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What Happens When You Inherit a House?

Inheriting a house

 

Transcript:

Today, we’re going to talk about what are your options if you inherit a house. If you inherit a house, you have to keep in mind that it’s your responsibility to pay the taxes, insurance, upkeep, HOA, whatever a normal house would cost you.

On top of it, it’s probably going to be vacant, which is not such a great thing to have. Your insurance is going to be more expensive and you have to make sure that nobody breaks into your house or does any damage.

Your options are you either get a tenant for the house and you become a landlord, which might be your option, but not sure if it’s a great option.

Or if you want to get rid of the house, most of these houses need repairs. You have to decide if you’re going to get an architect or a GC and open permits to fix this house or if you want to sell it as is, no commissions, no closing costs and just to get rid of the headache and get rid of the payments, monthly payments that you are otherwise going to have to make.

I’d like to invite you to visit us at mypropertynation.com where you can see tips, tools, and resources that will help you make an informed decision about selling your home.

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