So you’ve inherited a home! There are contrasting emotions that come with being given a home. For one, you could be excited about the possibilities of the new home. On the other end, you could be scared and/or stressed with the thoughts of maintaining it. These emotions will have a lot to do with the home itself and your plans for it. Will you move into it? Does it have the potential to be rented out?
If you’re currently feeling as though you want to sell the inherited property but haven’t quite made up your mind, take the following into consideration:
1. Do you have the time and resources to maintain it?
As a whole, consider the realities of keeping the home. If you have the needed time and money to maintain the property than you are at an advantage. If you fall on the other side of the spectrum, that’s okay. Not everyone can afford a second home, even if it was given to you as an inheritance. Do you know that common saying, “Nothing in this world is free”? Unfortunately, It’s true. Inherited properties still come with a cost in the form of maintenance and possibly property taxes.
2. Is the inherited property located in the same city as you?
Living in a different city than where the inherited property is located comes with some major drawbacks. Unless you have friends or relatives who are willing to help you out, you’ll need to find time to check on home every couple of months. Even if no one is living in it, you need to make sure there are no major issues going on. For example, you’ll want to make sure that there isn’t any property damage such as a leaking roof or pest infestation.
3. Do you plan on renting it out?
One of the biggest advantages of owning an inherited home is that you can rent it out and earn additional income. However, renting it out does require work, time, and money in order for it to be successful. Since renters in El Paso want homes that are modern, clean, and hassle-free, you’ll need to get the home in shape before you can list it. With an older home, this may require several renovations or a complete makeover. While it is possible, you will need to determine whether you have the money for these renovations. Additionally, once you have tenants, will you be able to keep up with the maintenance?
4. Is the home causing more stress than anything?
When parents or grandparents pass away, their children are often surprised at how they chose to divide (or not divide) their lifetime earnings. A home is often one of the most controversial items on the will. It can create tension, fights, and even months or years of not speaking. If you currently find yourself in this situation, it may be best to sell the home. When an inherited property is causing more harm than good, you should move forward and away from the situation by distancing yourself as much as possible. And the furthest you can get is selling it.
5. Do you need money for something else?
Homes are amazing assets. An inherited home is twice as amazing because you didn’t have to pay upfront for it. The question of whether you should sell it will come down to this: Do you need the money? Even if the home has sentimental value, it’s important to consider whether you could use the money you earn for the home on something more pressing. For example, let’s say you need help sending off your son or daughter to college or you’re tired of being in debt and want to pay off those high-interest rate credit cards so you can sleep better at night. If there are other large expenses that need your immediate attention, selling the inherited home could be wise.
Don’t Stress! Contact El Paso Cash Home Buyers Today
No one is ever prepared for the realities of being granted a home. Even if your parents, grandparents, or whoever left you the home gave you advanced notice of their plans to leave the home in your name, when the time comes, things can feel very differently. Perhaps your situation today can’t afford you the time and resources needed to maintain an entirely separate home.
If you’re feeling overwhelmed by the whole situation, give us a call. We can provide you with a market analysis of your home, which will ensure that we present you with a 100 percent competitive cash offer based on the current real estate market. To learn more, simply give us a call!