If you have inherited a home recently, you may be wondering what to do with it. Inherited homes can be a mixed bag. They are almost always associated with a difficult loss, and you are probably grieving at the same time that you are trying to figure everything out. If you have inherited a home and aren’t sure what to do with it, here are three good options.
Sometimes, the best thing you can do with an inherited home is to go ahead and move in. This is an option if you are the sole inheritor, or if the other beneficiaries are willing to sell their share in the property to you. If you are already living in the home, or the inherited home is a better location for you than your current home, you might want to consider continuing to live there or relocating. Just remember, if you decide to live there, even if the mortgage is paid, you will be responsible for yearly taxes, insurance, and any needed repairs.
It might make the most sense to keep the property but use it as an investment and rent it out. The rent from your renters can pay off any remaining mortgage payments on the home, or, if it is already paid off, can be an additional source of income for you. Just remember, if there are multiple beneficiaries, the proceeds of the rental must be split evenly between you all, and everyone must agree. Furthermore, be sure that you understand what you are getting into. Renting a home takes a significant amount of time and money.
Often, the best way to handle an inherited property is to sell it as quickly as possible. This is especially true when there are multiple beneficiaries and no one is available for regular maintenance on the home. By selling quickly, you offload the burden of maintaining the property and can simply split the proceeds. The fastest way to sell a home is to sell it as-is to a home buying company. You don’t have to make repairs, do any remodeling, or even clean. You also avoid the lengthy and costly process involved with a traditional sale.
Don’t let an inherited property become a major stressor in your life. Do what is best for you. If it makes the most sense to live in it or rent it out, go for it. However, selling it as-is really could be your best option.
The most important thing for you to do right now is to let yourself grieve. You shouldn’t have to deal with an unwanted property at the same time. Let BUYBHM take care of everything for you. Click here for a free, no-obligation cash offer on your home today.