- Published 02-05-18
- by admin
I’ve Inherited a House. Now What?
I’ve Inherited a House. Now What?
So you’ve inherited a house. After the shock and pain of your loved one’s passing has eased, you might be left wondering what you should do with the house they left you. It’s a big question, and the answer isn’t always obvious. But don’t worry, Senna House Buyers is here to help.
There are pros and cons to each option with an inherited house, and we’ve made it easy for you to identify which is the best for your situation. Whether you decide to move in, rent it, or sell it, we’ll help you decide the right option for you.
Need help deciding which option is right for you?
When it could work: If you are the sole inheritor of a house, this might make the most sense, especially for renters, if the inherited house is already paid off, or has a smaller mortgage than your current home. If the house has been in your family for a long time, you’ll also be keeping a piece of history in the family.
When it doesn’t work: If you aren’t the only person inheriting a house, and have to share the inheritance with siblings or other family members, it might be difficult to get everyone to agree on who should live in the house. And if you do end up agreeing, you may have to pay the other inheritors their share of the worth of the house which can be costly.
When it could work: Renting is a great option if you need to cover the expenses of the house while you decide what to do with it, earn extra income, or if the housing market isn’t in your favor. If there are multiple inheritors, this is one way to keep everyone happy. Having someone living in your inherited house also helps ensure that home improvement needs don’t go missed, and will help prevent a vacant home from being broken into and vandalized.
When it doesn’t work: Being a landlord isn’t easy. Even with background checks and references, finding reliable renters can be difficult. You’re also on-call and liable for any repairs that are needed. And if you are splitting the rent proceeds with other inheritors, you might not be getting as much as you’d think, after all the house expenses have been covered.
Think it might be time to sell?
When it could work: This is a popular option for inherited homes. If you aren’t the sole inheritor, don’t want to move into the house or be a landlord, or if the house isn’t conveniently located for you to maintain, selling is a great option. Depending on the worth of the house when you sell it, you could find yourself with a nice inheritance.
When it doesn’t work: Selling a house takes time and patience. And it can be expensive too. If the house needs cleaning out or repairs to get top dollar for it, that could be money out of your pocket that you won’t see back for a while. And you have to keep paying the house expenses as you wait through open house after open house. Plus, after you sell it, there are those pesky capital gains taxes you might have to pay.
You could get lucky and sell it quickly, or you could partner with a company like Senna House Buyers who will offer you a fair, cash offer for your inherited home so you don’t have to worry about the stress of selling it yourself. We’ll even take care of the cleaning.
Whatever option is right for you and your inherited house, you can feel confident that you’ve made the right decision now that you know all the pros and cons. If you’re interested in learning more about selling your inherited home, contact Senna House Buyers and we’ll be happy to help.