The loss of a loved one is not easy to deal with, and the fact that it comes with the need to make many weighty decisions can be overwhelming. In a situation where you inherit a house, there are things you need to keep in mind as you plan the next course of action. This post will give you the necessary information and the different options you have so you can make an informed decision.
The best place to start is at the beginning. Inheriting a house comes with some responsibilities you probably hadn’t thought about. Liz Wolf discusses your options:
You Inherited a House, Now What?
Inheriting a house often comes with the emotions of dealing with the death of a loved one. However, it also means making some tough financial decisions: Do you keep it and move into it? Do you rent it out? Do you sell mom or dad’s house? What happens if it’s in desperate need of repairs? And even if the mortgage is paid off, there’s really no such thing as a “free” house.
“It can be a pain in the butt and you want to make sure it’s dealt with very efficiently, because if you’re not efficient with your decisions you have costs accruing on the home – property taxes, insurance, a mortgage, home-owners’ association fees. All of these things add up,” said Paul Tharp, a Minneapolis Realtor at Coldwell Banker Burnet. Read more at Spare Foot…
An inherited house can mean different things, depending on several factors including the age of the beneficiary and the condition of the house. All these need to be looked into if you’re going to make the best decision.
Determining whether you can afford to wait before making any move is important. You get time to decide whether to sell the house or rent it out for some extra income, as Sarah O’Brien explains in the following post:
Deciding what to do with an inherited house
When the family home gets passed on to heirs after the death of parents or other relatives, there are three options that beneficiaries typically choose: live in it, rent it or sell it.
If you’re uncertain about what to do, even tackling the task of figuring out how to proceed can seem overwhelming, especially while grieving.
“I recommend inheritors wait if they can afford to,” said certified financial planner Mitchell Kraus… Read more at CNBC…
Avoid making a rushed decision because this is an asset you are dealing with, and whichever decision you go with will have an impact on your financial future.
There are other mistakes that people make when handling family inheritance issues, especially where tax is concerned. Dana Anspach highlights them for us:
Family Inheritance? Avoid These Tax Traps!
Receiving a family inheritance can be great! It can also lead to expensive mistakes. Do the most with what you get by avoiding these inheritance mistakes that others have made…
Mistake 3: Not Evaluating All Options When You Inherit a Home
When you inherit a house, your primary concern should be figuring out how to secure and maintain the home until you decide what to do with it. Can family or neighbors help? Do you need to install a security system? Can someone stay in the home? Maintaining the home will be important to protect its value. Read more at The Balance…
Once you weigh all your options and decide on the best course of action, then you are good to go. You’ll also have the peace of mind that your decision was the best.
If you need to sell your house fast in Oakland Park, FL the best company to work with is Sell Fast Fair Offer, a real estate investment company that is committed to ensuring your home selling process is smooth and stress-free. We give you an offer within 24 hours of contacting us, and then you get to choose when to close.
When you work with us, you don’t have to worry about seller’s fees or commissions. Our goal is to make sure you’re smiling all the way to the bank. Call us on (305) 590-8500 or fill the contact form below. We look forward to working with you!