Inheriting a property from your parents can be equally exciting and daunting especially if you are inheriting a house with siblings. Usually, new homeowners are afraid and unsure what to do with their asset, whether to sell it or not, because they are concerned with the financial, technical, and legal issues accompanied with it.
If this happens to you, take any of these 5 different paths to resolve your apprehension about the inherited property.
1. Do not Accept the Inherited Property
Inheriting a house with a mortgage transfers you the responsibility of paying its outstanding debts and mortgages before you can totally acquire its ownership.
This case usually happens especially if the deceased’s insurance or savings cannot fund the existing liability. Make a background check before you accept the property. Once you find out about the case, you can always refuse and say no to the inheritance.
File a disclaimer that complies with the IRS rules and state laws to disclaim the property willed to you or transfer it to another heir.
2. Stay and Live In It for Good
If you are free from debts and mortgages, then you have the option to live in the inherited home and do whatever repairs and improvements you want to it. This also means that you are responsible for paying the property taxes.
However, if there is another inheritor, for instance, your brother, living in means paying them out of the house.
3. Rent it Out
If you don’t want to stay in the house, why not make it an investment and become its landlord? Making the property for rent can improve your monthly income without losing touch of your beloved’s legacy. Moreover, it increases the house’s value year after year, which augments its price whenever you decided to sell it.
However, renting out the house requires regular property maintenance to make it presentable for occupants. Be ready for late night calls, last-minute repairs, and other headaches that will bug you every now and then.
4. Spruce Up and Sell Your House
If you are not a sentimental person and doesn’t want any obligation at all, selling your house is another option to consider.
Inherited properties are usually not well maintained so make sure that your house is ready before you put it up on the market. Spruce up your house and accomplish these home improvement projects to beautify your house.
You can hire a professional to inspect and identify areas that need a revamp and improvement. You don’t need to overhaul the house. Minor repairs like replacing the water heater or cleaning pet stains can make wonders, which can pretty up the home.
Related: 7 Hidden Charges You Need to Pay in Selling Your Home
However, if it needs major repairs that require a big sum, you want to consider selling it to cash home buyers.
5. Sell the House As-Is
It will require hard work to sell the house you inherited from your parents particularly if it’s almost deteriorating. But there is a practical option you can do, sell it to cash home buyers or real estate investors.
If you are not after making a profit from the inheritance and not interested in fixing up the house, you can sell your house in Washington DC as is. Get and save the assets that are still functional or sell them at a discount.
Once you have everything safe keep, call a cash home buyer in Washington DC to sell your house for cash. You don’t need to do repairs as house flippers buy houses in whatever condition it is.
The house you inherited is a gift and should not be considered as a headache. Do whatever you want for your house. Whether you want to keep or sell it, just do what is at ease for you.
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3 thoughts on “Inheriting a House from Your Parents: What to Do with the Property?”
Thanks, great article.
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