Inheriting a home can be a bittersweet experience. It usually follows the death of a loved one and leaves you not only struggling with grief but also the difficulty of the memories attached to the home. There are other issues to manage as well. For example, there are tax implications to consider. You must also manage any discord that the inheritance may bring among siblings.
The best way to deal with an inheritance is to seek professional advice. Speak to your family attorney or hire a professional accountant for help. Irrespective of what you decide, here are three options to consider with an inherited home:
1. Moving into the House
If the house is debt-free and updated, consider moving into the home. If you have siblings, buy their shares, but make sure to hire a professional lawyer or CPA to assess the property’s market value. This helps you make a fair offer and avoid future disputes within the family. If your house needs repairs, create a budget for repairs. Hire a home inspector to ensure the property’s roof, structure, plumbing, and other vital aspects are in good order. You can move in even if there’s a mortgage on the home if you can afford to pay it. Make sure you put the mortgage in your name. You can choose to stay with the same lender or opt for a better deal.
2. Rent the Property
Renting is ideal for people who already own a home and want to boost their income. You can rent or lease the house and even claim tax benefits for depreciation. But becoming a landlord is not for everyone, especially if you have no prior experience or are very busy. You may have to deal with unruly tenants, manage repairs, or possibly handle litigations.
3. Sell the Property
Inherited homes bring with them debts as well. There may be an existing mortgage on the property, unpaid bills, taxes, and other liens on the property. However, selling the house in the conventional market takes work and can often take months. To sell a house fast in any part of Wisconsin – Greenfield, for example, you can sell it to cash home buyers.
We buy houses in Greenfield for cash and in less than seven days. You don’t have to pay a penny for repairs or wait for the escrow to close. We’ll pay immediately and close when you’re ready.