Inheriting a house from a grandparent, parent or distant relative can seem like a blessing at first. You might have good memories of the time you spent their growing up or you may be looking for a new place to live. However, when you take a look at it, you realize it’s no longer in good shape. While you may have some attachments to the property, consider selling it fast for your own financial security and to reduce your stress.
Repairs Are Expensive
Look into sell my house any condition services that specialize in rundown properties or properties otherwise in need of a lot of repair or updating to attract the modern buyer. Doing these repairs on your own could prove expensive and you may not have the finances necessary to get the house into livable or comfortable condition. Don’t take out a loan to fix up the house, especially if you don’t think you’ll be living there, as you’ll pay more in interest than you would for repairs. Don’t start any repairs at all; just sell it to the experts for a fair price.
Property Tax and Other Costs Adds Up
When you receive a “free” piece of property, it’s not free at all, even if it doesn’t require a lot of repairs. As the new owner, you’ll be responsible for the tax payment each year, which can cost thousands or even tens of thousands of dollars, depending on the area and the size and condition of your inheritance. In addition, even if you’re not living there, you’ll have to pay minimal utility bills as long as you’re the owner. Unless you plan to move right away into the house, don’t let it sit there just costing you money.
Leasing Is Stressful
To lease the property and potentially make income, you first have to invest money into fixing up the property so it meets proper codes. Leasing itself is a hassle, as you’re still responsible for all of the property’s bills and you have to fix things for the tenant at a moment’s notice. You may wind up losing more money than you make.
Take pictures of the property before you sell it and divide up any contents left within. You’ll be taking a piece of the property back home with you – a much more manageable piece – that you can still treasure. The person who left you the house may have hoped you’d keep it in the family, but if that property is responsible for a lot of your stress, it’s likely he would much rather you take control of the situation and walk away with cash you need to build a new life.