A very popular item that is inherited and frequently unwanted is real estate property. 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 Might Need To Do A Probate
If you’ve recently inherited a property, you may need to do a probate to finalize the transfer of ownership. This is especially true if the property is located in a different county or state than where you live.
To find out more about the probate process and how it may apply to your situation, contact NK Developments LLC at (574) 400-0647. We can help guide you through the process and make sure everything goes smoothly.
Thank you for reading! We hope this article was helpful. If you have any further questions, please don’t hesitate to contact us.
You Could Rent It For A Profit
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 South Bend 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.
You Could Sell The Property
If you do not want to live in or occupy the property in any way, then selling would be another option of what to do with your unwanted inherited property. Please call us at (574) 498-3434 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
Since you didn’t buy it and you don’t want it, you could give the property to a charity or the municipality in which it lies. 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.