First, we want to express our condolences. Losing a loved one is challenging, and handling inherited property can add further stress during an emotional time. If you’re thinking, “I’ve inherited a house, what to do next?”—know that you have options, and we’re here to help you make an informed decision that works best for you.

Inheriting a house can raise several questions: Should you keep it, rent it, or sell it? Do you need to fix it up, and what if you don’t have the funds to do so? In this guide, we’ll walk you through important considerations to help you decide on the best course of action for your inherited property.

Key Considerations for Inherited Property

1) Keep Up with the Mortgage Payments

One of the first things to check is whether the inherited property has a mortgage. If the previous owner still owed on the mortgage, those payments must continue, or the bank may foreclose on the house. Some lenders allow you to assume the loan, while others may require you to refinance. Ask yourself if you’re able and willing to take on these payments. If keeping up with the mortgage is manageable, you can move forward with evaluating other options.

2) Consider Renting for Extra Income

Renting the property can provide a steady stream of income, especially if you’re not ready to sell. However, managing a rental property requires time, attention, and a willingness to handle tenant issues, repairs, and other responsibilities. If you lack experience or don’t have time to manage it yourself, hiring a property management company is an option, although it will reduce your monthly cash flow.

3) Understand the Costs of Ownership

Inherited homes often require maintenance or repairs, particularly if they haven’t been kept up over the years. Consider having a professional property inspector assess the property’s condition and provide a detailed report on potential costs over the next few years. Do you have funds for immediate repairs, or for ongoing expenses such as insurance, taxes, and maintenance?

Keeping an inherited property can become costly, so make sure you’re financially prepared to handle these expenses if you decide to keep the house.

4) Sell the Property

Selling an inherited house can be a straightforward way to alleviate financial responsibility while turning the asset into cash. To get the highest sale price, you may need to make updates, such as fresh paint, flooring, or landscaping improvements. If you prefer a simpler process, companies like Mastiff Home Buyers purchase Kansas City homes in as-is condition for cash, saving you the time and cost of making repairs.

5) Hold Onto the Investment

If the real estate market is strong and the property is in a growing area, holding onto the home as an investment could be a good option. Real estate tends to appreciate over time, and renting the property can provide income while building equity. However, consider if your other investment opportunities could yield higher returns than the real estate market. Mastiff Home Buyers can help you assess the property’s current value and discuss potential long-term benefits to ensure you’re making the best financial choice.

6) Consult with Tax and Legal Professionals

Inherited property can come with significant tax implications. Capital gains tax, property tax, and other financial considerations may impact the cost of keeping or selling the house. Before making a decision, consult with a tax advisor and an attorney who can guide you on the legal and financial responsibilities that come with inheriting property. Understanding your tax obligations upfront can prevent costly surprises down the road.

7) Explore All Available Options

Selling or renting isn’t your only choice. You might also consider options like seller financing, where you act as the lender to a buyer, or a lease option, where you rent the property with the option for the tenant to buy later. At Mastiff Home Buyers, we have connections with a network of real estate experts and can help you explore creative options that may better suit your unique situation.

8) Compare Different Scenarios

To make an informed choice, consider comparing various scenarios, such as:

• Selling the Property As-Is: If you’re interested in a quick sale, we can help you determine the current value of your property without any updates.
• Renovating for a Higher Sale Price: For those willing to invest in repairs, we can provide insights on the potential return on investment after improvements.
• Keeping it as a Rental: We’ll help you estimate rental income, expected expenses, and the long-term potential of holding the property.

Our goal at Mastiff Home Buyers is to help you understand the benefits and drawbacks of each option, so you can choose what aligns best with your goals.

How Mastiff Home Buyers Can Help You with Your Inherited House

If you’ve inherited a house in Kansas City and are unsure what to do, Mastiff Home Buyers is here to assist you in making the right decision for your circumstances. We provide an honest assessment of your options and offer guidance tailored to your needs. We aim to create a solution that works for you and your family, even if that doesn’t involve selling to us.

At Mastiff Home Buyers, we are experienced in working with families with multiple heirs. We understand that what works for one family member may not work for everyone involved. We’ll help you navigate these discussions with sensitivity, ensuring each party feels informed and valued in the process.

If you decide that selling the house is your best choice, we offer a no-obligation cash offer, allowing you to close quickly and move on without the hassle of repairs or renovations. Simply call Angel at 816-750-5325 or fill out our online form to get started. Our team is here to make this process as smooth and stress-free as possible.

Final Thoughts

Inheriting a house can feel overwhelming, but with the right approach, you can make a decision that benefits you and your family. Whether you choose to keep, rent, or sell the property, Mastiff Home Buyers is here to provide guidance and support every step of the way. Contact us today to discuss your options, and let us help you find the best solution for your inherited property.