So, you recently have come into possession of a property. When inheriting a house, you typically have three options: move in, rent it, or sell it. Decide which option is best for your finances and lifestyle while weighing the pros and cons of each.
Move In
Believe it or not, moving into the house is probably the more expensive option. When you move in, you need to evaluate what debts are owed, look into the homeowner’s insurance, and keep up with mortgage payments. Plus, there are utilities and taxes to consider.
In addition, the house may need work. Maintenance and repairs usually cost a hefty sum, yet are worth it if the home has sentimental value. At the end of the day, you need to be able to handle the upkeep costs without putting yourself in a financial pitfall.
Rent It
Renting is a good way to keep the house in the family while earning a passive income. Whatever the upkeep costs are, you can charge in rent. Your tenants can essentially “pay” for the house. The biggest risk here is choosing the right tenants. Problematic tenants could ruin your property, leaving you to pay for the damages. Or, the tenants could miss their payments, potentially putting you in financial turmoil. If you do not have the appropriate financial padding, this could be a risky move.
If you choose to rent, but want some help in the process; consider hiring a property manager to ensure the right tenants occupy your house. The extra cost of a property manager could save you in the long run.
Sell It
Selling the house is the easiest way to get the value of the inherited home. Instead of wasting time and money on fixing it up or finding tenants, you can sell the property outright and go about your life with a bigger wallet. This is particularly prudent if a large sum is still owed on the mortgage.
There are a couple of ways to go about selling a home, but the easiest way to sell is to use a home-buying team like WCC Properties. You don’t need to worry about fixing up the home, staging it, finding a realtor, or anything like that. For a quick sale and to get the most out of your time, WCC Properties will purchase your inherited house at a fair price with cash, plus close in as little as 48 hours.
Before Deciding…
Before deciding which path to take, there are several factors to consider first. Like first, probate. Probate is a court process that takes time and money, and determines how the estate is divided and distributed after a person’s passing. To avoid the probate process, consider estate planning. So that when you inherit the property there is a plan in place already, and discussions as to who the designated “executor” is have already been made. This will save you money on attorney fees!
Inheriting a home is not a light decision. It could be a lengthy process if you don’t have an estate plan in place. It could be a costly process if attorneys get involved or if the home needs to be repaired. Take the guesswork out of the equation and choose the easiest route: sell to WCC Properties.
