If you’ve inherited a home that you don’t want, there are a number of options open to you.
Take your time
First of all, don’t feel rushed into a decision and take your time. It’s likely to be an emotive time with complex feelings about the person you’ve lost and the property you’ve inherited.
Consider the bills
Remember, once you’ve taken possession of the property, there’ll be bills for which you’ll become responsible. You’ll need to have valuations to establish what inheritance tax you should pay; the usual process is to have three valuations to give an accurate idea. You’ll also need to notify the local authority regarding the council tax and the utility providers. If the property is empty, vacant property insurance becomes a necessity once the property has been empty for 30 days.
Whatever you decide to do with the property long term, you’ll also have to start thinking about maintenance bills, from regular seasonal maintenance like clearing the gutters to fixing repairs which might put buyers off the property. Remember, a house that is in obvious need of work won’t sell as quickly or for so high a price, as one which is in a ‘turnkey’ condition.
Whether you’re planning to rent or sell, you’ll need to clear and clean the house in preparation. Consider whether you want to sort out the house yourself or enlist the assistance of a house clearance service instead.
It might be you want to rent out the property so that it’s looking after itself and will bring in some income too. If you are going to rent the house commercially, don’t forget you’ll need Landlords insurance and to meet a number of other obligations too, like fire and safety regulations. You’ll also need to make a decision as to whether you want to manage the property yourself or bring in a professional letting agency to assist you.
If selling is your favoured option, then you need to decide whether the speed of a sale or getting the most for your property is your priority. Do you want to use a traditional estate agent, an online agent or a firm specialising in quick house sales? Each avenue has different plus points; a local estate agent will know the market in your area well, but a sale may take some time. An online agent may charge lower fees but won’t know the area so well. A quick sale company, on the other hand, would help the process go smoothly. If you’re selling a probate property, you may have additional concerns, as it is a complex and emotive experience. However, there are ways to make it more straightforward, with specialist firms that can help you sell your property without the usual hassle.
So as you can see, there are a number of considerations to take into account if you’ve inherited a house that you don’t want, from ongoing bills to the relative merits of renting or selling the property. We hope you’ve found this overview helpful.