What To Do If You Inherit a House
You have inherited a house. This is way more complicated than monopoly! You can move in, rent it or sell it. I don’t want the weight of these decisions to be more stressful than necessary so let’s explore the options together.
Moving In?
Pros:
Keeping the house in the family may be a great option. Especially for home where you may have made memories. In addition, if you were previously a renter, it can be a great opportunity to become a homeowner!
Cons:
Do you really want to bring up your kids in the house that you were brought up in? That is something to consider. However, a much more common issue is deferred maintenance. Be careful, you may find that the house needs much more work than you are prepared to do.
Rent
Pros:
Renting the house can be a great way to make some extra income. Plus, if the house does need some repairs, you can now write them off!
Cons:
If only it was as easy as collecting a rent check! While this is a great long term investment, tenants can be complicated, messy and expensive! There are many expenses and potential tenant issues that come along with being a landlord. Let’s hope you find a great tenant but those are some things to consider.
Sell
Pros:
Be done with it! Sometimes it is just easier to just let someone else carry the burden. If it is in great shape with no repairs, hire a realtor. If the home needs repairs, updating or any other number of things that you just don’t want to tackle, consider selling to a company that will pay you cash, as is! Get a cash offer here.
Cons:
While it’s on the market, you’re still responsible for all utility bills, insurance, taxes, lawn care and household maintenance tasks. And if there’s a mortgage—you must keep paying it.