So You Inherited a House. Now What?
Inheriting a house can be complicated. The process is long and tedious and usually involves some fees and a lot of paperwork. Here’s what you need to know when you inherit a property.
Supposing the deceased person had a will, the “principal beneficiary” has the freedom to make the decisions as to what to do with the property. A principal beneficiary can be one person or multiple people indicated in the will to receive the inheritance. If there are many beneficiaries, there has to be an agreement among them as to how they want to proceed with the inheritance.
If you’re a principal beneficiary, here are your options:
1. Live in your inherited property. If you inherited a home where you grew up, or would like to keep the property in the family, or have fond memories of your parents or grandparents in that property, then it is completely understandable if you find it hard to let go of it. Sometimes, a house is not just a house. Being emotionally attached to an old house is normal and sentimental value is priceless.
2. Refuse the inheritance. Did you know that you can refuse an inheritance? Some inheritance comes with other things, like mortgage, tax liens, maintenance, repairs, etc. And if you don’t have the energy to deal with all these responsibilities, you may be better off refusing the inheritance. Consider this option if the property does not hold any sentimental value or if your projected expenses to maintain the property will exceed the sale proceeds of the house.
3. Rent it out. Maybe you already have a house or maybe you just can’t imagine living in the same house your old folks did. Renting is a good alternative if you want the inheritance but can’t live in it. This is also a great way to add an extra source of income. However, be ready to set aside a budget for the repair and upkeep of the property.
4. Sell the inherited property. If you’d rather get rid of the property, you can sell it instead. However, you have to be ready to go through the items in the home and sort them out. This will give you the opportunity to sift through the person’s belongings and keep those that may hold a sentimental value for you or the family. If this task is too demanding (mentally and physically) for you, you of course have the option to hire a team to do this instead. As for the belongings, it’s up to you to donate them, hold a yard sale, or even open an estate sale. Once the home is cleared, do the necessary repairs and be ready to stage the home, then hire a real estate agent.
Does selling the inherited property not sound that appealing to you anymore, considering the long process you have to go through? You still have another option. Instead of the traditional method, you can sell your home for cash and skip the repairs, staging, etc. If you choose this route, your home will be bought as-is for a fair market value. You will also get to keep the proceeds of the sale since there’s no commission fee to pay. And the best part is, this process is a lot quicker.
Inheriting a property is a complex process. While it can be a potential financial windfall, it can also carry some responsibilities which can be both emotionally and physically draining on your part.
If you decide to sell the inherited property but don’t want to go through the hassle of repairing, renovating, staging, etc., We Buy Any House Fast has the solution. Call us at 800-976-SOLD to learn more about how to sell your home fast for cash or fill out the simple form here to get your cash offer in 24 hours.