Few things can give one mixed feelings (grief for their loss and gratitude for the gift of a house) like having to inherit the house of a loved one that has passed. Do you sell the house? Or do you keep the house to live in it or lease it out?

These are tough decisions to make. Hopefully, at the end of this article, you should be able to make the right decision based on your situation.

In the meantime, try to read till the end of the article.

Why You Should Keep The House

The inherited house could be a Godsend if you have house issues and the home in question is owned free and clear. Keeping it and choosing to live in it will help you save up on rent or mortgage payments.

When you live in a home that is yours(all thanks to your dearly departed one), you have the freedom to remodel the house to your taste without the landlord breathing down your neck. There is also a sense of security to be gotten from liv

Then there is the money to be made from leasing the house out to reputable tenants that pay rent if you go about this option the right way.

Why You Shouldn’t Keep The House

• There might be mortgage payments and repair and maintenance costs that will be paid out of your pocket.
• The house's location might be inconvenient for you when you consider commuting to work or your children’s schools.
• Leasing out the home can come with landlord-tenant issues and compliance issues, all of which you might not be capable of handling yourself.

Why You Should Sell The House

Selling the house is a great idea if you don’t have the time or the funds to repair and maintain or lease it. It is also a great idea to sell if the location does not quite suit your needs at the time. Selling such a property puts money in your hands and painful memories out of your mind.

You can then invest the money made in other things.

Another very important reason to sell is to reduce costs. You are probably paying either rent or mortgage for the house you were living in as at the time you inherited the home. If you opt to keep the house, you’d be paying for its mortgage or at the least repair and maintenance. When you add this new cost to what you are already paying, it sums up to a princely sum that could burn a hole in your pocket.

Why You Shouldn’t Sell the House

• Mortgages issues, unpaid taxes, mechanics liens, or any issues with the title could cause you to lose out when you sell.
• You will have to go through the emotional turmoil of getting rid of your loved one’s things to make the house more attractive to potential buyers.
• Selling an inherited home instead of leasing it would mean that you will be losing a potential source of long-term passive income, and that might come back to haunt you in the long run.

Selling Inherited Home with an Agent

A reputable agent understands the market and is in the best position to sell your inherited house (should you choose to) at a profit. Here are a few tips on how to get the right agent:

• Research potential agents and how they work
• Focus on local agents because they understand the local real estate market
• Get out & about to see how the agents operate
• Ask for recommendations
• Interview the agents.

Most importantly, choose an agent who values relationships over transactions, always!

Takeaway

Keeping or selling an inherited house has its pros and cons. Hopefully, you now have a better understanding of your situation. If in doubt, get in touch with us ASAP.

We promise to provide excellent service and a fulfilling experience in helping you to achieve your real estate goals.