If you inherit a house, before deciding what to do with it you need to know your options and any legal requirements.
People who inherit a house often wonder what they can and should do with it. These are not always easy questions to answer especially for heirs who already have homes of their own.
Recently, the Huffington Post offered some advice in "5 Questions to Ask When Inheriting a House."
The suggested questions to consider include:
- Probate – Unless you inherit a home through a trust or similar device, you need to know about the probate process in the area where the home is located. This will get you started with the legal details about inheriting the home. The best way to answer this question is to ask a local estate attorney.
- Expenses – Before deciding what to do with the house, you need to know how much it will cost you to keep it in terms of mortgage payments, utilities and upkeep.
- Value – Knowing the market value of a house might go a long way in determining what you should do with it. Consider getting an appraisal.
- Move In, Rent Out or Sell – Generally, you can decide to move into the house, rent it out or sell it. Decide the best option for you is based on the answers to the above questions.
- When to Sell – If you do decide to sell the house, then you need to know when you can legally sell it. This is another question that a local estate attorney can help you answer while discussing the probate process.
Reference: Huffington Post (April 4, 2016) "5 Questions to Ask When Inheriting a House."