What To Do With Your Unwanted Inherited Property In Front Royal

An item frequently inherited yet often undesired is real estate property. Upon the passing of family members or close friends, their property holdings are typically bequeathed to their next of kin or individuals of significance to them. As the recipient, you are thereby tasked with the responsibilities of property maintenance, potential landlord duties, property tax obligations, and potential homeowner’s or property owner’s association fees. In such circumstances, what course of action should you take?

You Might Need To Go Through Probate

First of all, the property will most likely have to go through a probate process depending on how it is currently deeded. Check into the local and state laws regarding the inherited property. If you have already completed probate, you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information regarding these laws, contact Five15 Properties at (540) 212-4047 to discuss potential probate for your unwanted inherited property in Front Royal, VA. 

You Could Rent It For A Profit

If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants. 

If you find yourself inheriting commercial property without owning a business or having intentions to start one, another viable option is to consider renting out the property. In Front Royal, there’s a high demand from business owners seeking new premises, particularly if the property boasts a prime location with significant foot traffic. Such properties typically yield favorable returns, making them an attractive investment opportunity.

Undoubtedly, not everyone finds being a landlord appealing. Assuming the role of a landlord entails a multitude of responsibilities, including addressing significant appliance malfunctions, attending to roof repairs, addressing driveway cracks, addressing potential structural concerns, managing annual tax obligations, handling homeowner or property owner’s association fees, and the ongoing task of finding new tenants. The scope of responsibilities associated with being a landlord is extensive and requires careful consideration before embarking on such a venture.

You Could Sell The Property

If you have no intention of residing in or utilizing the inherited property, selling it could be a viable alternative. We invite you to reach out to us at (540) 212-4047 to engage in a discussion regarding the market value of the property and explore potential selling options for your unwanted inherited property. Prior to contacting any real estate buyer or agent, we recommend conducting some research to ascertain the selling prices of similar properties in your area. This will provide you with a comprehensive understanding of the fair market value, thereby preventing any surprises during price negotiations. It’s important to consider that cash buyers offering quick closings may propose slightly lower offers than the average market value. However, they offset this by saving you significant real estate fees and commissions in the long term and often covering the closing costs.

You Could Give The Property Away

Considering that you didn’t purchase the property and have no intention of retaining it, an alternative option is to donate the property to a charitable organization or the municipality where it is situated. It’s advisable to reach out to the prospective recipient to inquire about their donation procedures. Alternatively, you could transfer ownership of the property to a family member, friend, or one of your children. However, it’s important to note that you may still be required to undergo local probate proceedings to attain full ownership rights in order to facilitate the donation or gifting of the property.

Give Five15 Properties a call at (540) 212-4047 or send us a message to discuss what to do with your unwanted inherited property.. We can help discuss all of your options.