If you’ve inherited a property from a loved one then it’s likely that you’re now facing a number of problems and considerations that you hadn’t previously thought of. In spite of being a daunting task, inheriting a property actually gives you a number of options.
Here, we take a detailed look at each option.
- Sell It
Selling the property often seems like it’s the simplest answer when you inherit it. As part of this, you avoid any complications that can come with renting it and can even help you avoid any possible emotional turmoil that could arise if you were to live in it.
According to the ONS, selling the property is the most popular outcome when people inherit it. This is likely because of the lack of complications that arise as a result. If you jointly own the property with someone else after you inherit it (such as you and a sister after parents pass away), then it can be particularly difficult to occupy it or rent it. By selling, you can split the money equally, which is simpler than joint ownership. By using a site such as Quick Move Now, you can even sell it at a timescale that suits you.
- Live In It
If you’re currently renting, then owning your own property could be enticing. Living in the property is a very good option if you’re the only owner, but if you’re a joint owner then it could be difficult. You’ll also need to remember that, if you own another property as well, you may be charged a different level of tax.
Finally, also remember that the house will contain many memories, so you may also have to come to terms with this.
- Rent It Out
Finally, if you have money available, then renting it out and becoming a landlord could also be a good option. In order for this to work out, you’ll have to research the market well and ensure you know the local area. Becoming a landlord also has many duties and responsibilities, so make sure you know what you’re getting yourself into before you sign up to it.
There are, of course, other options on top of these, but these are the three most common. The option you choose will have to be the one that suits you the best, so don’t rush. It’s best to seek professional and impartial advice before making any decision, so be sure to consider carefully.