So You’ve Inherited a House… Now What?!
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So You’ve Inherited a House… Now What?!

Sometimes life hits you in some crazy ways. Just when you think you have enough on your plate, life says here’s one more significant thing to add!

Such is the way with inheriting a house. You’re already trying to be there for your family while you all grieve the loss of a loved one, then bam! You’ve also inherited their property.

Now you’re sitting there thinking: I inherited a house, now what?

Fortunately, there are options out there. That means there’s an option that fits best with what you and your family’s wishes are for your relative’s old house.

Here are a few avenues you can take with the house you’ve just unwillingly gained ownership of.

1. Put It up for Sale

Naturally, this is where everyone’s thoughts immediately turn to when they think about getting rid of a house they’ve inherited.

However, it’s not the best option for everyone as it requires a lot of hard work to get in selling shape.

Your relative lived in it for several years before they passed away, which means there are several years worth of stuff to go through. The longer they lived in it, the more “treasures” there are to unpack. 

However, that hard work pays off in what will probably be the most profitable option on this list.

Consider a few things first.

What condition is the house in? How old is the house itself? Are there any renovations that have to be made? 

Just a few of the many questions you’ll be asking yourself. 

There are also a few other things you need to consider. Take pride in keeping communication up between you and your family in the decisions you make.

Working With Current Tenants

If there are current tenants living in the house that your relative was renting it to, you need to be mindful of their residence in the process.

Stay in constant communication with them from the start. Let them know of your plans to sell the house and ensure them you’ll keep them in the loop as much as possible.

They’ll need to cooperate with the viewing times and things, but you’ll have to work together to set up times.

Discussion With Family Members

You’ll also need to factor your siblings and close relatives into the equation. While you may be the one who inherited the house, they have as much of an emotional connection to it as you do. Be understanding of that.

Inform them on every big decision that’s made and let them know of your intention to sell the house as well. The last thing you want to do is a tick off a family member.

Be mindful that they may not all agree with your decision and you may need to have a long in-depth discussion to explain your thought process.

The Selling Process

You’ll need all hands on deck for this period of time, which includes clearing out all belongings, cleaning, renovating, and combining the funds to do so.

That’s why it’s crucial to have everyone in your family on the same page; they have as much of a hand in this as you do.

While there’s definitely a lot of moving pieces, it doesn’t have to be an all-consuming hassle. No need to Google “sell inherited home“, you’ve got all the information you need right here!

2. Rent the Home out to Tenants

Maybe mom and pop had a nice piece of property on the Florida Atlantic coast. It’d be a shame to let that puppy slip away from the family for vacations and one day, for you to permanently stay in.

But if that’s still years away from possibility until you retire, what can you be doing with it in the meantime? It can’t just sit there.

That’s a situation where it’d make some sense to rent out the house to temporary tenants.

Not only that, but you can receive some passive income for your efforts in the meantime that can help you pay the remaining mortgage and/or the inherited house taxes.

However, current landlords will tell you it isn’t exactly an easy process. You’re liable for any fixes or remodeling that need to take place. Some consider it a side hustle, others consider it a burden.

Talk this over with your family and friends before making the decision. It’ll be helpful to seek out a few opinions to see if there’s a family consensus or not.

If you’re the only child, then find a friend or 2 who you know are landlords and ask them their advice.

3. Moving In

Maybe you’ve always envied mom and dad’s house, and now’s your chance to move into it!

They may have the mortgage completely paid off, which means you’d only be in charge of the property tax, remodeling (if necessary), and home insurance. What a dream!

Take the necessary precautions to see if the house is in good enough condition to move into, as it’ll more than likely need a few alterations done to it.

Bring in professionals such as a plumber, constructor, etc. to take a quick look around and see what needs a bit of attention before you move into it permanently.

Mom and Dad never intended for the house to be a burden for you and the rest of the family; they’d be proud of whatever decision you make with their home. Remember that!

I Inherited a House, Now What: Time to Strategize

Inheriting a house is never easy, so there’s never a black and white answer to the question of I inherited a house, now what?

Luckily, these options provide an avenue for whatever your intention is on the house for the future.

Good luck with making your plans on what to do with the inherited house. Trust your instincts, make the decision that’s best for your family, and check back with Urban Housewife on a consistent basis for more advice!

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