You’ve just inherited a home. What do you do next?
From a practical point of view, you should probably first assess the home’s current and future financial obligations. A good cross-section of questions you should ask:
- Does the home still have a mortgage or is it free and clear of any lenders?
- What are the home’s tax obligations?
- Is there a federal tax lien on the property?
- What are its utility bills?
- Are there any HOA dues associated with the home?
- Does the home need any repairs? If so, what kind and how expensive would they be?
- If you don’t live in the Pittsburgh area, what kind of travel or other costs would be associated with keeping the house?
There may be other costs associated with the home unique to your situation.
Aside from the practical considerations, we also encounter many individuals who have an emotional connection to home. As an example, imagine if you’ve just inherited the home you grew up in, your childhood home, from your last surviving parent. This happens all the time and if this is your situation, in addition to the grief associated with the loss of your mother or father, it is absolutely understandable that you would have an emotional connection to the house. Even if this isn’t your exact scenario, you may feel bonded to home for any number of reasons. If so, parting with such a home can be additionally difficult.
Perhaps the best piece of advice in the aforementioned situation is to objectively assess your overall financial situation, as well as your future lifestyle goals, and then simply ask yourself, “Am I better off keeping the house or would I be better served to use the money from a sale toward other desires or financial obligations?” Only you know this answer as it relates to your own particular set of circumstances but, as hard as it can be when dealing with grief and loss, you will likely be best-served long-term if you are honest with yourself regarding your own best interests.
After you determine the answers to all of the above questions, you can then determine whether you wish to keep the home or sell it. If, after taking everything into account, you choose to keep the house and either make it your primary residence or use it as a rental property, then we wish you well in your endeavor.
However, if you choose to sell the property, you may wish to consider selling it to a real estate investor like All Cash For Homes PGH. Our process is fast and simple. If you haven’t done so already, please check out our website regarding the ease and benefits of working with us.
All Cash For Homes PGH is simply an option to consider but, depending on your situation, it may be your best option.