Inheriting a house can sometimes be a fortune for some, while a headache for others. When you inherit a house you have a few options that are available.

The 3 most common options are: 
1. Move In
2. Rent It
3. Sell It

Each one has it advantages and disadvantages. We always recommend to talk to a legal professional that can help answer all your questions.

Here a few considerations to help you through the process while you make that decision.

1. Pay ALL the bills:
While you are making your decision on what to do with the house, make sure the mortgage, utilities, taxes, home owners insurance and any other bill associated with the house are paid.
You don’t want to fall behind on the mortgage or tax payments as they can quickly accrue a lot of interest and fees. You also don’t want the lose the homeowners insurance policy because if that happens then the house won’t be insured.

2. Keep the landscaping clean:
This kind of goes with #1 and is another expense. Since not everyone that drives by the house knows its empty, it is always good to have the lawn mowed and the landscaping clean. An overgrown lawn will make the house look empty and abandoned.

3. Legal Advice:
It is always recommended to talk to a legal professional that can help answer any questions or concerns that you have for the inherited house. If you need some help finding an attorney, we can help recommend a few. Contact us here.

Moving In, Renting It, Selling It ?

Here are some considerations to think about whether you want to move in, rent it or sell it.

Move in:
– Be prepared that the property taxes will increase, perhaps significantly.
– Pay for a home inspection to see what things need to be fixed, updated and changed.
– If the house is owned by you and a sibling(s), you will most likely have to buy out their portion of the property. Since they also own it, they will most likely want money out of the deal if they don’t want to keep it.

Rent it:
– Higher a property manager to manage the rental for you. They will charge you a fee to do this, including any expenses for maintenance.
– Rent it yourself. If you have no experience in property management, then renting out the house could be a challenge. Having to deal with tenants, maintenance issues, and evictions aren’t fun. They can also be expensive and very time consuming.
– If you plan to rent it out yourself, educate yourself as much as you can about the renting business. There are a lot of books and websites available that cover this topic.
– Check with the local city or township about ordinances about renting your property out.
– Find a good real estate attorney that can help with the lease contract, legal questions and evictions.

Sell it:
Selling the house is usually what most people that inherited a house end up doing. They don’t want the stress to deal with fixing it up and moving into it or renting it out and dealing with tenants. They just want to cash out.

To learn more about your selling options, read the House Selling Options section. But here is a quick summary.
– Depending on the condition of the property, you can repair it and list it with a realtor, pay expensive commissions and fees, and hope to sell it in a 3-7 month time frame while paying for all the bills for the house.
– You can try to sell it “For Sale By Owner”. Here you would have to be very much involved in the whole selling process. Showing the house to every interested buy and negotiating with them once you have found a buyer.
– You could sell it to a house buyer like DinoBuysHouses.com. Going this route you can sell it AS-IS and won’t have to make any repairs to the property and he will pay you in cash. Plus he can buy your house very quick so you can get your money as fast as possible.