If you’ve inherited a property and are feeling overwhelmed, read Marc Cormier’s new guide with the answers to all your questions related to probate real estate.
If you’ve inherited a property, you’re probably feeling a lot of things at the same time. It’s okay to be confused and overwhelmed. And it’s okay to have a lot of questions.
Should I sell it as-is or invest in renovations?
Which taxes do I need to pay?
Are there any ways to reduce these taxes?
Do I need professional help or can I manage all of this myself?
Marc Cormier, an experienced probate realtor, answers all of these questions (and more) in his new guide for people like you who have inherited a house in Maryland, Virginia, or the District of Columbia.
Read the full guide at http://www.GuideToProbate.com
The guide covers the types of taxes that you may need to pay in certain circumstances, including income and probate taxes, estate taxes, inheritance taxes, and capital gains taxes. It also introduces you to the concept of the Step-Up Basis, which can provide significant tax benefits. When a property is inherited, the tax basis for the capital gains tax will be the market value of the property, rather than the value at which it was acquired by the previous owner. This allows you to avoid significant capital gains taxes if you decide to sell the home.
As improvements can often increase the price of a property by as much as 50%, an essential decision you need to make is whether to sell the property as-is, or invest in upgrades to increase its value. Marc Cormier encourages you to hire a professional appraiser or probate realtor to determine the current value of the property and assess the financial viability of renovating the home.
As a realtor with significant experience in probate property sales, Marc Cormier offers his expertise to help clients in Maryland and Virginia make these important decisions. He emphasizes that there is no one-size-fits-all solution, and many aspects need to be considered, such as your financial circumstances, the number of heirs, and the condition of the property.
“My approach focuses on securing cash offers to establish a solid foundation for our strategy,” Cormier states. “By identifying the highest cash offer—ensuring that contingencies are removed and verifying its authenticity as a non-wholesale, non-assignable offer—we can then evaluate the potential costs associated with upgrading the property.”
This is a difficult journey, but with Marc Cormier's help, you can make the most of your new property.
You can read the full guide and contact Marc at http://www.GuideToProbate.com
