If you’ve just now inherited a Decatur house, you’re most likely wondering what to do next. This can be quite daunting and even dreadful, absolutely if you’re not acquainted with the real estate market. This blog post will touch on what you can look forward to or expect when inheriting a property and why having a property manager on your team is necessary.
The Legal Process
The legal process of inheriting a house can be quite troubling, specifically if you’re clueless about the real estate market. In many situations, you will need to go through probate to finalize the transfer of ownership. This will include going before a probate court judge, who will review the deceased person’s will and approve an executor. The executor will then be charged with carrying out the terms of the will.
Within the period of this undertaking, the executor may need to deliberate upon any taxes and fees associated with inheriting a property. It’s further crucial to gather as much information as possible about the property’s insurance and liens and to allocate any belongings in the house to the individuals designated in the will.
Next Steps
By the time you have legally inherited the house, there are a lot of things you will need to do next. The first thing you should do is to have the property appraised and inspected. It’s essential to ascertain if the house is in pristine condition and whether or not it will be habitable for future residents. You should, as well, meticulously evaluate any debts the deceased person owes, including any liens against the property. These debts may need to be settled before you can assume full ownership of the house.
If any major repairs need to be brought about, you may need to pay a contractor to execute these repairs before you can live in the home, sell it, or rent it out.
What to Do with an Inherited House
When inheriting a property, you should decide whether or not to keep it. In many situations, you may consider keeping the house and living in it yourself as a primary residence. This is generally the most costly option, especially if any co-inheritors must be bought out. If the property is already mortgaged, you will need to perceive a way to assume the loan or replace it with new financing, which can be stressful.
A second option is to sell the house as soon as possible. Depending on your particular circumstance, this may be the fastest approach to successfully recoup the property’s value. If there are any co-inheritors, you may be able to sell your interest in the property to them. If not, you will need to find a qualified real estate agent to effectively help market and list the property for sale.
A third and probably better option is to keep the house and rent it out. This can be a very great way to set up a monthly income while having the property continue appreciating over time. You can, in addition, realize several helpful tax benefits by renting out an inherited home. Renting the property can likewise allow co-inheritors to share in that income without selling or buying out another inheritor’s stake. You can moreover co-own the property, making assuming or refinancing an existing mortgage loan so much simpler.
If you plan on renting the property, it’s necessary to team up with a Decatur property manager who can work and manage the property on your behalf. They will be calling the shots in planning repairs, collecting rent, and taking care of any legal or financial charges that may roll in. This can help secure that you make the most of your inherited property and get an ongoing income from it for years to come.
There are a lot of things to take into consideration when inheriting a house. Whether you plan to keep it or sell it, having a well-informed and experienced real estate professional on your side can make the entire process so much easier and less stressful. So don’t hesitate to reach out to the team of consultants at Real Property Management North Point. We can help you assess the local rental market, suggest a fair rental rate, find great tenants, and much more! You can contact us online or call the office at 404-905-9455.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
