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Six Options For An Inherited House

by Tami Crewdson

So…  you inherited a property in Georgia, and now you are wondering how best to proceed. You are on a long road of decisions and details to handle at an emotionally difficult time. You are aware that as the clock keeps ticking, holding costs will begin to add up, and you’ll need to take quick action to manage the property, or the outcome could be costly in many ways. 

Minor repairs that go unchecked can quickly become significant damage. In addition, you may face fines if an HOA is involved, or if you violate zoning codes by allowing overgrowth of your landscaping, and it becomes apparent when a home has been abandoned for an extended period, tempting criminal elements. Sticking your head in the sand is a decision that could lead to costly consequences, including increased stress. So read on as we explore these six options for people who have inherited real estate in Georgia. 

  1. Sell the Property Through an Agent

This is often the first thought when one inherits real estate. It is an excellent option if the house is updated and in top condition.  However, this is not usually the case. To list your inherited home and get top dollar, you will need to pay for and manage repairs, updates, and staging. Listing the house is often too much work, stress, and upfront cost to be an attractive option. 

  1. Gift the Property to a Relative

Our second option for people who have inherited real estate in Georgia is to give it to a family member. However, this course of action will likely have tax implications, which could be more costly than leaving it as an inheritance. Therefore, you should consult an experienced real estate tax adviser whose recommendations you should consider before transferring the property.

  1. Live There Yourself

Our next option for people who have inherited real estate in Georgia is to consider taking up residence. While well-meaning loved ones or close friends may have left you a piece of real estate as a token of their affection, life is not often like fairy tales. Their property may not be the type of home you’ve always dreamed of owning, or you may already live in the home of your dreams. Maybe it’s located in another state or across the country. Perhaps you’ve inherited a home in a state of physical or financial distress, draining your wallet instead of magically producing the windfall of cash everyone imagines an inheritance of real estate brings. 

  1. Rent the Property

Another good option for people who have inherited real estate in Georgia is to rent it out as an income-producing property.  While this is often a smart choice, this option can have hidden expenses of time and money. You should understand the time commitment to managing a rental property. You’ll need the funds to afford periods of vacancy, handle repairs for your tenants promptly and deal with turnovers, which typically include replacements and upgrades to meet more current tenant demands and bring the highest return on the property. You’ll also need to deal with tenants, from the screening process to collecting back rent. You’ll also need to market to get tenants in place and possibly deal with evictions, which can be pretty intimidating, and missteps can be costly. Finally, you need well-honed people skills and must follow all laws governing landlords with any HOA, local ordinances, or state or federal laws, including in your advertising. 

  1. Use It As a Vacation Home

An excellent option for people who have inherited real estate in Georgia is to turn it into your second home if you can afford to. It’s nice to have somewhere to get away that is yours; however, there are  responsibilities that come with the benefits of a vacation home. Depending on the amount left on the mortgage, you may have house payments in addition to the insurance, taxes,monthly utilities, and maintenance costs that continue to add up while you’re also paying for your primary residence. When you analyze the cost commitment you may be better off renting a luxury property for your vacations, leaving the headaches and expenses to the landlord.

  1. Sell It Directly

The best option for most people who have inherited real estate in Georgia is to take the quick and easy option: sell directly and walk away with cash in hand without paying high commissions, and leave the work, worry, and financial risks associated with the property behind you. Working with a professional home buyer from Tami-Buys-Houses will connect you with our network of the most highly regarded providers in the industry to help guide you with your property, including professional tax advisors and estate lawyers. In addition, a local investor turned professional home buyer at Tami-Buys-Houses can guide you through your selling options step-by-step with no obligation. At Tami-Buys-Houses, we provide you with the information to make an educated decision about what will earn you the most profit and what is best for you when considering both your current personal and financial circumstances. When you receive an offer from a direct buyer at Tami-Buys-Houses, we want it to be a good deal for you and for us; that is why our process is entirely transparent. Our contracts are simple, there are no hidden fees, and we even provide you with a guaranteed closing date. We want you, our neighbors, to feel good about the deal you make with Tami-Buys-Houses long after the closing.

 Call Tami-Buys-Houses at 404-905-1415 for a free, no obligation offer on your inherited home..

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