You’ve Inherited A House…Are You Ready For What’s Next?
Many people find themselves with a house after the death of a family member. While this works out for some people, many are not prepared for the arduous task of taking on someone else’s home. The decision of whether to keep or sell the home could be laden with fear, obligation and extreme emotion. The best way to make a decision on what to do with the home you just inherited is to try to take the emotion out of the decision. Apply a business sense to the decision. Ask yourself a few questions such as:
1. How much is owed on the home?
2. Can I afford the upkeep of the home?
3. Are there any back taxes due, HOA fees, etc?
4. How close do I live to the home? Would it be practical for me to keep an eye on the home?
5. Has the home has fallen into disrepair and can I afford the repairs?
Once you have tackled a few of these questions from a basic business standpoint, you will have a clearer picture on what you should do with the home you just inherited. Should you decide that it is best to sell the home that you’ve inherited, it is wise to seek the professional advice of a local licensed real estate agent.
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