Inheriting a house often comes with the difficult emotions of dealing with the loss of a loved one. It can also mean making some difficult decisions regarding finances. Should you move in? Should you rent it out? Should you sell it? What if it needs a lot of repairs?
The most important thing is that you deal with it efficiently. The longer you take to make a decision, the more money comes out of your pocket – insurance, property taxes, mortgage payments, homeowner’s association fees. They will all add up quickly.
Inheriting a home does not mean it’s free…
Should you move in?
It seems like a great opportunity if you currently rent, but it can be a little more complicated if you inherited the home along with your siblings or other family members. You most likely won’t want to or be able to live there together.
If you are the only one to inherit it, it can mean you are inheriting some major repairs. Generally, when you have inherited an estate from a loved one, they are typically older, and the property likely needs some (or a lot of) maintenance. Also keep in mind that the property taxes will be higher as the valuation is “stepped up” to current market value.
Should you rent it?
There are advantages to renting such as supplementing your income and writing off repairs and expenses, but you will become a landlord who will have to deal with tenants. There are possible evictions and maintenance issues to deal with, many additional costs to keep in mind, and this can be an overwhelming task for someone that has no experience with such things.
Should you sell it?
Selling is likely the least burdensome option for most families. In most circumstances it’s simply not practical to keep a property you have inherited. By selling it, and selling it quickly, you avoid the nuisances of upkeep, mortgage and insurance payments, and utility bills.
Ideally, selling the home AS IS, and therefore avoiding the need to complete repairs or updating any parts of the home, is the way to go.
That’s where we come in… NH Home Buyers.
We specialize in buying homes as is for CASH. That means the least amount of hassle for you! We can close in as little as 7 days, pay cash, and purchase the property as is – no need to do any repairs, updating or even clearing out belongings that you don’t want to keep. It’s fast, it’s simple, and you walk away with cash in your pocket.
Contact us today and we can give you a fair cash offer within 24 hours plus answer any questions you may have.
No obligation – just a conversation!