Inherited Homes, Estate Stress, and What to Do When You Don’t Want the Property

Image credit

On the face of it, inheriting a property might seem like it’s the answer to your homeowner woes and is a great way to get a foot on the property ladder. However, for many people, the reality is often far worse than the idea of an inherited home. And suddenly, it’s not a dream, but a money pit that’s draining everything you have, and it’s a problem you didn’t choose to take on.

If you don’t want to deal with the stress of an inherited property or you’re not sure what to do next, here are some tips that might help you out.

Secure The Property and Assess The Condition

In the first instance, you need to make sure the property is secure. Is it safe? Are there leaks, damages, running water, or are the utilities still on?

Then turn off what you don’t need, add on locks, secure entry and exit points, and go through the house to make sure nothing is left that shouldn’t be there, i.e., food in the cupboard or the refrigerator. Check the attic, the HVAC, and the roofline, and get an idea of the condition of the property so you can secure it properly until you decide what to do next, and so you can keep squatters out.

You can also use this time to clear out any belongings left over, take what you want to keep, and get rid of everything else. Nothing should remain inside the property while it’s sitting empty.

Consider Renting It

If you don’t want to move into the property, would you consider renting it out? If the building is structurally sound and you’re able to rent it out, this can help you cover costs in the short term until you get a better plan in place.

This will only work if the building meets safety standards, you’re willing to deal with the tenant, and it doesn’t need major repairs to make it rentable. But if you meet these conditions, renting is something to consider, even if just for a short while.

Sell As Is

Inherited properties can sometimes be more hassle than they’re worth — from repairs to second property taxes, it can be financially draining. And not everyone wants to or is in a position to deal with this.

Selling the property means you can sell your house fast without having to do pretty much anything. Cash buyers will offer you a fair price, and if you accept, they will take care of literally everything else; it’s the perfect compromise.

Transfer or Release Your Share

If you’re not the sole owner and siblings or extended family have also been left the property, then it might be worth looking into selling or transferring your share to the heir who does want to keep the property. They can buy you out via refinancing, inheritance advances, or all of you moving forward with a fast sale buyer if no one wants it.

This gets you out cleanly, avoids any dispute over the property and who is taking care of what, and relieves you from ongoing bills associated with the inherited property.