Inheritance is a complicated thing, both financially, in terms of taxation and fees, and personally. You might have gained property, but you’ve lost someone that you care about. That’s why you should never rush your decision. Take your time to consider all of these options, before rushing in.
Your first thought might be to simply sell the property. It’s a great chance to make a large amount of money, which could pay off your own mortgage or debts, or give you a tremendous financial boost. But, it’s rarely that simple. There might still be a mortgage to pay, in which case the sale might not be as profitable as you would like. The house might need work to make it more appealing to buyers, and whatever condition it is in, you’ll have to spend money on valuations, real estate agents, listings, and solicitors fees. Selling a house can take a lot longer and cost a lot more than you might expect. But, if you want a bulk sum quickly, this is your best option.
Rent it Out
You won’t suddenly become a massive property investor with one building. But, even Aubrey Ferrao had to start somewhere. You might rent your property out as a start. It could lead to other properties in different areas, and you could one day make a substantial income from property development. Or, you might just rent this one house out to pay off your own mortgage, to make extra income or to fund a new adventure.
Renting out your new property can be a great option. It’s a handy way to make a passive income, and it can give you time to think about what you might want to do long-term. But, it does take work on your part. You might need to commit to some renovations, you’ll need to find tenants and look after them, and unless you want to pay an agent, you’ll be responsible for looking after the maintenance of the property.
Who says a house has to stay a house? Could you turn it into a block of flats? Could you turn the bottom floor into a shop or cafe? With apartments upstairs? Could you turn it into a B&B or guest house? Or, could you keep in and use it as a base for your own startup? Try not just to see it as a house, think of it as a property, that can be whatever you want it to be.
Again, this takes work. You’ll commit significant investment to make changes to the building, and more work down the line, depending on what you do with it. You’ll also need to check building regulations and apply for licenses. But, it can still be a fantastic and worthwhile option.
Live in It
When it comes to deciding whether or not you want to live in the home, it’s often your emotions that do the talking, and you should listen to them. If this is the house you grew up in, you might not want to go back. Equally, you might be keen to raise your own family there. If you don’t own a house of your own, this can be ideal, especially if there’s no mortgage. But, that certainly doesn’t mean that you have to.