What to do with that home you inherited.
Combining financial decisions while going through the grieving process can be highly stressful.
When you inherit a property from a will or trust, emotional factors can often make it challenging to make clear decisions about your choices. Combining financial decisions while going through the grieving process can be highly stressful.
While managing this decision is difficult, it’s essential to approach the decision-making process sooner rather than later.
Some things you’ll want to consider when you inherit a home include:
- Are there any legal or financial obligations tied to the property? Check to see if there are liens or other debts, like a reverse mortgage, connected to the property.
- What are the tax liabilities of your inherited property? You may want to speak with a lawyer or financial consultant about capital gains, estate taxes, and property taxes.
- What do you want to do with the home? Do you want to manage the property, or would selling the home be a better option?
Once the property becomes yours, the financial burden of the home does too. That means that you’ll need to ensure the property stays in good repair, maintain the landscaping, pay property taxes, and cover any mortgage payments. While inheriting a property can be a blessing, it can be a burden in some situations.
If there are multiple heirs, like siblings, you’ll need to agree about how to handle the property together.
While many families may opt to keep an inherited home because of sentimental value, there are some instances where selling the property would be more beneficial. Some of the most common reasons people choose to sell include:
- Multiple heirs: Selling the house makes it easier to divide the inheritance among all heirs.
- The home is located far away, and you don’t want to relocate or attempt to manage the house from afar.
- The inability to manage the home and maintenance
- The house is in disrepair, and it’s too expensive to repair
When you inherit a home, several things must occur before you can take steps towards handling the property. You, and any co-inheritors, will have to wait until a probate court settles the estate. This process could move faster if the deceased didn’t have any debts.
If you inherited property as part of a trust, you wouldn’t have to wait for probate since the home was already allocated to the trust.
You’ll need to decide how to handle personal items in the home. Many people choose to hold an estate sale to help clear out the home quickly.
Selling the home
Selling an inherited property can be overwhelming, especially if you’re managing other responsibilities and working through your grief. If you want to avoid a long-drawn-out process, selling your home for cash can be a simple solution.
At Brick, we work closely with our clients to ensure that they feel comfortable. We understand how emotional making these decisions can be, and we want to make your decision easier. We provide cash offers on properties in any condition.
Choosing to sell your property can be difficult. Still, your loved one left you with the opportunity to ensure that your financial future is secure. If holding onto the home would cause a significant financial burden, selling the property can help protect your future.