When you inherited a home, especially your childhood home, you often have questions. Should you keep the home and live in it? Should you sell it or rent it out? Should I even accept it? Before making a decision, it is important to get all the facts.
The best thing to do is to find a trusted realtor to discuss current market conditions. You should also find a trust tax advisor to discuss the tax applications of transaction. It is important to see if there are any liens on the property as well as any equity in the home. In some situations, it may make sense to not accept the home at all and allow it to go into foreclosure. However, you will need to talk to a lawyer about disclaiming the property. In addition, some states have different probate issues to consider before the property can be sold so you will need to consult an attorney regarding applicable laws.
If you decide to sell them home, it is important to clear the home of personal items and depersonalize the home as much as possible. You may need to make some repairs, if they are considered a safety issue. Cleaning the home and painting it with neutral tones will also help with the marketability. Trimming shrubs, bushes and trees as well as clearing pathways will also help. Before investing a great deal of money, it is important to discuss your options with your realtor.
Renting the home may be another option. Depending on the area, rentals can be a hot market with a great return on your investment.
When it comes to selling your inherited home it can take an emotional toll. That’s why I am here to help. Whether you need a sympathetic ear or the honest truth about the home’s salability, I’m here to help you every step of the way. Give me a call at 1.856.906.7313 to discuss your options.