Figuring out what to do with an inherited property can be difficult considering your emotional state and the timing of events. You have a number of decisions to make like; you may wish to live in the property, turn it into a rental, or sell it for cash and divide the money between loved ones.
You need to be organized when dealing with the property because you might have to pay outstanding debts or taxes due to the death in the family.
I’ve put together some common questions that you should ask yourself.
Should I move into the property? In many cases, moving into the house is not an option because it’s not convenient for work, school, or family.
Should I sell the house? There are a few advantages to selling the property. If you have to split the inheritance then cash is much easier to divide then ownership in a home. This is by far the easiest and stress free way to handle property. You and your siblings don’t want to be landlords or the responsibility of up keep.
Should I turn it into a rental? As stated above no one likes being a landlord and 90% of all first time landlords fail. It’s a challenging job that requires thick skin and the ability to get dead beat tenants to pay on time every month.
In addition, you may have inherited the property due to the death of a loved one, so a fast house sale will get rid of unnecessary stress.
As much as inheriting property can be perceived as a positive event, you can’t really ignore the various issues that come with it, particularly at a time when you are not mentally prepared to handle it.
If you or your loved ones have financial difficulties then the best answer is to sell the home quickly and use the cash to become debt free. If there’s extra cash left over then put it towards education or donate some to the church.
Most inherited properties are in need of repair. If they’ve been vacant or under maintained then you’re looking at tens of thousands of dollars to make them ready for sale. Most people, like you, don’t have the time or the money to fix up homes. On average you’ll spend at least 90 days to complete the repairs and cosmetic changes.
We offer a simple solution that will be explained in plain English that includes an all cash offer, a closing date that works with your schedule, a transparent agreement, and it will be reviewed by a professional.
