Are you trying to decide whether to sell or keep your inherited property in Las Vegas?
It can be frustrating spending money on a house in order to sell it, especially one that wasn’t yours.
Whether or not you knew about the inheritance, you might be faced with some unexpected challenges once the property is in your name.
Owning a house can be expensive.
The bills, the taxes, the maintenance, and the unexpected repairs can come as a shock.
As any investor will tell you, the longer you own it, the more it is costing you.
Before you make a decision about whether to sell or keep the inherited property, ask yourself a few questions.
Take the time to learn about the market and the property in question, to better help with your decision.
Below, we will offer some tips to help you determine if you should keep or sell your inherited property in Las Vegas.
We will also offer some insight into the best ways to sell.
Ask Yourself These Questions Do you have a use for the property? Holding onto it for sentimental reasons is fine if that’s what you want to do, but don’t feel as if you are obligated to keep the house.
Only keep the property if you have a sincere use for it.
There is no sense in holding onto a property that will just end up sitting there.
Are there other owners? If there are other owners of the property, you will all need to sit down and come to a consensus.
Work together to decide if the home should be kept or sold.
If there is an odd man out, consider buying them out as not to cause further disagreement.
Remember, it is just a house, and the person who passed it down to you would never want to see their gift become an argument.
If you decide you want to sell, how much can you spend upfront? If the home has not yet been cleaned out, that should happen first and foremost.
A traditional property listing will come with some upfront costs.
You’ll likely need to make some repairs to the house and have it professionally cleaned.
It’s tricky making repairs to a house you’ve never owned.
You may not know what you’re getting into.
You don’t want to find yourself down a rabbit hole, spending thousands and thousands on a house you want to sell anyway.
Depending on how you decide to sell, you could face not only repair costs but costs for marketing too.
Make a plan to love it or list it Similarly, try not to put off making a decision about whether you’ll move into the house, rent it out or sell it.
If you’re unsure which way to go, here are points to consider on each option.
Things to Consider About the House Moving Into Your Inherited House Expect property taxes to rise, perhaps significantly.
The house will be reassessed at the current market value.
Get a home inspection so you’re aware of any maintenance or safety issues that need to be addressed and find out the cost of repairs.
Something else to keep in mind: If siblings inherited a home as joint owners — such as through a quitclaim deed that made them instant co-owners at the time of the original owner’s death — they’ll need to agree on what to do with it.
If one of the new owners doesn’t want to sell, the others have no recourse except court.
If the home was inherited jointly with siblings and you want to live there yourself, they will need to be compensated.
This might be in the form of rental payments.
Or you can buy them out, perhaps by mortgaging or refinancing the property, or by making the house part of your share of a larger total estate.
Renting Out Your Inherited House Depending on the location and condition of the home, renting it could be a source of income.
But beware a lot of times families say let’s rent it and they’ve never been involved with that before, and it turns into a complete nightmare.
You get the wrong person in there, then you’re dealing with damage or eviction, and it might not be the best business decision.