On This Page
Sometimes the inherited house is not something you want to sell.
Maybe it is:
- Paid off.
- In the perfect location.
- The house you grew up in.
- A better home than you could currently afford.
Keeping it may make complete sense.
But don't move in based only on emotion.
Make Sure Ownership Is Resolved
If the estate has multiple beneficiaries or unresolved administration, confirm your right to occupy the property.
Understand the Debt
Is there:
- Mortgage?
- Reverse mortgage?
- HELOC?
- Tax obligation?
- HOA balance?
You are inheriting the property situation, not merely the front door.
Insurance Changes
The appropriate insurance for a property can depend on occupancy and ownership.
Contact a qualified insurance professional.
What Condition Is the House Really In?
Before deciding the “free house” solves all your housing expenses, inspect it.
It may need:
- Roof.
- HVAC.
- Plumbing.
- Electrical work.
- Pool repair.
- Major modernization.
What About Other Heirs?
If siblings have ownership interests, your living there can create questions involving:
- Expenses.
- Rent.
- Buyout.
- Future sale.
- Maintenance.
Put agreements in writing with appropriate legal guidance.
Important
Keeping it? Get the numbers first: Property DNA works for properties you plan to keep, not only for sales, and keep vs rent vs sell helps with the decision.
Get Property DNA
Even if you're keeping the house, Lisa can provide Property DNA to help you understand available information about what you inherited.
Property DNA is not only for sales.
