Inheriting a house almost feels like winning the lottery. Someone just hands you the keys and poof – your own place. And that’s all fine and dandy on paper, but real life doesn’t really work like that. Sometimes you inherit a property you weren’t expecting and you don’t feel lucky, just overwhelmed. Maybe the house is super far away, maybe you need to make a ton of repairs to make it suitable, or maybe you simply have no use for it and it’s more of a burden than anything else. Now what?
When you think about it, this is not a pleasant situation to be in. You’re dealing with the loss of someone who was close to you, plus now you also need to figure out what to do with a property you didn’t ask for and don’t want. It’s emotional, complicated, and it’s completely normal to feel stuck.
But you’re not stuck because you have options and if you keep reading, I’ll show you all of them.
Emotional and Legal Implications
When you inherit a home from someone you love, it usually stirs up a lot of emotions; more than you’d expect, and “Yaaay, free house!” (usually) isn’t one of them.
It’s not just bricks and drywall you inherited, it’s the memories. You walk in and maybe you still hear their voice or see their favorite chair by the window. If you let the house go, it’s almost like you’re letting them go all over again.
You might also feel some pressure from family, or guilt because you don’t want to keep the home. Remember that it’s okay to feel all those things, and what’s most important is to give yourself permission to make the decision that’s best for you. You’re not dishonoring anyone by being practical.
Then there’s the legal side of things to think of, and it can be just as heavy. Before you can do anything with the house, you have to confirm that it’s legally yours. Most of the time, this means going through the probate process, especially if there wasn’t a will. It’s also important to check if there are unpaid property taxes, a mortgage, or liens on the home. And if you inherited the property with siblings or other relatives, you’ll need to agree on what to do next.
How to Deal With a Property You Don’t Want
There are a few different ways you can go, depending on what your situation is, your goals, and how much time and energy you want to invest in this.
- Keep the Home and Rent It Out
Why not hold onto the property and put it up for rent? This is a great way to generate steady income, especially if the home is in a good location. Over time, it might also go up in value, so there’s a financial long-term benefit, as well.
Of course, being a landlord doesn’t mean you just sit back and count the money. You’ll have to keep up with maintenance, deal with tenants, and understand local rental laws and taxes. This route is the best for someone who lives nearby or has experience in property management. Or at least someone who’s willing to learn the ropes.
- Fix-and-Flip
If the home has good bones but needs some updates, you can fix it up and sell it. This can be very rewarding, especially if you like home improvement projects or see the potential to increase the value of the property. Renovating also means you get to breathe new life into it before you pass it on to someone else.
But with that being said, keep in mind that renovations can be expensive and stressful. You’ll need time, money, and the patience to deal with surprises. Because there are always surprises.
- Sell the Home
If you don’t want to deal with it at all, just sell the house and move on. And while selling a house might be a headache since the whole process can be quite complex, it’s often best to find someone that can do the whole sales process for you. This is especially true if the house you’re selling is somewhere across the country.
According to the U.S. Census Bureau and its American Housing Survey (AHS) report, the average number of days a house stays on the market varies by state, as well as the average sales price.
| City (State) | Median House Sale Price (in USD) | Avg. Days on Market |
| Dallas (TX) | 400,000 | 48 |
| San Francisco (CA) | 1,300,000 | 38 |
| Miami (FL) | 590,000 | 60 |
| Jersey City (NJ) | 625,000 | 35 |
| Seattle (WA) | 850,000 | 30 |
Selling a house in Dallas isn’t the same as selling a house in San Francisco. The same goes for most cities. Apart from the huge difference in home prices, the number of days the house will (usually) stay on the market until the sale has been finalized is longer in Dallas. In Miami, that number goes up to 2 months. Which is a lot!
So, what do you i fyou want to make a quick sale and be done with it? Just grab your phone, and type ‘sell my house fast Dallas, Texas’ (change the city and state according to your situation) and a number of options will appear. Go through them and pick the one you think will be best.
The trade-off with selling quickly is that you mightn’t get the full market value, especially if you’re working with a cash buyer or looking to sell the property as-is. Still, it‘ll give you access to cash much faster and close the chapter with less emotional stress.
You definitely don’t want your house sitting there with a ‘FOR SALE’ sign for months. Right?
Conclusion
Nobody can tell you what to do with the property you inherited, although many people will try. Whatever you choose, just remember that you’re allowed to make the choice that feels right for you, not the one everybody else expects.
The house may have come with a lot of history, but its next chapter is totally up to you.
2 Interlinking Opportunities:
From https://www.momentswithmandi.com/how-to-diversify-your-income-multiple-streams-of-income-for-busy-parents/ with anchor diversifying your income stream
From https://www.momentswithmandi.com/7-tips-for-juggling-home-renovations-as-a-busy-parent/ with anchor extensive home renovation projects