Call Us Now
Inheriting property can be one of the most exciting, yet overwhelming experiences of your entire life.
Depending on the situation, you might not be overly thrilled at the prospect of becoming tied to the home you’ve acquired. It’s in those situations where people feel like they’ve run out of options.
But in the small town of Sachse, Texas, you might not feel like there are many options, to begin with. Fortunately for you, that couldn’t be further from the truth!
Here is an in-depth guide on what you can expect if you receive inherited property and aren’t too knowledgeable on the process itself.
First things first. Some of you reading this article might not have technically inherited the home as of yet.
In the state of Texas, all inheritance matters are handled by sending the situation through the probate court. This court is in charge of deciding what assets of a deceased person go to whom.
However, with a Will in place, the process will become that much easier. Be prepared though, even if you’re the inheritor of the house on their Will, you might experience some pushback.
The court pays close attention to any debt the person had upon passing away and uses that information to consider what assets should go where.
Don’t panic if there isn’t a Will stating that you should inherit the house. The court can still determine that the property be rewarded to you as an heir.
Fortunately, you live (or at least acquired property) in the great state of Texas, which doesn’t have an inheritance tax in place.
But there are still federal taxes that you’ll be responsible for paying to the IRS each year.
How much should you expect to pay? The answer depends on the overall cost of the home itself. Be sure to consider that in the plans you make for your inherited property.
If you’re trying to avoid the overwhelming responsibility of your inherited home, then consider selling it to a local cash home buyer.
Not many people are aware of the options they have upon inheriting real estate property.
These options essentially boil down to three main choices: selling it, renting it out to someone, or moving into it for yourself.
Be sure to read a bit more detail on each choice in an effort to understand the path that might be best for your situation.
As you know, inheriting a property comes with a wave of new responsibility. There’s maintenance that needs to be done, taxes that need to be paid, and avenues to consider if you’re wanting to keep it.
However, if you’re truly keeping all of your options open, then selling the property might be the best choice.
Selling to a cash home buyer can help you receive immediate money to help with your family’s current lifestyle.
Better yet, it can be distributed between several different inheritors if you weren’t the only acquiring party in the Will.
Many people see the opportunity to rent out your newly-acquired property and jump at the chance to become a landlord.
If you play your cards right, it can be a great avenue for monthly cash flow (I.E. rental payments).
However, it also requires a lot of work and upkeep. You risk dealing with horrible new tenants, paying more on insurance (plus taxes and fees), and a lack of diversified assets.
Perhaps you’ve always had your eyes on your loved one’s home. Maybe the plan all along was for you to receive it in their Will to move into it one day.
You might also look at the new home in Sachse as a great opportunity to have a getaway home if you live outside the town.
However, if you aren’t the only person that inherited the home, that situation can get dicey real quick.
It’s highly unlikely that your siblings or relatives would give the okay for you to move into a property they own as well.
You might be in a situation where you were a partial owner of the property with the deceased friend or relative. If you’re the only owner still alive when that person passed away, you then gain rights of survivorship.
In other words, you automatically become the full owner of the house. You don’t need to fill out any further documentation or attend a probate court hearing.
Some of you might find yourself in a situation where your deceased loved one was a partial owner. If that’s the case, then the property goes in full to the other joint owner that survived him.
Even if you’re the only inheritor of the property on the Will, be sure to keep in constant communication with your family.
Just because you have the right to decide what to do with the home, doesn’t mean your other relatives aren’t emotionally-tied to it.
Ask to see if there are certain sentimental items that they’re interested in keeping or other assets within the home that they might want before selling, renting, or moving into your inherited home.
Now that you’ve seen all the different things to consider with an inherited property in Sachse, it’s time to make your decision.
Be sure to read this article about the pros and cons of selling your home and why it’s the best decision for your situation.
For more inquiries, please feel free to fill out an online contact form and we’ll be happy to assist you further.