Many times when real estate is inherited, the new owners do not have the same lifestyle, financial picture, and uses for it as the original owner did (particularly if they lived in it). When family members or close friends pass on, they will their property holdings to their next of kin or people who meant a lot to them. This leaves you, the recipient, responsible for property upkeep, possible landlord duties, property taxes and possible homeowner’s or property owner’s association fees. What now?
You Probably Have to Go Through the Probate Process
First of all, the property will probably have to go through the NC Court System’s probate process depending on how it is currently deeded. If you have already completed probate, you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information about how you can sell the property and have us (actually our attorneys) take care of most of this complicated work for you, contact Property Solutions, LLC at (704) 625-0260 to discuss a fair cash offer for your unwanted inherited property in Mooresville, NC.
You Could Rent It Out
If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants.
If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent this property out! There are plenty of business owners in Mooresville looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return.
Of course, being a landlord isn’t everyone’s cup of tea. There is a lot of responsibility that falls on the landlord’s shoulders; broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list goes on. And managing rental property does require an education- one you will either pay for up front, or will receive from your tenants painfully via the installment method. Sadly, many tenants live paycheck to paycheck, and can “smell” weakness or uncertainty in a landlord much the same way a dog can smell fear, and many will react in a similar manner to the dog. Rental property can be an excellent way to build long term wealth, but it should not be attempted without acquiring a very specific skill set.
You Could Sell The Property
If you’re not going to live in the property, and don’t want to be a landlord, selling your inherited property may be a good idea. Please call us at (704) 625-0260 or get an offer online to discuss the market value of the property and the possible options of selling your unwanted inherited property. Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of what fair market value is, that way you’re not shocked when you hear the price. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot of real estate fees and commissions in the long run, and will often pay for the closing costs.
You Could Give The Property Away
This may sound like a strange idea, but if you have absolutely zero use for the property, depending on your specific and individual tax situation, it may be able to offer you a substantial tax write-off against your other sources of income. Your accountant or CPA can tell you more about whether this may make sense for you.
Contact the future recipient for their donation process. You could also give the property to one of your family members or friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property as a gift.