When a loved one passes away, it can be an extremely difficult time for those left to mourn his or her passing. If that person owned a house or property, you may find yourself on the receiving end of an inheritance. Selling an inherited house can certainly add to what is already an emotional rollercoaster, thanks to financial, legal and a host of other issues that will need to be considered and dealt with.
Is selling an inherited house in your best interest?
That’s a difficult question to answer right off the bat. Here’s why:
- With any inheritance, there are going to be tax implications. The first thing you may want to do before making any decision is to have a discussion with your tax advisor to find out what the tax implications are to keep or sell the property.
- If this is already sounding too overwhelming, you can always refuse the inheritance. Why would you do that? Taxes, liens or perhaps a large mortgage remaining on the property are among the common reasons for declining a property inheritance.
- At some point during the overall process you’ll probably want to rid yourself of many of the personal belongings inside the house. Consider working with a professional company that specializes in estate sales to liquidate the contents, or hold an old-fashioned yard sale.
- If you’re not too sentimentally attached to the home, a fix and sell might be the right move. Consult with a home inspector and Realtor and place the home on the market after any necessary repairs have been made.
- If you want to sell but also want to lessen the work burden, you can just sell the property “as is,” including the contents.
- Another option is to keep the property as a rental. While this choice will probably require the most work over the long term, the extra income it provides might come in very handy depending on your circumstances.
If you really love the property and the financial numbers work, you can keep the house and live in it, forever adding to what are very likely some amazing memories.
As you can see, there is no easy answer when it comes to selling an inherited house. Our best advice is to sit down with the professionals who deal with these situations every day. Please feel free to contact The Olear Team for more information.