When you’ve inherited property, deciding what to do with it during such an emotional time isn’t an easy task. Sorting through the options available to you can help you gain some clarity on the issue and figure out how to best move forward.
That’s why we’ve outlined what you can do with any type of home you’ve been left. Depending on your individual situation, living in the home, renting it out, or selling it are all choices that could prove practical and make the most of whatever type of property you’ve inherited.
If you’d like to keep the family home, moving in is always an option. A family member who lives at the property can take care of it and allow everyone to sort through belongings left in the house at their own pace. Negotiations can be made for whoever moves in to make payments and buy out any other heirs to the property.
However, taking up residence at the house could mean paying higher property taxes. Appreciation is one cause for an increase, but also any property tax break for senior citizens will disappear (if an elderly parent or relative owned the home before).
But if that option isn’t sensible for you, keeping it is still a possibility.
For many families, living in the home isn’t the best choice, but they’d still like to keep the property around because of all the memories it holds. In that case, renting out the home is another way to turn an empty house into a performing asset.
You can manage the property yourself if you live close by, or hire a property management company to take care of it (although it can cost anywhere between 10% and 30% of the rent).
With careful screening to avoid bad tenants, renting out the house full time can provide steady income. But with services like Airbnb, advertising it as a vacation home only can bring in some extra money along with the flexibility of not having to constantly manage the property.
Sometimes though, keeping the house isn’t a practical choice, and selling it is the only way to go.
To go this route, you’ll have to look up rules in your state, and sometimes county, that the deceased person lived in and start a process with the court system that can sometimes take months to go through. Deadlines and proper documentation are strictly enforced, and every step of the process–getting approval to sell the house, marketing, offers, negotiation, and the final sale–is carefully monitored by the court.
Completing a probate sale is complicated, and hiring a professional can help you navigate the process and avoid any mistakes.
Sell For Cash
However, going through probate isn’t your only option if you want to sell. You can instead sell your house for cash quickly, avoiding holding costs and sell-ready repairs that would be necessary for putting the house on the market.
Local Cash Buyers can give you a no obligation, written cash offer on your house within 24 hours and close within 7 to 10 days. You’ll have cash in your hand that you can easily divide up among other heirs while freeing yourself and your family up from the whole situation.
Dealing with inherited property often results in a difficult situation getting even more complicated. But figuring out whether moving in, renting out, or selling is the option that makes the most sense for your circumstances can make the process a little less stressful to navigate.