What happens when you inherit a house?
The passing of one’s parents is always a sad and emotional experience. It also places a lot of responsibility on the children that have been left behind. They will have the funeral and visitations to plan, they will have to take care of all the final expenses, and they will likely have to deal with all the physical possessions that have left behind. This will often include a house. Inheriting a house can sometimes come with a lot of complications, made even more frustrating by the accompanying emotions that go along with losing a loved one. The experience can be made less stressful if you go into it knowing what to expect, and how to handle some of the technicalities. Here are a few things you can expect when you inherit a house.
Ultimately, you have three options once you inherit the house. You can move into it, sell it, or rent it out. If you are currently renting, moving in might be a decent option, however this can get complicated if you have any siblings. There is a chance you can work it out if none of the others want to live there, but if that is not the case, then it is likely easier to go a route that will generate money that you can divide up between you.
Renting it out can be an option, however becoming a landlord can be difficult and it can be costly. If you are going to inherit a house, the simplest option is to sell the house and split the profits between all the siblings. There is of course a sentimental element to something like this. There are probably a lot of good memories in that house. There may also be a lot of emotional distress associated with handling a house after your parents have died. Many people cannot bring themselves to go in and clear out the possessions and sell the house that their parents have left behind. In the end though, you need to consider the financial ramifications of leaving a house vacant and unsold. Property taxes, maintenance and upkeep costs, and other things will start costing a lot of money, and these things should be prioritized despite the associated emotions.
If you’re still wondering “what happens when you inherit a house”, something else that can happen is a failure to agree with your siblings on what to do with the house. If the conflict is as simple as one wanting to keep the house and the other wanting to sell it, it can be as easy as one buying the other out, assuming their inherited ownership is 50-50, which is usually the case. If an agreement cannot be reached, it will often have to be taken to court. This is not always a pleasant experience, especially if you and your sibling or siblings are at odds and not getting along. If it does have to go to court, do your best to be civil, to make the process as easy as possible.
On the surface, inheriting a home sounds great – you get a free house! In reality, it can be an extremely taxing and complicated process. It will be made easier if you go into it prepared with a little bit of information. If you’re going to inherit a house in Charleston, SC or the surrounding area, please fill out our short seller form on this website or call us today at (843)553-5005.