27 Jul What to do with an inherited house?
When someone that you love dies, there are lots of things that you need to think about and take into consideration. Which is not ideal when you also have to deal with your own feelings of grief and distress at their passing.
There are lots of things that you can receive in a will or as a part of your inheritance, however, one of the most commonplace things to inherit are houses. It may be a great feeling to know that you have a home that is yours, without having to pay for it. But what then? What do you do with an inherited house?
Shall I keep it?
When you first inherit the property, one of the main questions that you are going to ask yourself whether or not you want to keep the property. This may not be quite as clear cut as you may think it is and there are lots of questions that you need to ask yourself and given any consideration to. Think about how you would feel if you were to live there, versus how you would feel if you were to sell up.
You shouldn’t rush this decision, take your time. After all, the sale of your property is final and there is no way that you can take it back.
You are going to make money from selling an inherited property, but there are fees that need to be paid when it comes to selling them on. This includes Inheritance Tax and Capital Gain Taxes too. Capital Gains Tax can be charged on inherited properties, so make sure that you understand how much this is likely to be and how to pay it.
You also need to think about inheritance tax, which will be due on estates that are estimated over a certain value. In the most part inheritance tax needs to be paid within a set time of their death, else you can end up paying interest.
Arranging a quick sale
Sometimes the idea of trying to sell a home that you have inherited can be just too much to cope with. You may find yourself feeling that you have no other choice but to take whatever offer that you are given, just so that you can move on with grieving about your loss. However, this can leave you out of pocket.
If you still want a quick and hassle free sale, but that you don’t end up losing money in the long run, then you may want to consider speaking to a company who are there to buy your home for cash. Just like us. We are there to ensure that you not only get the quick and easy sale that you need, but also that you get the money that you deserve for your inherited property too.