Inheriting a house can both be a good thing and a bad one. Depending on how well you are prepared for it, you could either stay comfortably in it or have troubles with the house. It may almost seem like hitting the jackpot when you inherit a house which most times is not the case. This is usually the period where tough emotional decisions have to be made. At times it takes courage to do so because some of the options on the table may not be quite favourable for you at the moment but in the long run would prove being very effective.
There are a number of options that one should consider when contemplating what to do with an inherited house. The following are some of those options:
• Sell the house – Selling the house, you have inherited is perhaps one of the hardest things that one could do bearing in mind the emotional attachment that may have been achieved with the house. Especially a house that one has inherited from parents is usually quite hard to sell. Therefore, it takes a lot of courage and serious thinking before taking such a step. The very first thing that you should contemplate on when deciding on whether to sell a house is the financial impact that may be achieved after doing so. When looking at the financial impact of selling the house, you would have to be keen about the pricing. Deciding on the price of an inherited house to be more specific, is usually not an easy thing to do. It requires much consultation and even the hiring of a professional property evaluator who can establish the value of the property. The property evaluation can be done by an appraiser but most real estate agents will include one in their services to list the home. This will help you not to make the wrong decisions that you would end up regretting. A real estate agent can assist with the interpretation of the current market and what is required to make a profitable sale. A real estate agent would also be quite important in the bargaining process. At times, bargaining on your own can be harder than you think as you may not exactly get the asking price you state and thus leading to disappointments. A real estate agent would help you bargain according to the current market and ensure that you getting the best deal possible. Again when pricing the property, avoid tagging an extreme amount that would push away and discourage prospective buyers. Instead, you can price your property at a reasonable yet competitive amount that will still ensure you are profitable at the end. If the property needs work that you may not be able to do or afford, you can always sell the home in as is condition, give a price reduction or make an allowance.
-Keep the house
In the event you keep the house, you could sell your current home and move into that home. You may be in a better financial position to live mortgage free if you have a mortgage but the inherited property doesn’t. You may also want to rent the home to provide you with extra income and sell at a later time when the value increases more.
Just don’t make a decision that you will later regret. Think it through and consult a professional!