Real estate property, a highly sought-after asset, often becomes an unexpected burden when inherited. Upon the passing of family members or dear friends, they bequeath their property holdings to their closest relatives or significant individuals in their lives. As the recipient, you now bear the responsibility of maintaining the property, potentially taking on the role of a landlord, paying property taxes, and fulfilling any homeowner’s or property owner’s association fees. What steps should you take next?
You Might Need To Do A Probate
To begin with, it is probable that the property will need to undergo a probate procedure, contingent upon its current deed status. Research the local and state regulations pertaining to the inherited property. If you have already concluded probate proceedings, you might need to initiate an additional probate process in the county or state where the property is situated, particularly if it differs from your place of residence, in order to obtain complete legal ownership rights. For further details on these laws, please get in touch with EASTON BUYS HOUSES at 614-504-4360 to explore the potential probate requirements for your unwanted inherited property in Columbus, Ohio.
You Could Rent It For A Profit
If you come into possession of a single-family or multi-family residential home through inheritance, and living there is not your preference, you can explore the option of renting out the property. This can be a beneficial addition to your finances. While you may need to invest in some repairs or upgrades to attract tenants, it will prove to be a valuable investment in a short period since you didn’t have to make a significant purchase to generate extra income. In the best-case scenario, if you inherited the home or property with existing renters, it will save you the hassle of renovating and searching for tenants.
If you happen to inherit commercial property and have no intention of starting a business yourself, consider renting it out! In Columbus, numerous business owners are actively seeking new locations, particularly if the property boasts a prime location with high foot traffic. Such properties often yield attractive returns.
Certainly, not everyone finds being a landlord appealing. It entails numerous responsibilities that rest solely on the landlord, such as dealing with major appliance breakdowns, repairing roofs, addressing cracked driveways, handling potential structural problems, managing annual taxes, paying homeowner or property owner’s association fees, and the constant search for new tenants. The list of obligations seems endless.
You Could Sell The Property
If you have no interest in residing or utilizing the inherited property, selling it becomes an alternative solution. Feel free to contact us at 614-504-4360 to discuss the property’s market value and explore the available options for selling it. Prior to reaching out to any real estate buyer or agent, it would be beneficial to conduct some research on comparable properties to gauge their selling prices. This will provide you with a realistic understanding of the fair market value, preventing any surprises when you hear the price. Keep in mind that cash buyers who facilitate quick closings may offer slightly less than the average market value, as they save you substantial real estate fees and commissions in the long term. Additionally, they may often cover the closing costs.
You Could Give The Property Away
If you haven’t purchased it and have no desire for it, consider donating the property to a charity or the local municipality where it is located. Get in touch with the prospective recipient to inquire about their donation procedures. Alternatively, you can offer the property to a family member, friend, or your children. However, keep in mind that you might still need to go through the probate process in your area to gain complete ownership and proceed with donating or gifting the property.