If you have inherited property such as a home, it’s because you have lost someone dear to you, or it could be that you made a major impact in their life. Loss alone is painful enough, and deciding what to do with the new home you have received is stressful. Even though this is a hard time, you can take some comfort in the fact that you have options. There are three possible things you can do next with your new property, and any one of them would make for a fine choice. Let’s look at the details on each of these options below. These address a case or scenario where there are no multiple stakeholders in the mix, and the property has already been paid off – with no mortgage to worry about.
Moving Into Your Inherited Property
If the entire reason that the property was bequeathed to you in your loved one’s will was that you had wanted to live there, then this is the obvious choice. You will have to deal with the entire process of selling your own home and getting things in order there before moving in. The good news is that if the inherited property is mortgage-free, you have very few costs to worry about beyond annual property taxes, and the other expenses that come with being a homeowner. If the home is older, it may be a good idea to have the home inspected before moving in, to discover if there are any unforeseen issues that need addressing. Otherwise, welcome to your new place!
Renting out your inherited property to others is slightly more complicated, but nothing too extreme. Because you need the home to be fully-functioning and appealing to renters, there will likely be some updating and replacing involved. These small jobs could be anything from new fixtures, to addressing especially dated bathrooms, to carpeting, new kitchen components, a fresh coat of paint, or other things that you know will attract a good tenant. Historically, renters care less about the long-term components of a dwelling, but at the same time, you want your property to be nice. After all, it did belong to someone special to you, and you should protect it. In terms of finances, there will be expenses involved, such as 24/7 maintenance services that will need to be available to your tenants, perhaps a property management company if you don’t manage it yourself, and others. The taxes will be standard property taxes, and you may be able to deduct expenses from maintaining the property.
Despite being incredibly generous, if inheriting the property was not something you wanted, then you’ll need to make the arrangements to sell it. If you choose to go the traditional market route to try and make the most money you can from it, then any updating, real estate assistance, staging, and closing costs will fall on your shoulders. If the property is in a highly-sought-after area, these costs could be hefty upfront, but pay off well in the end. In terms of taxes, you may be required to pay capital gains taxes if you fall within a certain tax bracket, in order to cover the difference between the market value of the home when it came into your possession, and when you sold it. But, if this property is in a less desirable area and has too much work to be done – essentially more than it’s worth – you have a fourth option: Selling your home to D&R Home Solutions, Inc.
We Buy Homes in Any Condition
At D&R Home Solutions, Inc., we buy homes in truly any condition. We know that while your deceased loved one meant well, inheriting a home you did not ask for can actually sometimes cause more stress than feelings of gratitude. That is why we will assess all of the factors of the home completely for free, and fairly determine an offer for you, given the circumstances of the property. That’s right – no matter the condition! If your home is in Allen, The Colony, Plano, Little Elm, Lewisville, Frisco, or Carrollton, we have you covered. Call us today to discuss your property at 214-494-6222.
Image Credit – Beeboys/Shutterstock.com