What to Do With an Inherited Home

A report on CNBC claims that around 40% of millennials will inherit a home from their parents. This is good news for people planning to retire early and hoping for a windfall to help them out. But inheriting a home isn’t as simple and straightforward as it seems. If you’ve inherited a home or will be inheriting one soon, here’s what we think you can do about it:

1. Are you planning to keep it?

Keeping the house makes a lot of sense if you don’t own one. It also makes sense if you believe that the value of the house is likely to increase significantly. Sometimes, if you think that someone may contest an inheritance, keeping the house is advisable. By moving in, you can claim an exemption from capital gains tax. This helps if you’re planning to sell the house in a few years. But to claim an exemption from capital gains tax, the home must have been your principal residence for at least two years before the sale date. Moving in could also lead to an increase in property tax because the house is likely to be worth more than it was earlier.

2. You could rent it:

Renting the inherited house may seem a worthy option if you aren’t keen on selling the house. You could either rent it as a vacation home and still use it during family get-togethers or give the house up for rent. That said, you’ll still need to pay for the initial renovation, maintenance and upkeep, and the insurance coverage,

3. You could also sell it:

Selling the house is a common choice for people who live a different town, or already own a home. But rather than selling it on the conventional market, we’d suggest you sell it to us. “Can I sell my inherited house for cash?” Yes, you can! We’ll buy your property in less than two weeks and for cash. You can take away the things you’d like to keep, and we’ll deal with the remaining repairs or renovations. We settle immediately.

Call 414-433-8500 if you’re wondering, ‘Can I sell my inherited house without a worry?