So, you have inherited a house, while this may sound exciting, the reality is less than a pleasure. The truth, however, is that you have
inherited expenses along with the house. Well-intentioned loved ones all
too often leave their property in their will to beneficiaries that are
already struggling to afford their monthly bills. Often, these homes are
in a severe state of distress and require a great deal of upfront cash
flow for rehabilitation to turn into a desirable property.
Perhaps you already have your dream home and have no interest in residing in the property but feel a sentimental attachment. While it is
understandable, the value of sentimentality won’t pay for the reality of
carrying the cost of an inherited house. This harsh reality often leads
to the ultimate decision to sell the property. Whatever you decide to
do, don’t delay in caring for the property. An excellent place to begin
managing your inheritance is locating the contact and payment details on
existing expenses.
We’ve gathered a list of typical monthly payments to help you with a starting point. Read on to learn about all of the costs of holding onto
an inherited house in Belleville.
Taxes
Property taxes will still be due on the property when you hold onto an inherited house in Belleville. These tax payments may or may not be a
part of your monthly mortgage payment. Even if the mortgage is free and
clear, annual property taxes will always be due. They will likely rise
significantly because tax collectors will reassess the rate at the
current market value.
Insurance
Depending on the amount remaining on any mortgage, you may be responsible for mortgage insurance and property insurance while holding
onto an inherited house in Belleville.
Assumption of Mortgage
Often, you can assume the mortgage if you hold onto an inherited house in Belleville. The wording of the original contract may be the
determining factor in your ability to assume the mortgage. If they had a
reverse mortgage, you would need to pay the loan off to keep the
property.
Utilities
While you are not necessarily obligated to pay the utility bills under the name of the deceased, if you’ll be residing in an inherited
house in Belleville, you will want to keep the payments timely.
Otherwise, they would become a lien on the property and taken out of the
profits when sold.
Maintenance
Should you be considering maintaining ownership of the property, it would be advisable to have a professional inspection done to understand
what you are getting into fully. Depending on the length of time that
the house has been vacant and the state of repair the property is in,
holding onto an inherited house in Belleville could become extremely
expensive to maintain. Monthly expenses for repairs on older properties
can easily equal or exceed mortgage payments.
Yard
It is often effortless to tell which homes are vacant because the yard has become tangled and unmanaged, adding to the distressed
appearance. Unless you have spare time, you will need to ensure that the
yard is appropriately maintained when holding onto an inherited house
in Belleville.
Unless you have a plan for the property, holding onto an inherited house in Belleville is costing you money. Cardinal Creek Properties will
pay you a great price and close when you are ready. If you don’t feel
that you can handle the emotions of going through the possessions of
your loved one to clean out the property, you can leave everything in
place or take what you like, Cardinal Creek Properties will handle the
rest for you. Call Cardinal Creek Properties at (314) 467-8137 or send us a message today!
