Ways to Profit from Inheriting a House

Photo by Tierra Mallorca on Unsplash

Life sure does know how to hit, it will make it so you have to decide the fate of your childhood home while also grieving over the loss of a loved one.

Figuring out what to do with an inherited house can be confusing, frustrating, and emotional; and it can feel impossible if you don’t know anything about the process.

Before a final decision is made, it is best to know what the possibilities are, so here is a breakdown of your options for inheriting a house.

Move In

Oftentimes, the house in question will be the house you grew up in. If the house has sentimental value to you, then moving in might be the route for you. This can be a profit in and of itself if the house means enough to you. There are costs associated with this, however.

Moving into a home means taking on the responsibilities of that home. If there is a mortgage, you will need to take that over as well as any utility bills, HOA fees, and insurance payments.

Some of these can be altered, for example, you can switch insurance policies almost always after the passing of the prior owner.

Be sure you can take on the financial responsibilities of owning a home before you dive right in. The memories at the house might be important, but in the long run, may not be worth it.

Rent It

Looking for a new side-hustle? This might be the perfect opportunity. You can offer it as a typical rental like you would find on Craigslist or Apartments.com, or you can make it a vacation rental.

Becoming a landlord is no small feat, though. It will take some serious time, effort, and money to ensure that the house is appealing on the market and doesn’t become a liability for yourself.

Ideally, the repairs and alterations necessary won’t be too excessive, if that’s the case, then renting out the home is a great way to earn some passive income.

Sell It

Mortgages are expensive and renting can be a pain, so why bother? Selling the house is just as viable an option.

You’ll still have to pay for repairs and jump through the regular hoops of selling a house, but once the process is over, it’s over…