What To Do With My Share Of Inherited House? 5 Best Options.

By
Real Estate Agent with James Vasquez, REALTOR | Real Estate Agent

If a family member recently passed away and left their home to you, and other relatives, you might be wondering if you should sell the house you inherited. Not only do you want to receive the highest ROI on the property, but you also have to deal with the other relatives who inherited the property, and want to know what your options are. These are many options available to you, if you are in such a situation.

 

1. Seek out legal advice - You are fighting about which relative gets a certain share, who will pay the most in property taxes, or simply don't know which options are available to you. If this is the case, an attorney dealing real estate probate law can help.  Not only will the right experts help you make the best decision (financially), but they will also ensure your legal rights are protected.

 

2. Renovate - If it is an older home, why not renovate it? This then allows you to either live in the home, rent it out, or sell it to potential investors. From fixing the older fixtures, to updating the paint, renovating the rooms, and bringing the home up to code, older homes generally require plenty of work. And, if more than one relative inherited the home, this allows you to split up the renovation costs, so it won't be too burdensome on one individual to pay these costs.

 

3. Rent it - A rental is a great option, especially for those who have emotional ties to the home. If it was a home you grew up in, and want to keep in the family, this is a simple solution. By having a resident live in the home, you get to retain possession. Although you aren't personally living in the home, you still legally own it. And, at the same time, you are making rental income on the property, so it is a win-win situation for you. Depending on the area, condition of the home, and size, you can make a great deal of profit if you choose this option when you are deciding on the best method to deal with an inherited home.

 

4. Sell it - If you want to make cash on the inheritance, this is your best option. Whether two individuals inherited the home, or ten individuals inherited it, you can try selling your inherited property, and split the total value among all of the individuals who were listed on the inheritance paperwork. If the home is located on prime property, if it is a historic home, or if it is an extremely large home, which simply doesn't exist anymore in the local area, you can really turn a great deal of profit on the home as well. And, if you are willing to update it and do some renovation work prior to selling, you can list the home for an even higher value when the time comes for you to make the sale of the home. If all parties are in accordance, this is not only the best, but quite possibly the easiest and most profitable solution to dealing with an inherited home you do not want to keep.

 

5. Buy it out - If you hold emotional ties to the home, and other family members don't, why not keep it? If you can persuade them to sell their share of the house to you and have them transfer the title to you. This allows you to keep the home, do what you choose to do with the property, and it makes you the sole owner of the home which was passed down to you as an inheritance. If more than one family member wants to keep the home, you can work out co-ownership details, and purchase the property from the family members who aren't interested in keeping the home.

 

There are several options to look into, when you have inherited a piece of land or a home, and there is more than one individual who was named to the inheritance; which is yet another compelling reason why you may need to services of NeedToSellMyHouse.com. Early on, all emotional ties should be set aside, so you are thinking in everyone's best interest in the situation. But, if you hold a special interest in the home, and other family members do not, it is possible to purchase, or otherwise distribute the home, so that you can retain possession of the inherited home as well.

Comments (1)

Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Hi James, these are very smart considerations for anyone finding themselves in that circumstance.  

Mar 13, 2015 10:35 AM