Inheriting A Property and Its Challenges

Many would-be home buyers think that inheriting a house will be a shortcut to owning one. But after factoring in the legal fees, mortgage and maintenance, the inherited property may prove to be a financial liability. Not only do you inherit the property but the accompanying problems as well. The property might have fallen into a serious state of disrepair which you as the new owner cannot handle. The dream of having a home now becomes a nightmare, so what do you do?

Basically, you have three choices when you inherit a property. You can move into it, rent it out or sell it. Since the first option usually is not financially viable, then you are left with the last two choices.

Renting It Out

 

If you choose to rent the property out, this will generate income from the property but there are taxes to pay and relevant rental laws to follow as a landlord. Also, becoming a landlord has its own problems. Foremost of them is the cost of repairs. More often than not, inherited properties are older, so the upkeep is more expensive. There’s also the issue of collecting rent and problem tenants, which might result in eviction. Eviction is costly and consumes a lot of time.

As the landlord, you have an obligation to keep your property safe or else run the risk of being sued if your tenant or anyone else is injured on the premises. Keeping the property safe means knowing and staying in compliance with building and safety codes in your area. You need to regularly check the property, or assume the additional expense of hiring a property management company to do it for you, at a premium cost.

Selling It

 

After weighing all the pros and cons of renting, you come to the conclusion that you’re better off selling the house.

Selling an inherited house is not easy, especially if it’s where you grew up. Aside from the legal and financial responsibilities, there’s the emotional aspect. It’s difficult to let go of something that holds a lot of memories, but sell you must.

You can go the route of selling the house through a real-estate agent. This means you have to make sure the house is in a desirable condition. You might need to clean up, repaint and make costly repairs. This takes time and money and if time is of the essence, then you have to find an alternative way of disposing of the property.

A better option!

At Helpful Realty, we provide a better option. We can buy your house “as is” and for cash. No need for repairs. We’ll take the property off your hands and fast. You’ll avoid the renovation nightmares that might be needed if you go for a conventional sale. We’ll buy your house no matter what their condition.

So when you have an unwanted inherited house, call us today!

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