If you have inherited real estate property, it can be a financially and emotionally challenging experience. And, understandably, the thought of dealing with it may not be top of mind. But, at some point, you need to address the home insurance, inheritance taxes, capital gains, and other factors that come when inheriting real estate.
Here are a few tips on what you can do in this situation.
Continue Maintaining The Home
Even though the home will be vacant, it needs to be maintained. It is better for a home to look lived in. You or your family should check the home on a weekly basis at the minimum. Be sure to hire someone to care for the exterior landscaping if you are unable to do so.
Contact Your Insurance Company
When a homeowner passes away, you need to notify your home insurance provider to inform them of the situation. They may request death certificates and additional documents before ownership of the property can be transferred to you. You will also need to confirm your method of payment since you will most likely need a new policy.
Change The Locks
The previous owners of the home may have hidden spare keys or given them to friends or family. It is wise to change the locks when you inherit the home so no one will be able to get in without your knowledge. You should also reset the alarm system with new codes.
Get A Home Inspection
A home inspection will give you insight into how healthy the home is and will show you if there is any damage or necessary repairs. You will want to address these sooner than later, especially if you are going to sell the property.
If you liked this blog, check out this one on, “How To Choose A Mortgage.”