A very popular item that is inherited and frequently unwanted is real estate property. Many times the recipient already has their own property and is not looking to care for another house as well.
When family members or close friends pass on, they will their property holdings to their next of kin or the 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
First of all, the property may have to go through a probate process depending on how it is currently deeded. There are other options if there is not a will or you want to try to avoid the probate process. Check into the local and state laws regarding the inherited property.
If you have already completed probate, you may have to complete additional documentation depending on the county or state the property is located. Especially if the property had changed ownership before or after the person has passed away. For more information regarding these laws, contact Sell My San Antonio House at (210) 201-6644 to discuss potential probate for your unwanted inherited property in San Antonio, Texas.
You Could Rent It
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 additional income. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it can become a good investment especially since you didn’t have to make a large purchase to have this extra income stream. Sometimes you receive an inherited 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 San Antonio 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 (210) 201-6644 to discuss the market value of the property and the possible options of selling your unwanted inherited property. You can 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.
You always have options when you inherit a property. Take some time to think about what suits you and your life the best. Once you have your decision, it is best not to wait and start moving forward with whatever you want to do with your unwanted inherited property.