When a loved one passes away, it’s an emotional time with many heavy decisions ahead of you. From planning the burial to executing the estate plan, the last thing you need on your plate is deciding what to do with an inherited home. Luckily, there are some coping strategies you can implement to make the process a little easier.
Work Through Your Feelings
Grief, stress, relief, guilt… there are many emotions people go through when losing a loved one and inheriting a home. When you learn of your inherited home, work through your feelings and determine what the house means to you. It may be a huge relief to inherit the family home, depending on your current living situation. With rising housing and rent prices, this could be the Hail Mary you needed. Or, you can feel guilt - guilt for feeling like the house is a burden and a hassle to maintain. It also may incur undue financial stress with mortgage payments, insurance, and taxes to worry about. Plus, you have grief. More than likely, this house is tied up with some of the greatest hits of your memories. It’s hard to see it in a different light. Avoid making a quick decision without processing all of your emotions.
Move at Your Own Pace
However you are feeling, the key to making the best decision for you and the home is to avoid a hasty decision. Move at a pace that feels comfortable to you and avoid being pressured into a quick decision. There may be external pressure to make a snap decision from the family. Some may want you to sell it quickly and get rid of it. Or, some may be upset if you are leaning towards selling it.
At the end of the day, if you are the sole inheritor of the house, you can get to decide what is best.
Reminisce in the Memories
An inherited home is full of memories. As you go through and sort through your loved one’s belongings, don’t fight the memories. Relish in them and share the stories that spark. It will help you navigate the grieving process.
Assess Your Options
Once you work the emotional side of inheriting a home, it’s time to assess your options. Breaking it down, you have three options: move in, rent it, or sell it.
Moving In
If you don’t currently have a home of your own, or this one is better than where you currently live, you can certainly decide to move in. Just note that there may be some roadblocks with this option:
- Some family members may believe they should be living in that house, not you. Or, would have preferred if you sold it.
- Moving into an inherited house means you now have inherited the financial aspects of it as well: mortgage payments (if applicable), insurance, and taxes. Can you afford to live in this home after the costs?
Renting
Renting is an excellent option if you haven’t decided how to handle the fact you inherited a home. You can get tenants to help cover costs and take the time you need to process.
Selling
If you are ready to move on, it’s time to sell. There are several ways to sell your home via traditional means with a realtor or selling it yourself, but after you have gone through a loss, the easiest solution will be to sell to WCC Properties. WCC Properties takes the hard work of selling a house and makes it easy. Once you schedule a viewing (in as little as 24 hours), WCC Properties will give you a cash offer and can close on the house in as little as 48 hours. Then, you can take up to 30 days to move or clear out the house. It’s easy, fair, and helps you move on at your pace.
