Inheriting a home can be a good thing and a bad thing. For some, it could be an end to all their financial woes. For others, it could signal the beginning of all their problems. Figuring out what to do with an inherited house can be an issue fraught with emotional and financial issues. You have three basic options; you could move in, sell it, or rent it out. We’ll discuss each.
Moving in is an option if the inherited house in the same city or state where you live. But even if it is, there are several other things to consider. Are you the sole heir? Do you owe inheritance taxes, estate taxes, or state or local taxes? Does the house need extensive repairs? Does it make sense to buy out the other inheritors when you may have to spend thousands of dollars on repairs? Whatever decision you make, remember to take a balanced approach based on practical considerations. It makes no sense if the inheritance that was meant to be a gift becomes a burden instead.
This is the least preferred option, if there is sentimental value attached to the house. Renting may not be a smart move if you live in another city, because of the huge responsibilities that come with being a landlord. And hiring a property manager isn’t always the best choice, financially.
This is the most popular option, especially if there’s more than one heir, or if you owe inheritance or estate taxes. If you’re planning to sell inherited property, contact us. We buy houses in Milwaukee and close in less than two weeks. This way you can avoid capital gains taxes, if there are any. We’ll pay cash and buy the place as is. You won’t have to pay for repairs or worry about any junk accumulated in it over the years.
Planning to sell your house fast for cash? Call us!
Learn more about us and find other resources on selling your house below. Like us, follow us, connect!
