If you’ve recently found yourself with an inherited home, you may be struggling to figure out your next steps. While this gift of love is bittersweet for many, it also comes with many obligations to consider. First, you have the financial responsibilities that come along with it. Then, there are emotional concerns and personal investments that might need attention.
Thankfully, the path is laid out and simple to walk when you have the right guidance. Whether you are choosing to move into your inherited home or you want to sell; we have the steps you need to do it properly.
Financial Impact of an Inherited Home
The first thing to consider is the financial obligations that come with an inherited home. If you are choosing to move in, what will you do with your current property? Will renovations need to happen to get the house where you need it to be?
If the choice you are making is to sell the home, you need to consider if upgrades need to be done or you are going to sell it off as is. Sometimes it is easier and more profitable to sell the house to an investor and forget about doing the upgrades yourself.
Most importantly, you need to determine if there are inheritance taxes on the proceeds of the sale. Each state has differing laws, so it would be wise to speak with someone that knows this area extensively. Otherwise, you might attempt to research estate tax laws for yourself, but this is often difficult.
Title Precautions
Your next step is to determine if the house’s title is clear. You can start by performing a title search to be safe. Look for any debts associated with that property.
You’ll need help determining if the house was held in trust or if you need to operate through probate. Having all of this information ahead of time is going to make the sale easier and less stressful for everyone involved.
Property Maintenance
If the deceased was elderly, there is a good chance that they were unable to care for their home. In order to sell it, you might need to do some touch-up or improvements to the property. It’s also wise to inspect for structural damage or other factors that could hurt the property value.
While it might seem easier to avoid all this, you don’t want any surprises in the future. Plus, it will offer you the opportunity to get a real feel for what the home is worth and how long it will take to sell.
Investment Properties and Other Concerns
If the inherited home was an investment property, you have other things to consider. Are people currently living in the home and paying rent? Whether or not these people currently have a contract or lease with the previous owner, there could be complications with a sale.
It is important to know the steps you need to take before attempting to sell investment properties.
Action is Key
Inherited homes tend to come with a slew of emotional baggage for those involved. When dealing with the property and items within the home, feelings are sure to come up. Many people struggle with making decisions that are tied to sentimental items so they often do nothing at all.
This decision is costly and leads to further stress. The most important thing you can do is make a choice quickly and continue moving in the steps to take action. In the end, it will save you money, time and sanity.
Dealing with the renovations, open houses and showings become quickly overwhelming, especially while in the midst of grief. Many people have their own lives to continue managing and jobs to focus on. For the quickest outcome, it is wise to consider selling the property to an investor who has the time to give the property proper attention.
Generally, an investor is willing to pay for the property with cash; you won’t have to wait for bank approval. In addition, there are plenty of honest investors willing to take the time to give your inherited home the attention it deserves.
Conclusion
Don’t allow the stress of dealing with your inherited home cause you more pain. If you’ve recently found yourself with property and aren’t sure what to do, Integrity Homebuyers can help. We’ve been investing cash in properties through Maryland and Washington, D.C. since 2011.
You don’t have to do a thing! We buy houses that are in any condition. The best part is, we believe in only offering fair prices unlike some of your other options. Let our trained and experienced staff help you through this difficult process. With our extensive resources, you won’t need to worry another day.
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