Inheriting a House? Here's What You Should Do
Inheriting a house can be stressful and emotionally draining, especially if the inheritance came after the death of your loved one. Dealing with grief is hard enough on its own, but it can get even more complex when you also have to figure out many legal issues.
If they’ve left behind a house and you’re the one who’s designated to inherit it, the good news is that, in most cases, you won’t have to make any sudden decisions regarding your inheritance. You’re likely to be given enough time to think through what to do with the property carefully. And while there’s no rush, there are still a few things you should be aware of.
For instance, you will have to deal with the financial aspect of the estate: mortgage and taxes cannot be left ignored. Then, there’s the practical aspect of the inheritance and all the questions that come with it. Cleaning out the estate and deciding whether or not you want to live in the inherited house or put it on the market is also crucial.
With that being said, here are the steps you should take after inheriting a house.
Decide if You Want to Live In It or List It
One of the first things you should do is take time to think about what you’d like to do with the house you just inherited. You might be unsure which way you should go. Therefore, you should be aware that if you decide to move into the house, you might need a home inspector to come and take a close look at the house.A professional will let you know about the house's condition and advise on any necessary repairs. For instance, after years of no renovations, the roof might not be in the best condition, or the garage doors might need replacing. It’s better to know whether garage door repair & installation will be necessary.
If you’re not the only person who inherited the house and there are joint owners, you’ll need to talk to them before making any decision about the property’s fate. They’ll have a say in every decision regarding it, and whether you decide to move in, rent, or sell the house, you won’t be able to do so without their permission.
If you decide to sell or rent out, updating the house might still be an excellent decision. If you replace old appliances, ensuring there are no leaks in the house or that the windows are working properly, you’ll add value to the property. This will allow you to rent or sell it for more, and the initial investment will pay off in the long run.
Go Through What’s Left Behind
Sorting through the belongings that a deceased person left behind can be challenging. However, no matter how hard it is, it’s better to avoid putting it off forever. If you think you’re unable to handle this task on your own, ask someone that’s close to you for help.Keep in mind that you don’t have to go through the whole house in one day. For instance, you can spread it out by doing one room at a time. Make sure that you find all the essential documents regarding the house. If there’s something sentimental that you’d like to keep, put it away and take it with you at the end of the day, so you can be sure that it’s safe. Consider renting a storage unit if there are things such as big pieces of furniture that you’d like to have but don’t have space for them now.
If sorting through the belongings of your loved ones gets too overwhelming, don’t hesitate to stop and step out for a while. Give yourself a break, leave the house and get some coffee, go for a walk, or talk to someone. There’s no point in overwhelming yourself with conflicting emotions by forcing yourself to keep going. You can always get back to it later.
Think About the Financial Aspects
When it comes to the financial aspect of inheriting a house, one of the first things that comes to mind is whether the mortgage is paid off. Another matter that you need to consider are taxes. Depending on your personal situation and the state you live in, and which state the house’s located in, there might be certain tax liabilities. Before deciding what you want to do with the house you inherited, make sure to consult a tax professional.Conclusion
As you can see, there are a lot of challenges that a person who inherits a house has to deal with. However, the good news is that, in most cases, there aren’t many immediate or urgent decisions that have to be made. Therefore, you should be able to take some time to come to terms with the death of your loved one.
When making a decision regarding the inherited property’s fate, you’ll need to think about whether you want to move in and live there, rent out the house, or sell it. In such situations, getting the house inspected is a great idea, as is talking to a tax professional to get the advice that will allow you to make smart financial decisions. Keep in mind that if you’re not the only person who inherited the house, you’ll need everyone else involved to agree on what to do next. If possible, take things slowly and try to balance your new duties so you don’t get overwhelmed.
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Posted - 03/10/2022
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