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So You’ve Inherited a House… Now What?

House Keys Laying on Probate of Will Documents If you’ve just inherited a Flowood house, you’re probably thinking about what to do next. This can be stressful, especially if you’re a newbie in the real estate market. This blog post will explain what you can expect when inheriting a property and why having a property manager on your team is advisable.

The Legal Process

The legal process of inheriting a house can be quite complex, especially if you’re completely new to the real estate market. Mainly, you will need to go through probate to finalize the transfer of ownership. This will involve testifying before a probate court judge, who will review the deceased person’s will and approve an executor. The executor is then entrusted with carrying out the terms of the will.

During this stage, the executor may need to resolve any taxes and fees associated with inheriting a property. It’s also critical to gather as much information as possible about the property’s insurance and liens and to allocate any belongings in the house to the individuals designated in the will.

Next Steps

Once you have legally inherited the house, there are several things you should do next. The first thing you should do is to have the property appraised and inspected. It’s recommended to evaluate if the house is in good condition and whether or not it will be habitable for future residents. You should also cautiously evaluate any debts the deceased person owes, including any liens against the property. These debts may need to be settled before you can assume full ownership of the house.

If any major repairs are required, you may need to contact a contractor to make these repairs before you can live in the home, sell it, or rent it out.

What to Do with an Inherited House

When inheriting a property, you must pick whether or not to keep it. Sometimes, you may choose to keep the house and live in it yourself as a primary residence. This is often the most expensive alternative, especially if any co-inheritors must be bought out. If the property is already mortgaged, you will need to figure out how to assume the loan or replace it with new financing, which can be tricky.

A second option is to sell the house pretty soon. Depending on the case, this may be the best alternative to recoup the property’s value. If there are any co-inheritors, you may be able to sell your interest in the property to them. If not, you will need to find a qualified real estate agent to help market and list the property for sale.

A third and better option is to keep the house and rent it out. This might be an excellent alternative to obtain a monthly income while permitting the property to continue appreciating over time. You can also realize some helpful tax benefits by renting out an inherited home. Renting the property can enable co-inheritors to share in that income without selling or buying out another inheritor’s stake. You can also co-own the property, making assuming or refinancing an existing mortgage loan much easier.

If you plan on renting the property, it’s critical to cooperate with a Flowood property manager who can help manage the property on your behalf. They will be in control of making repairs, collecting rent, and resolving any legal or financial problems that may develop. This can help ensure that you make the most of your inherited property and make a reliable income from it for years to come.

 

There are many things to consider when inheriting a house. Whether you plan to keep it or sell it, having a knowledgeable real estate professional on your side can make the process much easier and less stressful. So don’t hesitate to reach out to the team of experts at Real Property Management Omega. We can help you assess the local rental market, suggest a fair rental rate, find quality tenants, and much more! You can contact us online or call the office at 601-607-8202.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

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