Inheriting property from a loved one may bring about a range of emotions. On one hand, you may be saddened by a reminder of what he or she left behind. On the other hand, it could be an opportunity to keep a part of your family’s history relevant for another generation.
Regardless of your feelings, there are a number of things you should know before deciding to keep the property, sell it or rent it. This post will highlight a few.
Get an inspection – You may want to conduct an inspection so that you know whether immediate repairs are needed. It is not uncommon for older homes maintained by older people to have issues that only the homeowner knows about. So checking the water heater, furnace and other vital appliances is prudent.
Check on property tax payments – The property taxes on the property may not have been paid in a while. If your loved one was experiencing financial difficulties, chances are that their property tax bill was one of the bills that had not been paid. If not, it would be prudent to have the estate pay the bill.
Decide among others – If the property is left to more than one person, there may be disagreements as to what to do with it. While it may be easy to say that people should just agree when these disputes arise, just remember that litigation likely costs more than what the dispute is valued at.
If you have additional questions about managing inherited property, an experienced attorney can help.