Inherited Property You Don't Know What To Do With? 3 Different Paths To Take
Inheriting property from a late relative is a gift that should not be scorned but it does come with its fair share of trouble – the main issue of course being deciding just what to do with it.
The property more than likely holds precious memories and is still filled with their possessions that need to be sorted and cleared before you can make any decisions. However, here are three options for those deliberating over such an issue:
Sell the property for cash
If you want to quickly sell the property and move on, a cash buyer might be the best choice. This doesn’t involve briefcases full of money though and a shady guy on your doorstep - property buying service We Buy Any Home is one example of a company who will take a property off your hands for a cash value and have the money in your bank within a week.
It means you can sell the home then move on quickly, without worrying about dealing with estate agents or paying costly fees. Click here for more information on the process.
Rent out the property
If the home you have inherited is paid off mortgage wise and fully yours, it might be a good idea to rent it out and enjoy an extra source of income. You may have to pay for work to be done, to ensure the property is up to rental standard and decide whether you want to take on a tenant privately or through a letting agent – which will incur fees.
Being a landlord is a full time job, you will need to be on hand to deal with any issues your tenants have but it’s a great way of using the property you have inherited to its full potential.
Another option is to simply pack up your belongings, sell your current home and move in yourself. If the mortgage has been paid all you need to worry about are the household bills and council tax, so it’s a way of saving money and enjoying a new home.
It might need a little work to get the property looking how you like it and with all your possessions inside, but it will be worth it when it comes to enjoying the memories in the rooms you now live in and the cost savings.
Choose carefully before deciding on a path to take when it comes to an inheritance property, find something that works for your current situation and research your options carefully beforehand.