Inheriting land can be a Blessing or a burden, depending on the situation. Whether the inherited land is family land with a several generations of history (and a sentimental attachment) or simply an investment property that has been passed along. It makes a big difference
to some people. So, don’t worry about being the only person that wonders, “Should I Sell My Inherited South Carolina Land?“
Also, the financial implications of a inherited land can vary widely, from a “windfall” of a valuable parcel of land that is free and clear of debt, to a piece of land burdened with a large mortgage and unmanageable taxes.
For some beneficiaries, holding on to inherited land is a popular decision. Land received by inheritance is often “family” land that has been passed down and has an emotional attachment for family members. Preserving the old family farmland or that lake property where your grandfather taught you to fish may be a no-brainer, especially if you can afford the associated costs.
Both emotional and financial considerations will be at play when deciding what to do with inherited land, but knowing the facts about costs and responsibilities, as well as tips for keeping, selling, building and subdividing could help you in making the best decision possible.
Selling your inherited South Carolina land can yield benefits like a cash windfall, or allow you to invest that money in an asset that provides an income stream. And if you sell soon after the benefactor’s death, there is likely to be little or no taxable capital gain for you, as the property’s value is unlikely to have changed much since the death.
But when it comes down to it, your own circumstances likely will dictate whether you need or want to sell your newly inherited land. You need to ask yourself the following questions…and answer HONESTLY!
Will owning the land be a financial burden or… an improving investment?
Is the property located too far away…or is it just far enough away to be a retreat for your family?
Does the property require too much upkeep and maintenance…or is it fairly easy to maintain?
Do you need the money…or are you able to keep it invested in this property?
Will you need to pay estate or inheritance taxes…or is the land free and clear?
Is the inherited land someone else’s dream…and not yours? And on…and on.
If you wish to sell inherited South Carolina land, you should first start by getting help to evaluate your vacant land and, if desired, sell your land. Surveyors can be expensive. We offer a FREE, NO OBLIGATION, LAND AUDIT that can assist you in determining a potential sales price and creating a marketing plan similar to what our land specialists use with oour properties. You are still FREE to engage other experts, like surveyors, appraisers, environmental consultants, real estate lawyers, accountants, and DHEC officials who may charge a fee.
Get your ducks in a row. Be prepared to sell your inherited land by confirming that the land’s ownership and title has been properly cleared. This may be an issue if multiple beneficiaries are involved. Also, make sure your land is ready to be shown and in good condition – first impressions are very important!
Be aware that selling vacant land has its challenges, and usually takes longer than selling a house (where there is a larger market of home buyers who are ready to move in immediately). So, be patient. You should be prepared to market your land to a targeted audience of lot and land buyers to increase your likelihood of a successful and speedy sale.
Since we’re in the land business, we’re here to help you sort through the process of deciding how to handle your inherited land. If you have additional questions about “Should I Sell My inherited South Carolina land “or want to schedule your FREE LAND AUDIT? Give us a call @ 843-564-8438.
Best of luck with your inheritance 🙂