Inherited a Property – Grief or Goldmine?

There is so much to sort out when we lose a loved one. Sometimes it helps to take your mind off things and at other times you just want to remember, take time to be with your family and reminisce. There will be some belongings to go through; I recommend filling only a small box with special keepsakes that you want to keep and sending all other items that are suitable to a local charity shop.

If you have inherited a property from a loved one you could be sitting on a goldmine! If the property was purchased some years ago with a minimal mortgage you could benefit from the steep rise in house prices over the past ten years.

There are many options you can consider when you are in this situation and you need to choose the right solution for you.

Selling an inherited property through an Estate Agent is a viable and traditional option, get a reputable local agent involved who knows the area and the market, perhaps arrange to meet two of the best agents in your area and go with the one you connected with, who took time to build rapport with you.

In the current market selling an inherited property may take some time, we are by no mean in a seller’s market and properties can take 6 months and more to sell.

You will need to think about the condition of the property, if you have inherited a property that requires modernisation, this will need to be factored in to the value and asking price of the property.

Another thing to consider is making sure you keep an eye on the property while it is vacant, you may want to pop over once or twice a week to check everything is in order and perhaps leave the boiler on a timer to prevent pipes freezing in winter.

If it is in good order you may want to consider renting until the market improves before you sell an inherited property. There are many legal and social points to consider when renting a property and it is recommended at all times to seek advice from a professional and / or use a Lettings Agent. This could be a nice additional income for you but ensure you have funds available should anything need repairs, a boiler breaking in the middle of winter will require fixing and could cost in the region of £2000.

It is widely reported that “accidental landlords” are on the rise at the moment so ensure you fully understand what’s involved and stay on top of legal requirements for landlords. If you need advice feel free to contact me through my blog.

Another solution is to use a private company or individual who can buy your house quickly from you, releasing that goldmine and freeing up your time and energy in overseeing the whole process. Companies like this are perfectly placed to buy properties whatever condition they are in. You may accept less than you would on the open market, however the process will be managed and you will be kept informed every step of the way.

You will be able to release the goldmine you are sat on without becoming an accidental landlord or going through the stress of selling at auction or on the open market.

Charlotte Moore is a landlord and works for Property Solutions who specialise in buying property from those who want a hassle free sale with excellent customer care; based in Manchester, UK.

Contact Charlotte for advice on letting or selling your property. Property Solutions