You Inherited a Home: 3 Options for the Unsuspecting New Homeowner
Inheriting a home can have many advantages and disadvantages, depending on where you are in life and the situation in which the home was left to you. Typically, people who inherit a home weren’t expecting it and are relatively unprepared to handle such a financial burden. In any case, you have a few options when determining what to do with an inherited home.
Moving into an inherited home can be pretty common, particularly for a single child or multiple children with only one sibling interested in moving in. However, if the house isn’t paid off, then you will be financially responsible for the home as you would for any other house. You would need to take out a mortgage if you didn’t have the capital to pay the house off and you would be responsible for any related expenses such as property tax and maintenance costs. There are some benefits to moving into the house, including keeping the home in the family, upgrading from a rented property to owning your own home, and a possible tax break.
The other option is to rent the home out. Again, you might run into a few complications. Renting means you have to deal with tenants and you become a landlord, which adds more responsibility to your plate. It can also be relatively expensive to rent out the property, particularly if the house needs extensive repairs and maintenance to be suitable for renters. Additionally, you’re putting the house at risk for more possible damage. Yet, renting can be a great way to supplement income and buy yourself time until the market to improve before selling.
Probably the most common option is selling an inherited home. Inherited properties often cause financial strain and family disputes that only make things more complicated and selling seems to be the best option. The only true disadvantage to selling is that you won’t keep the house in the family, but other than that selling a home is really more advantageous than disadvantageous. Inherited property sales can be quick sales if you choose short sale solutions, or selling to an investor.
No matter which option you choose, there will be advantages and disadvantages. However, if you need to cash out on real estate then opting for short sale solutions might be your best bet. There are over 10 million real estate investors who own more than one property, and you can easily find someone willing to purchase your inherited home as is.
Looking to utilize short sale solutions for your inherited home? Give us a call today.