Through the death of a loved one, we sometimes end up with possessions we never thought we’d acquire. Some people are fortunate to receive property, which means they have to decide what they’re going to do with such a generous gift. If you’ve found yourself in this very situation, take your time to mull over some of these options below.
Live in It
When you’re one of the 44.1 million renters in the United States, being gifted a house is possibly one of the best things you could ever hope for. You can move in with your family, make it yours, and start building a more permanent life without the fear of house inspections and evictions.
Living in an inherited house can be the natural choice for anyone who doesn’t own one but has always dreamed of being able to.
Rent It Out
If you already own property, or the house you’ve inherited is not suitable for your needs, you always have the option of renting it out. You may not be ready to sell it just yet, but you can at least earn an income on it if it’s habitable and comfortable.
Depending on where you live, you may be able to earn over $1,000 a month on a rental property. However, it’s worth knowing that being a landlord can be a significant responsibility, especially when your rental income must also be used to cover repairs, maintenance, and taxes.
Sometimes, renting out your inherited home can be an ideal short-term measure to keep the property taken care of while you decide what you’d like to do with it.
If you’ve inherited a home that’s not in the most desirable condition for living, selling, or renting out, you may decide to renovate it to ensure it’s suitable for one of those options. Otherwise, you might feel like you have no other option but to keep it.
Renovating it can be a massive undertaking, depending on what the home needs. Think long and hard about going down this route because a simple kitchen, bathroom, or roofing renovation can cost tens of thousands of dollars. You may also be surprised at how easy it can be to sell a home without investing money in renovations.
If your loved one didn’t specify what they wanted you to do with the house that they left you in their will, selling it might be the most suitable option based on your unique circumstances. It might be in a state of disrepair, and you don’t have the money to bring it up to a liveable standard. You might also already own a home and don’t need a second one.
Some people also find that while they like the idea of homeownership, they don’t have the means to manage upkeep and property taxes. In that situation, selling can be the most sensible option until you’re in a more stable financial position.
Fortunately, professional buyers purchase homes in nearly any condition, which means you may be able to sell your inherited home quickly and with less stress than you thought possible.
It can be a complete surprise to realize you’ve inherited a property, and now you’ve got to decide what to do with it. Renting it out, living in it, renovating it, and selling it, are all suitable options to consider.