Aim High Properties, LLC

Inherited a Property in Cherry Hill? Here’s What You Can Do!

by | Dec 10, 2021

Dealing with the loss of a loved one can be draining, but add on the responsibility of looking after an extra assets and debts? It seems near impossible to do so with a level head. If you’ve just been bequeathed with property, you’ll need to figure out what to do with it. As the new owner, you won’t just be thinking about mortgage – you’ll also have to worry about taxes, maintaining the property, and possibly even sharing the property with other shareholders.

As a we buy houses in New Jersey company, we’ve dealt with a lot of situations such as this. If you’re wondering what your new responsibilities are as the owner an inherited home, keep reading below.

Financial and Legal Responsibilities

Right off the bat, you’ll need to figure out how much it’ll cost to maintain the home. This will include mortgage, utilities, and taxes such as property tax, and insurance. If the home was not well-maintained to begin with, you’ll also need to budget for any repairs and renovations to be done.

As the new owner, you’ll want to run a title check on the property to see if there are any liens or outstanding debts secured by the home. These kinds of debts are attached to the property, and not the client, so it will also be inherited by whoever owns the house now.

Options to Think About

When you inherit a property in New Jersey, there are three things you can do with it. 

     1. Move In

If you can afford it, moving into an inherited home is a great choice. But it does come with a price. There is mortgage to think about as well as property tax, insurance, and upkeep. If the house is on the older side, you might want to check for any damage or issues that need immediate attention such as any foundational problems. If the home was bequeathed to you and your siblings, you’ll also need to buy them out of their shares, which will also lead to a larger mortgage.

     2. Rent It Out

If you like where you are currently living and have no plans of moving anytime soon, another option you have is to have your inherited property rented out. This lets you keep the inherited property while also providing you with passive income on the side. 

If you choose to have it rented out, you can do so as with long-term lease tenant or have it rented out to vacationers.

Converting your inherited property does involve a bit of money. You’ll want to make sure it is in a habitable condition and repair any damaged fixtures of the house such as plumbing leaks, broken A/Cs, and cracks in the wall.

Keep in mind that the job doesn’t end once you find a suitable tenant. As a landlord, it’s your responsibility to make sure the house is running perfectly and if there are any complains from your tenant, you need to act on it at once. You’ll also need to think about any tax implications turning your house into a rental may cause.

     3. Sell It

If you don’t want the trouble of taking care of a new home (or a second home for that matter), you can always sell it. If you decide to sell it, there are multiple ways you can do so.

You can sell it through a realtor, which may be the most common way to sell a home. Selling through a licensed realtor will come with realtor fees, staging costs, and closing costs, so keep this in mind when choosing.

You can sell it yourself (For Sale By Owner or FSBO) to cut down on the expenses, but you will still need to deal with any paperwork, taxes, and repairs to make the home as desirable as possible to a potential buyer.

The last option is to sell it to a we buy homes in New Jersey company. With this last option, you don’t have to worry about realtor fees or any costs for maintenance work. Companies like this will buy your home as-is and give you 100% of the sales proceeds.

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