Getting inherited property can be an exciting and frightening experience. There will be lots of questions that need to be asked and answered as well as decisions to make. It is important to enter the situation armed with knowledge and a solid game plan. Here is some great information for you to know if you inherit property.
Choices you Have for Your Inherited Property
When you inherit a property from someone, you have several choices for what you can do with it. The option you choose should be solely based on your situation and what works best for you and your family. Here are some choices you can make regarding what to do with your inherited property:
- Live in it.
- Rent it out.
- Sell it.
When Your Inherited Property is Vacant
Regardless of the choice you make with your inherited property, there will likely be at window of time when no one lives in the house. During this time, it is crucial that you take proactive steps to keep the property safe from squatters, vandals or others looking to harm the property:
- Update the homeowner’s insurance policy.
- Keep the lights on.
- Take care of general housekeeping and landscaping duties.
- Click here to learn more about keeping vacant properties safe.
Be Prepared for Surprises
Inheriting a property comes with great responsibility. Some of the issues you encounter along the way will be unexpected and can be shocking. Knowing what to expect can help you prepare for any situation so you will know how to handle it when it arises. Here are some common issues that are likely to crop up after you inherit a property:
- Your inherited property will come with debts and bills that will become your responsibility.
- You may be hit with excessive taxes.
- You may be saddled with a mortgage if the house is not paid for.
- If the house is paid for, you will still be responsible for real estate taxes and utility bills.
- The house may come with other issues, like major home repairs. that become your responsibility.
If you inherited property and need a fast and easy way to unload it Ben Buys Indy Houses can help you. We buy houses for cash, and can have the entire process done in under 30 days. You can sell the house to us in “as-is” condition, and we will take care of the closing costs and all other fees. You can walk away with 100 percent of the profits! Contact us today so we can give you an offer on your inherited house. Ben Buys Indy Houses is a home buyer you can depend on!