You Inherited a House. Now What?
At first, it may seem like an unqualified blessing to inherit a house, especially if it is one with which you associate many happy memories. Unfortunately, more often than not, strained familial relationships and unpleasant emotions get stirred up once you inherit the family home and try to figure out what you should do with it.
You will need to rationally and calmly think through your options before your family gets too wrapped up in the battle of what to do with a home. Often times, if there is more than one heir, there will likely be different views on just how to proceed. You need to discuss the situation with the other heirs and figure out how to come to an amicable solution.
This Is a Financial Decision
When dealing with the loss of a loved one, it can be hard to deal with tough decisions like what to do with the home that is left behind. But, above all else, you must remember this is a financial decision. When considering the other heirs’ opinions on the matter, you need to find out if they have an emotional attachment to the property and want to keep it, if they want to sell it, or if they just do not care.
Other factors may play into the heirs’ view on the home:
- Sales for the home could boost their kid’s college fund, pay off their own mortgage, or pay off other debts
- They may not live near the house and would never visit it
- They may not have an emotional connection to the home
In the end, you must proceed based on your financial situation and interest in keeping the home. Try to take a step back and look at the home objectively as an investment property. If you have the money to buy out the other heirs, would you pay that much for the property? Would you then rent it out? Renovate it? Live in it?
If you do not have the money or if you could not see yourself using the property for any of the above options, then your best option and the most common choice for inherited property is to sell it.
Selling Your Inherited House
Even if you inherited the house outright, selling it and keeping the proceeds is often best, especially if the market is strong where the home is located. If you do not live near the home, then you should find a real estate provider in the area. If you have recently inherited a home, Elite House Buyer is your ideal solution. We can provide you with cash for your home in a matter of days.