What to Do with Inherited House...Should I Sell?

How to Sell my Inherited House?

Over the next few decades Baby Boomers will inherit over 30 trillion dollars worth of property.  This is according to the center of wealth and philanthropy at Boston College.  a large portion of these inherited houses will be one set people grew up when.  If you inherited a house maybe you're wondering if you should sell it. 

Do you have questions about how to sell an inheritance?

What is the easiest way to sell my inherited house?

Is this inherited house mine to sell?

Figuring out what to do with the inheritance is a stressful, emotional  and financial issue. Now this can also be compounded if you have siblings that are involved.  It is tricky because everybody has to agree on what to do with the inheritance.

When you have inherited a house  you have three basic options.  The three options for the inheritance are:

1.  Move into the  inherited home.

2.  Sell the home that you have inherited.

3.  Turn the inherited house into a rental property

 let's discuss these three options further.

1.  Should I move into the home that I inherited from my parents?

It is not uncommon for children to move into the family home after the parents have passed away.  to some people moving into the house just make sense.  in some circumstances that will allow family members to move closer together.  For example Trish and her to Brothers inherited a house in Salt Lake City.  the three siblings talked about it and finally decided that Trish should move into it so that she could be closer to both of his brothers who still lived within 1 mile of their childhood home. 

2.  How do I sell the house that I have inherited?

A few years ago,  when David  and his sister inherited their Dads condo in Denver Colorado they knew pretty much straight away they were going to sell it. 

“We both lived out of state.  I lived in Salt Lake City and my sister lived in Indianapolis. Neither of us wanted to become landlords so we decided we would clean it out and sell it. Dad had owned the condo for 15 years and over that time it had appreciated a lot. We looked at the recent comparable sales to make sure we set the price right.”

 we listed the property we sold the property we got a good price for the property we paid our taxes and then we moved on. In hindsight the amount of work that we had to do to get it cleaned out, listed and sold as soon as I would have probably sold it to one of those cash home buyers. Initially when they offered less than  the agent said we could sell it for it felt like they would low boiling us.  help me but once we took out the real estate agent's commission which was about $30,000 total and all the other costs and therapies we had to make it actually would have been much easier and we would have had the same amount of cash in our pocket.

3. Turn the inherited house into a rental property.

Judy inherited a house in Denver Colorado after her parents passed away.  at and I know the neighborhood code Westminster.  it was a cute little brick ranch and had been well cared for. The roof was new, the windows, the AC in the water heater was new too.  Everything in the house I inherited was brand new so I decided that it could be a really good rental property for me.  I talked to an associate of mine who had a friend that was a property manager. We sat down and had a coffee and discussed the pros and cons of owning a rental property. They gave me some really good information and I did decide to keep it and rent it out. 

I rented it out and I continue to manage the property myself.  The ongoing cash income is wonderful and just in case I ever forget about my parents I get a monthly reminder of how they are still looking out for me. 

If you have inherited a house you have some great options.  you can move into your inherited property.  you can sell the house you inherited.  all the inheritance can become a rental for ongoing income.  I wish you well,  I am sorry if you are reading this due to the loss of a loved one.  how about now see this as an opportunity to remember them going forward.