5 Reasons Why You Would Sell a Home You Inherited

Feb 24, By Chris Stacey

Many people inherit homes from their family members who have passed and left them in the will. If you are one of those home inheritors, you will have to decide how you want to proceed with your new property. You may want to move in and familiarize yourself with it. Alternatively, you may wish to offer the home for sale. Your reason for considering selling the property may be one of the following five reasons:

1. Unbearable Cost of Living

The home may be too expensive for you to live in because of unavoidable costs such as property taxes. Property taxes can add up to several thousand dollars per year. The area that the home is in could be a highly expensive area where things like food and fuel are overly expensive. You could be facing high expenses if you decide to live in the home. You may feel that it’s wiser to move to a smaller dwelling in an area where you can survive off the proceeds.

2. Extremely Costly Repairs

The home that you are inheriting may have so many costly repairs that you cannot fathom taking it over and rebuilding it. It may be full of outdated systems and antiquated equipment. Home repairs can cost hundreds of thousands of dollars, and you may not want to take on that financial burden.

3. Different Aspirations

You may have goals or aspirations that you can achieve if you sell the home. You may feel that the proceeds from the home can be of service to you, your offspring or others. For example, you may have the desire to travel the world and assist less fortunate individuals. You may want to support your favorite charity. You may want to sell the home to purchase a college education for your children, as well.

4. Leftover Financial Obligations

Leftover financial obligations are one of the top reasons that you may desire to sell your inherited home. Your loved ones may have an estate to settle debts, and pay to keep the home kept up. Your family member may have paid the first mortgage but left a balance on a second mortgage that they took. If you live in the home, you will have to assume the second mortgage. You cannot even rent the home to another person without having to go through a process

5. Uninterested in Owning

You may not be interested in owning a home or property at all. You may prefer to sell the home and find a quaint long-term rental property. It is your decision to do as you please with your home. However, you should speak with a caring specialist who can help you make the right decision.

The Solution: Consider Selling Your Home to iBuy Utah

The iBuy Utah company is a place you can go to sell your home without hassle or worry during your time of grief. Company investors will buy your home and take on your project without you having to invest time or money on repairs. The specialists can appraise the property and make an offer on your home within only a few days. Furthermore, the company pays all the closing costs that you would normally have to endure. You can contact someone in the office by calling 801-335-6142. Alternatively, you can complete an online form to get help. The iBuy group is here to make your life changes easier. You can relieve yourself of stress by contacting the group today.

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