I inherited a house. Now what? Inheriting a house can be a bittersweet experience. On one hand, it’s a tangible reminder of a loved one who has passed away. On the other hand, it can be a source of stress if you’re unsure about what to do with the property. Protecting an inherited property while you decide what to do with it is essential to ensure that the property remains in good condition and retains its value. If you’ve recently inherited a house, here are some immediate steps you should take to protect yourself and the property as you take time to decide your next steps.
- Verify your ownership by obtaining a copy of the will or trust that outlines the property’s transfer to you.
- Secure the property and take any necessary precautions to prevent break-ins or squatters. An increasing number of criminals are utilizing online searches to locate unoccupied properties, with the intention of moving in and squatting in them. If a squatter successfully takes up residence, the legal process to remove them costs thousands of dollars and takes at least 9 to 12 months.
- Insure the property – Obtain homeowner’s insurance to protect the property from potential damage or loss.
- Review the property’s financial situation – review any outstanding debts, mortgages or liens on the property to understand its financial situation. There are 3 easy ways to complete a title search:
- Hire a reputable title company – cost averages $100 – $250
- Visit the courthouse of the county where the property is located
- Contact the county assessor where the property is located
- Create a plan to maintain the property – create a list of monthly bills to be paid and services that need to be maintained such as lawn maintenance, etc.
- Determine your plans for the property – Keep it, Sell it, Rent it?
Deciding what to do with an inherited property can be a challenging decision. There are several factors to consider, including your financial situation, emotional ties to the property, and long-term goals. One option is to keep the property and move in yourself. This can be a good choice if the property is in a desirable location and meets your needs. Another option is to sell the property. This can provide a significant cash influx, which can be helpful if you’re facing financial challenges or have other investment opportunities. If you’re not ready to sell the property, you could also consider renting it out. This can provide a steady stream of income, although it comes with the responsibility of being a landlord. Ultimately, the decision about what to do with an inherited property will depend on your unique circumstances and priorities. It’s important to take the time to weigh your options carefully and seek professional advice if necessary.
If you’ve innherited a house in bad condition, you may be facing significant repair costs and other expenses to get the property into livable condition. If you’re not in a position to invest time and money into the property, selling it to a professional house buyer like Property Buyer Today can be an advantageous option. A professional house buyer can offer several benefits, including a quick sale and a guaranteed cash offer. They can purchase the property as-is, so you won’t need to invest any additional money in repairs or renovations. Additionally, selling to a professional house buyer eliminates the need for real estate agents or commissions, saving you money in the long run. Finally, working with a professional house buyer can provide peace of mind, knowing that the sale will be completed quickly and efficiently, without any added stress or uncertainty. If you’ve inherited a house in bad condition and want to sell it quickly and easily, working with a professional house buyer may be the right choice for you.