Losing a loved one is never easy. However, the dearly departed did not want financial worries to be another cause of stress at this difficult time. This was their intention when leaving a property to you. As the beneficiary, though, it could potentially introduce new headaches altogether. And not only because other relatives might try to contest the estate.
Ultimately, you can’t worry about upsetting them. After all, your lost loved one clearly stated their intention for you to inherit the property. Still, knowing what to do with it isn’t always easy, especially as there is no one-size-fits-all solution. Here are three of the best options to consider.
Sell It
Leaving the property to you is a lovely gesture. In reality, though, it’s not just an asset. It’s a potential liability. Ownership can impact your taxes while maintaining the property could be an issue for your cashflow. With this in mind, the best option may be to sell the property. Not least if it is located a long way from where you live.
Similarly, you may find that the repair costs are beyond your budget, which makes selling the most practical choice. Traditional selling may not be possible due to the condition of the home. Or it may be a property that would take many months to sell. With the home buyer, PDX Renovations, it is possible to get a cash offer and sell within days. It is often a superior choice.
Aside from a cash offer, home buyer companies can offer alternative solutions. Either way, relinquishing the asset in this way is a quick route to funds before the situation becomes a nightmare.
Live In It
If you have inherited the family home, it might be that your loved one wants you to live in it. This may be the case if you have yet to purchase a home of your own or had plans to return to your hometown. This could be the start of a new chapter for you while simultaneously continuing your family’s legacy.
However, it should be noted that the property might need more than a little TLC. Learning essential homeowner skills can equip you with the ability to complete many of the upgrades yourself. This will save both time and money. You can also look to add character through small personal touches like adding new family photos or celebrating your passions.
Modernization can occur with new window installations, erecting a garden room, or creating a home office space. Many of these tasks deliver positive ROIS. They also strike a balance between family tradition and your personal tastes.
Rent It
Alternatively, you may want to retain the asset without living in it. You would then have a property that could be passed onto your children in later life. Or an asset that could be sold should you ever encounter financial difficulties. Still, you will want to do something with it in the meantime. Renting it out could be the best solution.
With Airbnb property manager finders AirDNA, you can find a team to manage short-term bookings. This allows you to tap into the financial rewards of short-term tenancy for holidaymakers and business folk with a backseat role. This creates a secondary source of income that will transform your life for the better.
Or you could seek a simpler and more stable income by becoming a traditional landlord. A long-term tenant will give you a monthly renting fee. Again, it’s a revenue stream while the value of the asset continues to grow.