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.
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!
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.
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!
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.
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.
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.