Have you noticed that life has a way of marching on, regardless of the personal circumstances in your life? No matter the situation, good or bad, life continues, and decisions must be made about important matters. This happens to everyone. There may come a time when you inherit a parent's home, and what to do with it then falls upon you. This type of situation is laced with all sorts of emotions. This was your parents' home! What do you do with it? These questions need answers, and it helps to consider all the options.
Assessing the Options
The challenge with laying out the options is that every person's circumstances are different. At what point in life did this inheritance come into your possession? What are your life goals? Can this help you achieve those? When you come into a situation like the inheritance of a home, you essentially have 4 options.
1. Leave It Empty
2. Move into the home
3. Sell the Home
4. Rent the Home
Let's break down these options so that if the time comes to decide about such a situation, you have thought out some available options.
#1 Leave It Empty
This may be the most enticing option for some because it takes no direct action, at least not yet. No decisions need to be made about the house, the contents of the house, or anything else. It can stay as it is, and you can come to a decision later.
However, leaving it empty does come at a cost. The ongoing upkeep of the property, as well as the bills such as power, water, and property taxes, must all continue to be paid. If that isn't an issue and you are in no rush to make a different decision, this may be your best choice. Our team of proficient property management professionals ensures that you experience tranquility and peace of mind.
#2 Move into the Home
For some people, this choice is ideal. Moving into your parents' home could be a blessing. Perhaps you were on the market for a home, or maybe you were in the process of selling your own home and this option came up. If this is the case, this works great.
You may be unable to move in for any number of reasons. Perhaps you live across the country or state. Maybe you just bought your own home and have no interest in moving. The house may not suit your family's needs either. In these instances, moving into your parents' home wouldn't work well, and it may become a burden.
#3 Sell the Home
Often, people think this is the only choice. With everything going on in their lives, selling the home is the most suggested option. There would be a windfall of money that could be used for any number of things.
This option has a few potential challenges as well. What if the housing market isn't favorable market to sellers? Would it be worth it to take a hit on the home just to remove the home from your list of to-dos’? Would there be major repairs or any other requirements to get it ready for sale? Do you have the time to deal with real estate agents and showings?
It may be that none of these challenges would be a problem for you. That would be great! If they are a problem for you, then selling the home becomes an undesirable choice.
#4 Rent the Home
Renting a home is the last option on the list and one that isn't often discussed. By hiring a property management company, you can give the responsibility of finding and vetting tenants, setting the rental price, and getting the property ready for the market. This means that you can continue on with life as usual. The interesting point is that renting a home seems to have all of the benefits of the other options with fewer downsides. How so?
Avoid making any permanent decisions about the property. It is in your name, and you still own the deed. Any of the other options can still apply in the future.
You don't need to uproot your family and move into another house that may not be suited to your family's dynamics or needs.
It is possible to create an income stream that is an ongoing source of income. While it may not be a windfall, it will cover the expenses of the home while making some extra money.
Renting out the home may not be the right option for everyone, but it does give you the benefits of all the other options while maintaining ownership of the home. If you are going to be choosing to rent a home, you must have a professional property management company to help you in that process.
How Centurion Can Help
Managing a parent's property after they have moved into assisted living or passed away can be challenging. Centurion Real Estate Management, LLC can help ease this burden. Our team of professionals will assess the property's rental value, market it effectively, and screen potential tenants. We also handle any necessary repairs and maintenance, ensuring your property remains in excellent condition.
Additionally, we collect rent, manage deposits, provide financial reports, and ensure all operations are legally compliant. With Centurion, you can rest assured that your parent's home is in capable hands. Reach out to us for a consultation today.
