Although it can be a result of a rather unfortunate life event, inheriting a house can change your life forever. If you are in a position to determine what to do with the property, an inherited home can be a cornerstone of your long-term financial well-being. We understand that such a sudden change can be overwhelming, and you may have many factors to consider when you're deciding what to do with this inheritance. With this in mind, Our REALTORS® have five pieces of advice they give all of our clients to help them decide whether it's in their best interest to sell it, rent it, or keep it as a primary residence.
- Accurately Assess the Debt Situation
It can be difficult to process this when you're going through a period of grieving, but in some cases, an inheritance can be more of a burden than a helping hand. Before you make any plans for the disposition of the property, you need to get a handle on any debt that you inherited along with it. Does the property currently have a mortgage, or is it paid off? If it does have a mortgage, does it have sufficient equity to make a sale profitable? Were any financial instruments such as a reverse mortgage used to leverage this equity? Can you afford the mortgage payments every month? The answers to these questions will be crucial when you're deciding what to do next.
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