I Inherited a House, What To Do? – Should I Rent or Sell in Portland?

First, we want to extend our sincere condolences for your loss. Managing personal emotions while also being faced with unexpected responsibilities is never easy, and navigating real estate matters during such a difficult time can feel overwhelming.

You’re likely wondering, “I inherited a house—what should I do now?” Should you hold onto it and rent it out? Should you sell it and simplify things? Or is there another approach that makes more sense for your situation? These are very common questions.

There are several options available to you, but…

… we’re here to help make the process clearer.

As experienced investors in Portland real estate, we work with numerous families every month who have inherited property in the Portland, Oregon area. Because we regularly assist people in similar situations, we’ve put together some important things to consider as you decide what to do next.

I Inherited A House, What To Do Next?

Here are a few essential points that can help guide your decision:

1. Make sure the mortgage is paid.

It may seem straightforward, but it’s important to confirm whether the home you inherited still has an outstanding mortgage. If the property was fully paid off, that’s a major advantage. If not, you’ll be responsible for continuing the payments if you plan to keep the home. Some lenders allow you to take over the existing mortgage, while others require refinancing. And if refinancing isn’t an option, renting the property may be more challenging than expected.

2. The investment is only as good as the manager.

Successfully renting out a home requires time, effort, and patience. From tenant screening and maintenance to repairs, rent collection, and emergency calls, managing a rental can become a full-time task. Hiring a property manager is an option, but that comes with its own costs. Some people keep an inherited home as a rental to generate income, which can be a smart move—but only if you’re prepared for the responsibilities that come with it.

3. Property ownership costs money.

Most inherited homes have some level of deferred maintenance, especially if the previous owner lived there for many years. It’s wise to hire a professional inspector who can provide a thorough report on needed repairs, upcoming expenses, and potential safety concerns. This helps you avoid costly surprises and gives you a clearer picture of the true condition of the home.

4. Selling a property for top dollar costs money.

If you plan to sell using a traditional listing, be prepared for expenses like repairs, upgrades, landscaping, painting, and cleanup. Many buyers expect move-in-ready homes. If you prefer not to invest more money into the property, Better Off Home Buyers buys houses in Portland for cash, completely as-is, with no repairs, no cleaning, and no showings required.

5. If the market will continue to grow faster than your other options, hang on to the investment.

Real estate can be a powerful long-term asset. We can help you compare the current value of your home against potential future appreciation and rental income. If the neighborhood is growing and you have no better use for the equity, keeping the property may be a strong financial move. But if another opportunity offers better returns, selling could be the wiser choice.

6. Uncle Sam wants a piece of the action.

Taxes can play a major role in your decision. Inherited property may involve capital gains considerations, property tax adjustments, and other financial implications. Before making any major moves, consult a legal or tax professional so you understand exactly how your decisions may affect your bottom line.

7. Consider all your options.

In some situations, there may be creative alternatives—such as lease-option agreements that allow you to rent the home now while arranging the possibility of selling it later. These solutions can be beneficial but may also be complex. Our investment experience in the Portland area can help you determine whether this kind of strategy is a good fit.

8. Compare a few scenarios.

We can help you evaluate multiple potential outcomes: what the home would sell for today as-is, what it could sell for after repairs, and how it might perform as a long-term rental. Seeing the numbers side-by-side often makes the right choice much clearer.

Just call us today at (888) 827-0889 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!