If you’ve newly inherited an Evanston house, you’re possibly questioning what to do next. This can be intimidating, particularly if you’re unaware of the real estate market. This blog post will examine what you can expect when inheriting a property and why having a property manager on your team is crucial.
The Legal Process
The legal process of inheriting a house can be quite confusing, especially if you’re unfamiliar with the real estate market. In most instances, you will need to go through probate to finalize the transfer of ownership. This will require going before a probate court judge, who will review the deceased person’s will and approve an executor. The executor will then be charged with carrying out the terms of the will.
Throughout this process, the executor may be required to address any taxes and fees associated with inheriting a property. It’s also significant to gather as much information as possible about the property’s insurance and liens and to allocate any belongings in the house to the individuals designated in the will.
As soon as you have legally inherited the house, there are several things you will want to do next. The first thing you should do is to have the property appraised and inspected. It’s crucial to determine if the house is in good condition and whether or not it will be habitable for future residents. You should also carefully evaluate any debts the deceased person owes, including any liens against the property. These debts may need to be settled before you can assume full ownership of the house.
If any major repairs need to be done, you may need to hire a contractor to make these repairs before you can live in the home, sell it, or rent it out.
What to Do with an Inherited House
When inheriting a property, you’ll need to decide whether or not to keep it. In some cases, you may choose to keep the house and live in it yourself as a primary residence. This is often the most expensive option, especially if any co-inheritors must be bought out. If the property is already mortgaged, you will need to figure out a way to assume the loan or replace it with new financing, which can be challenging.
A second option is to sell the house right away. Depending on the situation, this may be the fastest way to recoup the property’s value. If there are any co-inheritors, you may be able to sell your interest in the property to them. If not, you will need to find a qualified real estate agent to help market and list the property for sale.
A third and improved option is to keep the house and rent it out. This can be a very effective way to create a monthly income while allowing the property to continue appreciating over time. You can also realize some helpful tax benefits by renting out an inherited home. Renting the property can enable co-inheritors to share in that income without selling or buying out another inheritor’s stake. You can also co-own the property, making assuming or refinancing an existing mortgage loan much easier.
If you plan on renting the property, it’s important to work with an Evanston property manager who can help manage the property on your behalf. They will be responsible for making repairs, collecting rent, and resolving any legal or financial issues that may arise. This can help ensure that you make the most of your inherited property and get a stable income from it for years to come.
There are many things to consider when inheriting a house. Whether you plan to keep it or sell it, having a knowledgeable real estate professional on your side can make the process much easier and less stressful. So don’t hesitate to reach out to the team of experts at Real Property Management Chicago Group. We can help you assess the local rental market, suggest a fair rental rate, find quality tenants, and much more! You can contact us online or call the office at 312-265-0660.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.