Losing a family member is a difficult situation filled with a lot of emotion. It can be even more difficult when the departed family member leaves behind a lot of loose ends that need to be tied. If you are named as a beneficiary in their will, that’s wonderful, but it could present more issues than you are ready for. This could be especially true if you inherit this loved one’s house.
What do you do if you inherit a house?
It may be a tough decision for you to make, but there are definitely options.
- Rent Out the Home: Renting out the house could be a good choice for you that would help you pay off the mortgage, or even earn extra income. However, if you do not live in the same state as the house, it may present problems. You would not be able to oversee the condition of the house on a regular basis. In addition to that, you could not be a present landlord for your tenants.
- Live in the House: This would be an excellent choice for you if you were looking to own a new home. If you work in the same area and can afford the mortgage, this is probably an appealing option for you.
- Sell the House: Putting the house on the market may sound like a great option. You’ll be able to make a profit, and get rid of the hassle of owning it. However, selling a house is not always easy. If you live out of state you will have to get the help of a trusted real estate agent to oversee the process. You could also be waiting a very long time for the house to sell. Some houses sell within weeks, others take months or years. Until the house is sold, you will still have to incur the costs of the mortgage, property taxes, utility bills, homeowner’s insurance, and maintenance. It is also risky for the home to sit vacant as it could become a playground for vandals and squatters.
Get Cash Immediately
Even with all these options it seems that you will still be left with a large burden. Another option to consider is to contact a real estate investor that will purchase the home for cash. Real estate investors are people that will purchase houses that owners need to sell in a hurry. They usually pay for the house in cash on the spot. This rids you of any responsibilities of owning the house, and you are likely to walk away with a strong profit. The investor then fixes the house up and resells it. It turns into a win-win situation for you and the investor.
If you do choose this option, it is important that you choose a reputable real estate investor. Do not fall for any scams. If you are asked for any money up front for an evaluation of the house, walk away. That company is most likely attempting to run a scam. If you choose to work with Atlantic Shores Home Buyers, we will provide a free analysis of the house. We are based in Long Island, New York, but we will work with you if you are living out of state.
Inheriting a home comes with a lot of unexpected responsibility. If you want to be free of the burden quickly, then calling Atlantic Shores Capital Partners might be your ideal option. Contact us today for a free evaluation.
