A lot of times, a family member will include their home and other property in their will. While this can be a great thing, it can also leave the recipient wondering what to do with inherited property. So, if you find yourself the owner of an inherited home, let’s take a moment to talk about your options.
Complications With Owning Inherited Property
Inheriting property might, at first glance, seem straightforward. However, there are a few potential complications that can arise when you inherit a house. It’s important to know what these are and how to deal with them.
Multiple Owners
In a lot of situations, the loved one who passed away may have willed their home to multiple people – perhaps you and a few siblings, or a set of cousins. There’s a lot of information available on how to deal with a home that was willed to multiple people.
Multiple heirs can complicate the situation because it means that the options for splitting the inheritance are a lot trickier. You can’t exactly split up a home! The simplest and best way to ensure that all of the heirs are happy is to sell the house and evenly divide up the proceeds. The problem is, sometimes this is easier said than done, especially if the group of heirs can’t reach an agreement.
Here’s some more information on dividing a house between multiple heirs. One of the most important things is to try to be reasonable and fair with each other, especially if there is any grudge or hard feelings between the heirs. Navigating the time after a loved one’s death is difficult enough – perhaps it’s wiser to set the issue aside until you all have a chance to recover and grieve, then approach it again with fresh eyes.
Hidden Costs
While most houses have the debts and mortgages settled with the estate, there are a lot of costs that come with owning a home – especially an older one. Depending on your state’s laws, you may have to pay state estate taxes. (Most people won’t have to pay federal estate taxes, since the bar is so high.) In addition to this, you’ll likely need to pay for homeowner’s insurance, property taxes, utility bills including water and electric, as well as any necessary repairs. Overall, owning a house, even if not living there, can be pricey!
What to Do With Inherited Property
So, if you have this house, what are your options for dealing with it?
Live in the House
You can choose to live in the house. This works best if there aren’t multiple heirs, since having more than one person hold ownership of the house complicates this. If you are a renter and were hoping to buy a house anyway, this might be a good option for you! However, if you already own a home and this wouldn’t be a good upgrade, then perhaps it isn’t a good fit.
Remodel and Sell
You always have the option to pour some time and money into the house prior to selling it. Depending on how well-kept the house and property are, it might be worth it to consider doing some updating. Curb appeal tweaks, replacing some lower-cost elements of the house and giving it a fresh coat of paint can help perk up even an older house. However, if the house is much older or you simply don’t have the time and resources to devote to remodeling, this may not be the best solution.
Use as Rental Property
If the house is in good condition or could be easily fixed up, consider using the property as a rental. Of course, be aware that becoming a landlord brings its own set of stressors and problems. You’ll need to be prepared to commit to these responsibilities.
Sell the House As-Is
Selling the house in as-is condition is a good way to get the property off your hands, get a good rate to split among the heirs and eliminate the stress of remodeling it. Sell to Indianapolis cash buyer Ben Buys Indy Houses to get a fair price quickly and easily – without worrying about negotiating, a buyer backing out or contingent sales. We will buy your house as-is, no need for any changes!
Ready to sell your inherited property fast and for a fair price? Want to make sure that the company you sell to is honest and won’t try to scam you? Then contact Ben Buys Indy Houses today! Our team is ready to help you out. We can close in as little as a week. Have questions? Want to know what kind of offer we can give you? Contact us to learn more!
