Your Siblings Inherited a House - What Now?

Inheriting a house gets complicated when the property is handed down to siblings instead of an individual. Yet, this is a very common occurrence. Things get significantly more complicated when siblings decide to keep the property. If you decide to rent it out, you and your siblings essentially become business partners and if you live out of state, it gets even harder to manage. Selling the property is often the most advantageous in a few scenarios.

Some Reasons to Sell an Inherited Home

Most of the time when a home is inherited, it is a home that you and your siblings have fond memories of. Maybe it is a family home or a home that you all visited on childhood vacations. Either way, it is very common to have sentimental value associated with inherited homes. Even when this is the case, selling the property may be the best option. Some reasons being:

One reason is that all siblings have established lives in other locations. If no one wants to live in the house and coordinating travel and property maintenance would be a hassle, it would be easiest to sell the home.

Another reason could be if the property is in rough shape. If the needed repairs to a property would mean that you and your siblings would have to invest more money than you are comfortable with into the home, it may be best to sell it.

Jumping off of that point, another reason for selling the property could be simply that you and your siblings cannot afford the upkeep for the property. If the property taxes and yearly upkeep would pose a monetary burden on you, then you may want to sell the home.

And a final reason to consider selling an inherited home is because you and your siblings have bad memories associated with the house. Sometimes divorcing yourself from a place where bad things happened can help you move on.

All in all, you have options when it comes to inherited properties. If you resonate with any of the reasons we listed here today, however, selling the property is likely the best option for you and your siblings. If you have decided that selling the home is the route you want to take but don’t know how to get started, contact The Watson Group today. We would love to help you through this process.

10-13-2022