Should Me and My Siblings Sell Our Inherited Home
Many movies have told us how the family should always come first and that family stays together. However, that’s not always the case. Families can be pretty complicated more often than not.
It becomes even worse when inheritance comes into the picture. You’ve heard that story at least once, right? Family fighting against family due to inheritance? It’s ugly, and nobody wins.
One such instance that can stir the pot is when siblings inherit a home. This usually happens when the last remaining parent dies, and the house they live in is given to the remaining children.
The best-case scenario is that the siblings find an excellent solution to their problem, and they settle everything amicably. The worst-case scenario is when nobody agrees to what anybody wants, and it drags on for years.
So if your inheritance includes a house, should you and your siblings sell your inherited home? Let’s talk about that.
Understanding How Inheritance Works
Before we move forward, we need to set an understanding of how inheritance works first. Most of the time, this is where the confusion begins.
First off, when more than one person inherits an object, the ownership is distributed equally to everybody. This is the case unless the will state otherwise. This means that the youngest child gets equal rights as the eldest. No one is above the other in terms of ownership.
This means that nobody can force anybody to do anything.
Whether you want to sell the home or live in it, all siblings agree to a decision before it is accepted.
What Are Your Options For Your Inherited Home
Now that we understand how inheritance works, let’s talk about your brothers’ and sisters’ options. The first thing you need to do is check whether there is still a mortgage attached to the house. If it still has a mortgage, you need to decide whether you want to pay it off in one go or continue making payments every month.
Assuming the house has no mortgage, you have a couple of options you can choose from.
If the home holds a lot of sentimental value for one sibling, they might want to keep the house. If this is the case, siblings can decide on a buyout. First, the group should determine the property’s value and agree on how much it is worth. The sibling that wants the home can pay the other siblings their share’s worth. As soon as every other sibling is paid, they become the sole owner.
Private Arrangement To Share
If neither sibling wants to sell due to their emotional attachment to the home, siblings can decide to keep the house and set an agreement to share it. The arrangement can vary wildly, but it should not be an issue as long as all parties agree to it. One of the more common arrangements involves having one of the siblings become the “caretaker” responsible for the upkeep, maintenance work, and property improvements. The other siblings can just visit the home for vacation and spend time there whenever they want.
Rent the Property
Another easier way to deal with an inherited home is to rent it out and have the siblings share the profits. This arrangement proves beneficial for siblings who don’t want to sell the house but can use the extra cash. However, you should also factor in the maintenance cost of renting out a home.
Selling the Property
The last and arguably the less problematic option is just to sell the property. Siblings have equal rights to a home, and that extends to the sale of the house. This means that if you sell a home, each sibling will get their share fair and square. It reduces any chances of drama or issues between siblings.
Should Me and My Siblings Sell Our Inherited Home?
Unless you or your siblings are emotionally attached to a home, selling it outright is the best option for everybody. The money generated from the sale can be used for different purposes; pay for debts, college funds, or savings for a rainy day.
However, there are challenges to selling an inherited home. Most of the time, the house needs extensive repair or needs a total makeover. This is because most inherited homes were once occupied by the elderly with little to no help to maintain it. Because of this, it becomes hard to sell an inherited home outright.
If you have the funds, you can always get an excellent contractor to check the house to estimate how much it will cost to fix everything. Just be prepared to get a costly estimate, though. Simply put, if you don’t have the money to get the fixes done, you are stuck with a run-down house that you can’t sell on the market.
Lastly, before you go and decide to sell your inherited home, make sure you understand the tax implications of doing it.
Sell Your Inherited Home to Freedom Cash Home Buyers
All is not lost for you, though. If you inherited a hard-to-sell home due to its damage and condition, you could still sell it to Freedom Cash Home Buyers.
Freedom Cash Home Buyers will buy any home in any condition it is in and for any reason. Just imagine getting cash for you and your siblings for an inherited house that could’ve cost you thousands of dollars to repair.
Freedom Cash Home Buyers specializes in giving homeowners (or inheritors) the freedom they deserve. No more headaches, no more complications, and no more hassles for the seller. If you and your sibling inherited a home and you want to sell it as fast as possible, Freedom Cash Home Buyers can help you out.
Contact Freedom today and ask our dedicated local support specialist about how we can help you sell your home fast.