Is It Wise to Sell Your Inherited House?

Selling Your Parents' HouseExperiencing a death in the family is an emotional thing. Selling a home that you’ve inherited makes it an even more emotional process. Images of your home where you grew up in may flash in your head and they can paralyze any attempt you may have of selling your parent’s house. If you’re prepared to sell it, though, there are things that you need to prepare for and the emotional aspect is the least of it.

If you are selling an inherited estate, that property comes with a lot arrangements. There are considerations, like taxes and insurance coverage. Not to mention the cost of repairs and clearing the house of things that your parents owned.

Choose A Sympathetic Real Estate Agent

A good real estate agent is someone who can provide not only advice, but also perspective in such an emotional endeavor. This is a delicate matter to handle and a certain kind of interpersonal savvy is required. You don’t want an agent that sees only one side of the deal, only thinking of a more profitable outcome.

The fact is that it is a situation that calls for empathy and help. The selling price is important; however, it needs to be recognized as a property that has an emotional weight.

An Option to Live in an Inherited House

Although renting out your parents’ house is a viable option, it will require an insurance policy change and it will be considered a depreciable asset. You can also choose to live in your parents’ home instead of selling or renting it out. This can be a significant change – and possibly an inconvenient one if you’ve already settled and employed in a different area or in a different state.

If you still want to sell, remember that its value ultimately depends on its overall condition. Do some renovations, paint the house new and clean it up to improve its appeal. After all, it’s yours. You can do whatever you want with it.