When a loved one passes and leaves you their home, you have a big decision to make. You’ll need to think about sentimental value as well as financial value to determine the right course of action, and the “right” choice is different for everyone. We’ll help you figure out whether you should rent, sell, or move into an inherited house. Moving InWhen thinking about moving in or staying where you are, you should consider whether the inherited house is better furnished or more valuable than your current home. If so, it may be nice to upgrade, but remember: you’ll need to figure out what to do with your old house! RentingRenting out an inherited home has some significant advantages, but it might be more work than you think. Let’s look at the pros and cons. Pros•Consistent monthly income in the form of rent•You keep a house that may have sentimental value •If you use it as an Airbnb, you can stay in the home when you need to •You can avoid selling a home in a buyer’s market •You can enjoy real estate appreciation Cons•Managing a rental property requires hard work•You’ll need to find and screen tenants before you can make money •You may need to pay for renovations before you can rent the house •If the property is far from where you live, you’ll need to pay for property management or become a remote landlord SellingMost people who inherit a home decide to sell it. Here are some of the reasons they do and some considerations if you go down this road. Pros•You can make a lot of money all at once, especially in a seller’s market•You don’t need to invest your free time to manage the property •You can put the money from the sale toward a new investment Cons•You never know how long it’ll take for a home to sell•Depending on the location, it could be more profitable to rent than sell •You may be selling a house that has sentimental value Thankfully, one of those drawbacks doesn’t need to occur—we can help you sell your house as-is in Aurora. There isn’t one right answer as to whether you should rent, sell, or move into an inherited property—think about the advantages and disadvantages to figure out what’s right for you.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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