Unlike the scenarios often portrayed in movies or novels, inheriting the family home does not usually have anything to do with castles, secret treasures, or even a friendly ghost. Instead, most often the inherited home is simply a house filled with years of accumulated furnishings, personal possessions, and other miscellaneous objects. Once the work of clearing out the home is done, those who inherit homes from other family members often find that there are additional issues that need to be dealt with. If you have inherited a home, or will be doing so in the near future, this information will help you address common issues and resolve them as efficiently as possible.
Issue One: Dealing with Family Drama
One of the first problems faced by someone inheriting a home is dealing with the deceased's family members who wanted the home and did not get it. Since the home is one that you are not planning to keep or live in anyway, this problem can be easily addressed by offering to allow the relative to purchase the home as-is, at current market value. Chances are the family member will not be willing or able to purchase the home, but you can take comfort in knowing that you made them a fair offer. If they are interested in purchasing the home, make sure that you base the sale price on a market value appraisal performed by a licensed appraiser.
Issue Two: Deciding Whether to Rent or Sell
Another common issue associated with inheriting a home that you do not ever plan to live in is to decide whether to turn the home into a rental property or list it for sale. Renting it out is a good option only if:
- the home is in good condition and is not expected to need expensive repairs, updating, or modifications to attract a good renter
- the area has a good rental housing market
- you live in the immediate area or are willing to hire a professional property management company to oversee the property
Issue Three: Resolving Condition & Other Problems
If the inherited property is in poor condition or has other issues that would be costly to address, the best possible option is usually to find a cash buyer willing to purchase the property in its current condition. Buyers who are willing to pay cash for a home typically accept homes in any condition and close quickly, often within a few days to a few weeks. For more information about selling the home to an investor, contact a service like House Hunters Real Estate Investments.