What to do When You’ve Inherited a Property

By in Blog with 0 Comments

When you inherit a property, there are a great number of factors to consider. Whether you’ve inherited suddenly after a bereavement, or you’ve inheritance has been planned for a while, there’s sure to be a number of things associated with inheritance that you’ve never even considered before you actually inherited the property. Here we look at what you can do when you’ve inherited a property and whether you should sell it, live in it or rent it out.

 

Live in it, rent it out, or sell it?

The first consideration you’ll have to have when you inherit a property is to decide whether to live in it, rent it out or sell it. The most common action for those who inherit a property is to sell it, but this doesn’t mean that you have to.

Selling a property can often be the simplest answer if you’re unsure what to do. This is because it avoids any possible implications with letting it out or owning multiple homes. Plus, on top of all this, there’s the emotional stress of dealing with a property that used to belong to a loved one and the possibilities surrounding joint ownership, which can be a potential legal minefield.

Due to all of these factors, selling can often be the easiest option. However, it doesn’t have to be the only option, and there are pitfalls too, such as immediately selling the home of a loved one and having to ‘let go’ so soon. Other options are available, so let’s look at the positives of living in the property and renting it out, too.

Living in it

If you’re only renting your current property, then moving into the inherited property could be a wise move, particularly if you’re the sole owner. In the long run, this could save you a large amount of money on rent, and could even make you feel closer to someone that you’ve lost.

Living in a property really is a great option if it can ease a financial burden. However, as previously mentioned, you need to be aware of the implications as well. Living in a property that was once owned by a loved one (particularly a close one) can mean that you suffer from a large amount of emotional stress and, if you’ve jointly inherited the house with someone you don’t live with (such as a brother or sister), you may not be able to inhabit it as they may wish to sell it. As a result, you’ll have to consider this option carefully.

Renting it out

Finally, if you’re not looking to sell as you think house prices may increase in a few years, then you should consider renting it out. If you find the right tenant, then the rental market can be a lucrative one, helping you pay off your own mortgage in the process, and maybe even turnover a small profit. Our team are happy to help and will advise you on how to maximise your return on your rental; http://move.uk.net/let/

However, as with the other options, there are downsides to this. As part of renting out the property, you’ll be allowing someone to live in your loved one’s old home, so you’ll want to be sure they’ll take care of it. Additionally, becoming a landlord is also a huge responsibility, so make sure you know what it entails. I would always recommend having your property fully managed so you can forget about it to an extent.

 

So there we have it, when you inherit a property you can sell it, rent it out or live in it. There are positives and negatives to each option, so be sure to pick what’s best for you.

Share This
George Tatham-Losh

Since forming the business in 2009, our founder, George Tatham-Losh, has become highly regarded as the local go to expert for advice on maximising property values and getting the most out of property investments, regularly speaking at events and holding well attended seminars. Born and raised in Cheltenham, George knows the town and County like no other and knows what works in the area. Alongside George is a specialist team of agents with a wealth of experience to help you sell, buy, let or rent property in Gloucestershire.

Blog Post Disclaimer

This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the blog owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.

All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.

Downloadable Files and Images Any downloadable file, including but not limited to pdfs, docs, jpegs, pngs, is provided at the user’s own risk. The owner will not be liable for any losses, injuries, or damages resulting from a corrupted or damaged file.

Comments Comments are welcome. However, the blog owner reserves the right to edit or delete any comments submitted to this blog without notice due to :

  • Comments deemed to be spam or questionable spam.
  • Comments including profanity.
  • Comments containing language or concepts that could be deemed offensive.
  • Comments containing hate speech, credible threats, or direct attacks on an individual or group.

The blog owner is not responsible for the content in comments.

This blog disclaimer is subject to change at anytime.

If in considering action upon the contents of this blog, one should always seek professional advice.

We Won Banner We Won Banner