There are typically three options when inheriting a home:
1. Move in:
If the property meets your needs and budget, moving in could be a meaningful and practical choice. Be sure to consider any outstanding mortgage, necessary repairs, or updates.
2. Sell the home:
Many heirs choose to sell, especially if the home doesn’t suit their lifestyle or if there are multiple inheritors. Before listing, you’ll want to handle any required repairs and clear out belongings. This can take time. Be sure to be gentle with yourself. Often selling a property brings up a lot of emotions.
3. Rent it out:
If you’re not ready to sell, but don’t plan to live there, renting can provide income while you figure things out. Just be prepared for landlord responsibilities, local rental laws, and potential property management needs.
For more information about what to do when you inherit a property visit our recent newsletter on the topic here.
Watch our YouTube video on What to Do When You Inherit a Island Home below.