If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 tips about how to price your inherited land in Tennessee for sale…
Did you inherit a parcel that you’re now thinking about selling? While inherited land can be a wonderful gift from a loved one who has passed on, it can also (quite frankly) be a costly burden. So selling it makes sense and allows you to use the gifted value for some other purpose. But selling an inherited property may not come easy to you, especially if you haven’t sold a property in a while. So here’s how to price your inherited land in Tennessee for sale…
Tip #1: Price Quick To Sell
Some people price their inherited property at an amount they think the market might pay for the land. However, there are many factors that go into this price and one of the biggest considerations is: how fast do you want to sell? Selling through an agent “on the market” can take months (especially with land), and you’ll have to pay taxes, etc. for the land and maintain the property the entire time. That can be costly and can eat into the higher price.
Many property owners quickly learn that they’re almost better off to price slightly lower for a faster sale… they might get less for the land but they also pay less on carrying costs, effort, and time, so it’s ultimately a trade-off that might turn out to be a total wash.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest challenges that property owners of inherited property face when trying to price their land for sale is separating the happy memories from the true value of the land. The land might be worth a certain amount on the market but you may have such fond memories of spending time on the property that you accidentally use that emotion to increase the price. (This is VERY common.)
A better approach would be to work with a real estate company and find out what they can offer you, and recognize that the price might be lower than you were expecting… not because the land isn’t worth as much but because your wonderful memories have accidentally inflated the price!
Tip #3: Build In Discounts For Clean Up (If Needed)
If you inherited the land from a loved one who had the property for many years then you might find out that the property needs some clean up. It might need mowed or stored items removed. You could choose to do this work yourself and then ask for a higher price but why do that when you could save yourself the time and effort (and what you’d have to pay for equipment, supplies, or a contractor) and instead just ask for less and give a “clean up discount”. That way you avoid the hassle of the work, and you still come out the same financially.
Inherited land can be a lot of work so if you’re thinking of selling it, you’re certainly not alone. But how do you price inherited land? These tips will guide you on how to price your inherited land in Tennessee for sale.