An inherited house is an investment that provides an exciting opportunity to make or save money. People who have inherited a house usually have three options: live in it, rent it, or sell it. Since the first two options often aren’t realistic for most people, an inherited house is most often sold by its new owner.
Moving into Your Inherited House
If you’ve inherited a house in the town or city where you already reside and you don’t already own the home you currently live in, chances are you will choose to occupy the inherited house. However, sometimes inherited houses are not in tip top shape and necessitate a remodel.
In these cases, if you don’t have the money to renovate the inherited home and the house you currently live in is in better shape than the inherited house, you may choose to sell the inherited house as is, make some money off the sale, and continue to rent. You may even be able to use the money you make off the sale of your inherited house to make a down payment on a different house you wish to purchase.
If you live outside the area in which your inherited house is located, you will need to decide to either rent out or sell the house if you’re not willing to relocate in order to occupy the inherited house yourself. If the inherited house is in good condition, it may be a good investment to keep as a rental.
Out of area homeowners may be faced with extra challenges as a landlord, especially if the house is older and will needs a lot of maintenance and repairs. You will most likely need to hire a property management company to oversee the rental and deal with any maintenance, repairs, and tenant-related issues.
Selling Your Inherited House
If you are unable to occupy your inherited house yourself and don’t want to deal with the hassles of renting a home or paying someone else to oversee the property, selling the house is an excellent option. The majority of inherited houses are sold and never occupied by the people who inherited them.
However, if the inherited house is not in sellable condition and you are not able or willing to prepare the house to be placed on the real estate market, an excellent option is to sell the inherited house to a company that buys houses. A house buying company can pay you cash for your inherited house immediately before preparing the house for a resale themselves.
Now that you understand your options, will you live in, rent out, or sell your inherited house?