When you inherit a house, it can be a blessing or a curse. On the one hand, you may have received a valuable asset that can provide financial security for you and your family. On the other hand, the house may come with a lot of baggage – memories of loved ones who have passed away, repairs that need to be made, and more.
In this blog post, I’ll help you assess the condition of the house you’ve inherited, which will help you make decisions about what to do next.
- 1. Assess the condition of the inherited house.
- 2. Take inventory of any repairs that need to be made.
- 3. Determine whether you want to keep or sell the house
- 4. Get estimates for necessary repairs.
- 5. If you decide to sell, get an estimate of its value.
- 6. Take care of any necessary paperwork and make arrangements for the sale.
- Final Thoughts:
1. Assess the condition of the inherited house.
When you inherit a house, it is important to assess the condition of the property before making any decisions about what to do with it. Inherited homes may need significant repairs or updates to be livable, and it is important to consider the cost of these repairs before making any decisions.
In some cases, it may be more cost-effective to demolish the inherited house and start from scratch. However, if the house is in good condition, it can be a great asset that can provide a home for you and your family for generations to come.
Inherited homes can be a valuable part of your family’s history, and it is important to weigh all of your options before making any decisions about the future of the property.
2. Take inventory of any repairs that need to be made.
Before you can truly make a house a home, you need to take inventory of any repairs that need to be made. This is especially true if you have inherited the house from a loved one. Even if the house is in good condition, there may be a few things that need to be updated or repaired to make it truly your own.
For example, you may want to repaint the walls, update the fixtures, or even gut and remodel an entire room. No matter how big or small the repairs may be, it’s important to take care of them before you can truly settle into your new home.
3. Determine whether you want to keep or sell the house
When you inherit a house, you have a big decision to make. Do you want to live in it, or sell it? There are some things you need to consider before making your choice.
For instance, how much work does the house need? If it needs a lot of repairs, it might be more trouble than it’s worth. However, if you’re fond of the house and it just needs a few cosmetic updates, then it might be worth keeping.
Another thing to consider is your financial situation. If you can’t afford the taxes and maintenance on the house, then selling might be your best option. Ultimately, only you can decide whether to keep or sell the house you’ve inherited.
But by carefully considering all your options, you can make the choice that’s right for you.
4. Get estimates for necessary repairs.
One of the first things you need to do when you inherit a house is to get estimates for necessary repairs. Have a professional inspector come in and take a look at the property to identify any immediate safety concerns. Once you have a list of repairs that need to be made, get estimates from different contractors.
Be sure to get at least three estimates for each repair, and make sure that all of the contractors are licensed and insured. Getting estimates will help you determine how much it will cost to bring the property up to code, and it will also give you an idea of which repairs are most urgent.
5. If you decide to sell, get an estimate of its value.
If you’ve inherited a house and you decide to sell, it’s important to get an estimate of its value before putting it on the market. There are a few different ways to get an estimate of the home’s value.
You can hire a real estate agent to do a Comparative Market Analysis (CMA), which involves comparing the house to similar properties that have recently sold in the area. You can also look up the home’s tax-assessed value, or ask a professional appraiser for an estimate.
Whichever method you choose, make sure to get an estimate from multiple sources so that you have a good idea of what the house is worth. This will help you to price it correctly and avoid selling it for less than it’s worth.
6. Take care of any necessary paperwork and make arrangements for the sale.
If you’re in the process of selling the house you’ve inherited, there are a few important things you’ll need to take care of first. First, you’ll need to obtain the deed to the property. Your real estate attorney can help you with obtaining the deed and arranging for a title search.
The title search will help to ensure that there are no outstanding liens or judgments against the property. Once you have the deed and title in hand, you’ll be ready to put the house on the market.
You may want to consult with a real estate agent to get started. With a little bit of preparation, you can successfully sell the house that you’ve inherited in no time.
Final Thoughts:
Inheriting a house can be a big responsibility. But with a little bit of planning, you can make the most of it. Whether you decide to live in the house or sell it, there are some important steps you need to take. Be sure to get estimates for necessary repairs, determine the value of the property, and take care of any necessary paperwork. With a little bit of effort, you can make the best decision for your situation.
If you would like more information on what to do with the house you’ve inherited, please feel free to contact me. I would be happy to help you.
My name is Maria Mastrolonardo, I am an Illinois Certified Probate Real Estate Specialist with RE/MAX Enterprises. This is ALL I do; I help guide families through the process of selling real estate in probate and I would be happy to help you as well.
Call me today at: (630) 248-6077, or email me at mmastrolonardo@remax.net.