Optimizing Inherited Home
Even though you don’t want to make any quick decisions when dealing with a loved one’s passing, eventually a decision must be made regarding what to do with an inherited home in Columbus, OH. Inheriting a house always brings up all sorts of emotions. Naturally, many people will struggle in coping with the experience of clearing and dealing with property recently inherited. You should never try to do so alone.
Many simply cannot and should not take on the inevitable stress that will come with cleaning out inherited belongings or in taking possession of an inherited home. Often, when one is experiencing these types of emotions, a natural reaction is to do nothing for a year or longer. Unfortunately, this decision can be costly; and the process will not be any easier later. Not selling a house and / or not living in the home often causes increased maintenance expenses, mounting insurance costs without much to show for it. Of real concern, while your property is left vacant, it becomes very susceptible to vandals. Tens of thousands of dollars in damages can occur during a single break in to a vacant home.
This just adds to the emotional stresses already involved and can be avoided by seeking assistance and guidance from an established agency that specializes in supporting individuals during these types of difficult life experiences. Ittenbach Capital has a specialized team of experts, who can collectively assist you in every aspect of taking possession of an inherited property and discovering the optimum solution for your family.
Your supportive team of experts, from Ittenbach Capital (IC), will guide you the legal process, decisions regarding household goods, necessary home repairs or upgrades, determining the true market value for the property and securing the house to prevent unnecessary damages / vandalism.
Next, we will work with you to identify the optimum solution. Typically, three different pathways exist:
- Sell the house,
- move into it, or
- rent it out.
While it might seem like a good idea to move in and take possession yourself, this can be complicated if you’ve co-inherited a home with siblings, other relatives or if the property needs significant repairs. This also applies if you want to convert the property into a rental and take on the landlord responsibilities, as becoming a landlord can incur costly repairs prior to receiving any rent money and is often time-consuming throughout the entire ownership process or preparing the property for use. Property taxes, home owner’s insurance, liability insurance, heating, electricity and general wear and tear can make a huge dent in your finances at any given time during the rental period.
For many, the simplest solution is to sell it as is. A second option is to update the property and sell after renovations are complete with a realtor. IC’s experts can determine if the best solution for your situation is to sell the property as is, for cash or to coordinate repairs and prepare the house for an open market sale. The cash option can be accommodated within one to two weeks while the preparation for an open market sale will typically take one to two months.
Let the pros from Ittenbach Capital take the stress out of dealing with an inherited home and we can, together, find the best solution for you and your family. Please contact us at www.Ittenbachcapital.com or call us anytime at 614-215-9684.