How thrilling! A house has been left to you! You may think you’ve hit the lottery, but hold on a second. Whether you’re planning to move into the inherited home or you want to sell your house the easy way, there are some things to consider. After all, what if you can’t afford to live in this home, and what if selling turns out to be pretty expensive?
To get some clear answers to questions you probably have right now, read through the sections below, where we discuss four things you should know when you inherit a home in Central Florida.
1. Existing Debt
If you’re inheriting a home from someone, you may also be inheriting debt from them. Specifically, there may be liens on the property. A lien is placed on an individual’s property when they can’t pay their debt. Liens can be related to back taxes, owed mortgage payments, unpaid utility bills, and other debts
The first thing you should do when you inherit a home is see if there are any liens attached to it. If there are liens, you should pay them off as soon as possible. And if your intention is to sell, you definitely should take care of the liens before listing, but more on that later.
Inheriting a home in Central Florida doesn’t always result in tax being owed. If you do pay capital gains tax, the amount the home’s value rose since you took over as the owner is what you’ll pay taxes on. Property taxes are another thing to consider; if a mortgage payment doesn’t already cover them, ensure you’re aware of when these are due and pay on time.
3. Emotional Complications
Inheriting a home isn’t just a large financial undertaking; it can be quite an emotional event as well. And if you and your siblings want the same sentimental objects from your parents’ home, you could find yourself dealing with additional issues that just complicate the selling process.
In short, it can be emotionally challenging when you need to move or get rid of a loved one’s personal effects, but this is part of inheriting a home.
4. Your Free House Might Cost A Lot Of Money
If the house wasn’t owned outright by the deceased individual, you’ll have to pay their remaining mortgage balance. You could also have to cover their liens. And if the home is older, it may require a lot of repairs.
Additionally, if you don’t maintain the property, it could get rundown fast, and squatters may even move in. Many families decide they can’t handle the burdens associated with owning an inherited property, so they sell—but even this can be challenging if you don’t choose the right course of action.
Want To Get Rid Of Your Inherited Property?
Inheriting a house can be a financial blessing, a challenging and emotionally taxing burden, or something in between. So if you want to get rid of an inherited property and pocket a lot of cash from the sale, it’s best to sell to a real estate investor like Central FL Houses. We buy houses in Central Florida as is! Furthermore, we buy houses directly from homeowners, so there’s no stress and no long waiting time. Close in under 30 days when you sell to us!