle the responsibilities of being a landlord, renting may not be the easiest or most profitable option.

If you’re considering renting out the house, you may want to review landlord-tenant laws in Florida. The Florida Landlord Tenant Law provides important insights into your rights and responsibilities as a landlord.

Should I Keep My Inherited House in West Palm Beach?

Keeping the inherited house is a personal decision that might make sense if you have emotional ties to the property or if the house holds significant sentimental value. In some cases, inheritors might wish to renovate the house and move in or keep it as a family home.

However, it’s important to consider the financial implications of keeping the property. The cost of ownership can be significant, with annual property taxes, insurance, and maintenance. In Florida, homeowner’s insurance can be as high as $1,000 to $2,000 per year, depending on the location and condition of the home. If you’re planning to live in the property or maintain it for future generations, these costs can add up quickly.

Additionally, if the house requires significant repairs, you’ll need to factor in the cost of renovations. For example, a major kitchen renovation can cost anywhere from $10,000 to $30,000, depending on the scope of work. Even if you decide to live in the house, you might find yourself financially strained by these costs.

For more information on the cost of property insurance in Florida, consider visiting the Insurance Information Institute for detailed insights into coverage options and average premiums.

Conclusion: Why Selling for Cash Might Be Your Best Option

While keeping or renting out an inherited property might seem appealing at first, selling the house for cash is often the most straightforward and financially beneficial option. If you’re not emotionally attached to the property and want to avoid the ongoing costs and responsibilities of maintenance, selling for cash can be the easiest and fastest way to move forward.

At Ron Buys Florida Homes, we specialize in buying inherited houses quickly and without the usual hassles of traditional sales. Whether your home needs repairs or you’re simply looking to sell without the headaches of listing and waiting, we offer fair cash offers that can close in as little as 7 to 14 days. Selling to us means you won’t have to deal with expensive repairs, commissions, or months of uncertainty.

If you’re ready to move forward and want a stress-free, cash offer for your inherited property, contact Ron Buys Florida Homes today. Let us help you turn your inherited house into cash, so you can focus on the next steps without the burden of property ownership.