Inheriting a property should be a blessing, but sometimes it can feel more like a curse. Caring for the property can feel a bit overwhelming, especially if you are also dealing with a major loss. However, just like with any big project, it will feel more manageable if you can break it down into several smaller tasks. When you inherit a property, start with these three simple steps.
Decide What to Do With It
The first step when you inherit a home is to decide what to do with it. If you are the sole inheritor, this should be solely up to you. Don’t let guilt or nostalgia get in the way of making the right decision for your life. If there are additional beneficiaries of the property, you will have to unite and make a decision together.
Try to put out any little family squabbles as soon as they come up, and be considerate of each other. If you decide to sell the property, you can find a realtor and sell the home the traditional way. If that is too much of a hassle or you prefer to sell the home as-is, reach out to a home-buying company. On the other hand, you may choose to keep the home and rent it out or live in it yourself.
Take Care of the Mortgage
If you are the executor of the will, it is your responsibility to see that the mortgage is paid on time. This will last either until the property is sold, or indefinitely if you choose to hold on to the home. If you do decide to keep the home, you do have options. Depending on the bank, you may be able to assume the loan or refinance it.
Maintain the Home
While your home is in probate, it is the executor’s job to ensure that the home is adequately maintained and doesn’t lose any value due to neglect. This includes doing everything in your power to keep the home safe, as well as performing regular maintenance. Remember to care for the yard and driveway, as well. You should keep the lawn mowed and watered, the bushes trimmed, the weeds controlled, and the driveway cleared of snow.
Your inherited home might be a stressor now, but it is a wonderful blessing. You get a new home for yourself, a rental investment property, or the proceeds from selling it. Whatever you choose, this is a true gift from your loved one who has passed on. As you decide what to do with it, be sure to do whatever is best for you.
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