Inheriting property can be a very mixed bag. As well as the fact that it might well come into your life during a very emotional time, you will also find yourself with some decisions to make. If you are the sole inheritor, you will have to make the decisions on your own. And if there are several beneficiaries of the will, you’ll have to make decisions together, which can be even harder!

In this blog, we look at the options for when you inherit property. 

Should you sell inherited property?

There are certain advantages to selling property you inherit. If it’s a house that you have no particular attachment to or have never lived in, you might find selling it presents a straightforward solution. Simply sell it, and put the money towards something you need – possibly even a property that works for you. 

If you have inherited the property with other family members, selling can be the best option. It is difficult to split a house but selling it means you can simply divide the proceeds between you. Depending on the relationship you have with your co-beneficiaries, this can keep things simple and save a lot of tension. 

On the other hand, there are a few pitfalls to be aware of. If one of the beneficiaries is living in the property, selling it outright may not be an option. Talk to the person who still lives there and suggest they buy you out of your share. If you know this situation is likely to arise in the future, have the conversation now. This will give you all time to get your thoughts, plans and finances in order. 

It’s also important to look into inheritance tax as this may affect your position. Find out more about inheritance tax here.

Should you let inherited property?

Letting inherited property is a good way to achieve a steady income. However, it’s a good idea to look into what being a landlord involves before you take the plunge. Cobbles can help you get the right paperwork and insurance, as well as finding tenants, collecting rent and managing the property for you. Explore our site to find out more, or get in touch.

Again, deciding to let the property may have implications for anyone else who inherited it with you, so discuss your plans with them first. 

Should you live in inherited property?

We don’t feel that people who inherit property should feel under any pressure to live in it. However, if you do decide to move into a house or flat you have inherited, there is nothing to stop you doing so. Remember that it’s not necessarily a “free house” – weigh up the advantages of its size, location and state of repair before you move in. 

Prepare inherited property for sale or rent

Whatever you decide to do with the property, you will probably need to clear it out first. You can either do this yourself, ask a house clearance company to do it, or use a combination of both. You will probably want to take charge of anything precious or which has sentimental value. 

Sometimes, properties that are willed to family members have been lived in by the same person for a long time. When this happens, the property can fall into a state of disrepair, or have inefficient heating or insulation. You might choose to repair the property before you sell it, or you might decide to cut your losses and sell it as a fixer-upper. 

Whatever you decide to do, it’s a good idea to put a time limit on the project. Houses that sit empty while the owners procrastinate are at risk of invasion from damp, pests and even squatters. The property was willed to you by someone who wanted to help you, but you need to take action so you get the benefit.

Sell or let property in Guildford