Costs of Holding onto an Inherited House in Philadelphia

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Inherited House in Philadelphia

So, you have acquired an inherited 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. Unfortunately, well-intentioned loved ones often leave their property in their will to beneficiaries who 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 desirable properties. 

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 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. Then, read about the costs of holding onto an inherited house in Philadelphia.

Taxes

Property taxes will still be due on the property when you hold onto an inherited house in Philadelphia. 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 and property insurance while holding onto an inherited house in Philadelphia. 

Assumption of Mortgage

Often, you can assume the mortgage if you hold onto an inherited house in Philly. The wording of the original contract may be the determining factor in your ability to take 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 deceased’s name, if you’ll be residing in an inherited house in Philadelphia & surrounding suburbs, you will want to keep the payments timely. Otherwise, they would become a lien on the property and be taken out of the profits when sold.

Cost of Letting Property Sit

As a property remains vacant, it begins to deteriorate, especially during the winter, with the tempters reaching low digits. The longer a property sits, the more house repairs to the list of unnecessary costs. Most of the time, individuals receive an inherited home, the water supply is left active, and the pipes end up freezing, costing thousands of dollars to replace.

Maintenance

Should you consider maintaining ownership of the property, it would be advisable to have a professional inspection to understand your involvement fully. Depending on the length of time the house has been vacant, and the state of repair the property is in, holding onto an inherited home in Philly 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 must ensure that the yard is appropriately maintained when holding onto an inherited home in Philadelphia.

Unless you have a plan for the property, holding onto an inherited house in Philly costs you money. Buying Property 215 will pay you a great price and close when 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, [Buying Property 215] will handle the rest for you. Call us at [215-359-6090] or send us a message today! {Our family-owned company is accredited by the Better Business Bureau with an A+ rating!

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