What to Do When You Inherit a House: Key Considerations for a Stress-Free Decision
Losing a loved one is never easy. On top of the emotional toll, inheriting a house can add financial and logistical stress—especially if the home needs repairs or has an outstanding mortgage.
To help you navigate this challenging time, here are four crucial steps to take when you inherit a property. With this guide, you’ll feel confident in your next move, allowing you to focus on what truly matters—taking care of yourself and your family.
1. Determine If There’s an Outstanding Mortgage
Many inherited homes are fully paid off, but that’s not always the case. If the house has an existing mortgage, you have several options:
- Live in the Home – If you meet the lender’s qualifications, you may be able to assume the mortgage and move in.
- Refinance & Rent It Out – Refinancing can allow you to rent the property, using rental income to cover the mortgage.
- Sell the Property – If keeping the home isn’t financially viable, selling may be the best option to avoid debt accumulation.
Understanding the mortgage situation early will help you make informed decisions about the home’s future.
2. Assess the Condition: Schedule a Home Inspection
Older homes, especially those that haven’t been updated in years, can come with costly repairs. A professional home inspection will help you understand:
- The extent of necessary repairs
- Structural and safety concerns
- Potential renovation costs
Knowing the condition of the home allows you to decide whether it’s worth keeping, renting, or selling as-is. If the repairs are extensive, selling to a cash home buyer might be the fastest and most hassle-free solution.
3. Evaluate Ongoing Costs & Responsibilities
Beyond the mortgage and repairs, maintaining an inherited home comes with ongoing costs and commitments. Consider the following:
Financial Costs
- Property taxes
- Homeowners insurance
- Utility bills
- General maintenance and wear-and-tear expenses
Time & Effort Required
- Lawn care and landscaping
- Routine cleaning and upkeep
- Managing tenants (if renting)
If the home remains vacant, security concerns such as vandalism or squatters can add to the stress. Carefully weigh whether you’re willing and able to handle these responsibilities before making a long-term decision.
4. Decide: Keep or Sell the House?
Once you’ve assessed the financial and maintenance aspects, you can determine whether keeping or selling the house is the best option.
- If You Keep It: You can move in, rent it out for passive income, or hold onto it as an investment property.
- If You Sell It:
- Traditional Real Estate Sale – If the home is in excellent condition, a real estate agent can help you list it for top dollar.
- Sell to a Cash Home Buyer – If the house needs repairs or you want to sell quickly, a cash buyer can purchase it as-is, with no fees, commissions, or lengthy closing processes. Most cash buyers can close in as little as 10 days, allowing you to move forward with peace of mind.
Need to Sell Your Inherited Home Fast?
If you’re looking for a stress-free way to sell your inherited property, we can help. We buy homes in any condition, with no repairs or extra costs required.
Want to learn more about how selling your inherited home for cash works? Click hereor fill out the form below.
About the Author: dean@homehelpersgroup.com
