What To Do with Your Unwanted Inherited Property in Philadelphia Pennsylvania

Inherited Property in Philadelphia Pennsylvania

A trendy item that is inherited and frequently unwanted is real estate property. When family members or close friends pass on, they will sell their property holdings to their next of kin or people who meant a lot to them. This leaves you, the recipient, responsible for property upkeep, possible landlord duties, property taxes, and likely homeowner’s or property owner’s association fees. What now? If you own a property in Philadelphia, Pennsylvania, and are looking to sell that home. Then Buying Property 215 might be your solution. The sad part is when a family member passes away. There is not much one can do in these circumstances. Plenty of people have their own lives and homes to deal with. Obtaining another one could be a challenge. Sometimes we must act fast on what to do with the house we just received. There may be a situation where there are several brothers and sisters, and we are not all on the same page—making things even more challenging. You may find problems where over four or more siblings are involved, with different opinions on what to do with the inherited home.

You Might Need To Do A Probate

First, the property will most likely have to go through a probate process depending on how it is deeded. You need to have the death certificate of each person who owned the property which has passed away. If there were a will in place, you would need that and death certificates to probate the estate. If you do not have a choice in the area and there are siblings, you can elect to have one of you named as the estate executor instead of having each of you. You can learn more about the probate process in Philadelphia Pennsylvania, through the city website. Check into the local and state laws regarding inherited property. There is also an inheritance tax you would need to pay after selling the property in Pennsylvania, which is 4.5% of the sales price. If you have already completed probate, you may have to do additional probate in the county or state the property is located, significantly if it differs from where you live to have full legal rights to the property. For more information regarding these laws, contact Buying Property 215 at (215-359-6090) to discuss potential probate for your unwanted inherited property in Philadelphia, Pennsylvania. 

You Could Rent It For A Profit

If you inherit a single-family or multi-family residential home and don’t want to live there, consider renting the property. This could be an excellent addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over time, it will be an excellent investment since you don’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters; even better! This will save you the trouble of fixing it up and finding tenants. 

If you inherit commercial property and don’t own a business or don’t plan on starting a business, you could also rent this property out! Many business owners in Philadelphia are looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return.

Of course, being a landlord isn’t everyone’s cup of tea. A lot of responsibility falls on the landlord’s shoulders; significant broken appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list goes on. You could hire a property manager to run your rental for you. That way, you can collect money and be hands-off with dealing with the home. The only issue that may arise is that the property manager may drain your bank account regarding repairs. Sometimes they are highly aggressive when fixing things in your rental home. They also ask for a percentage of the monthly rent. It is not always for everyone to want to use a property manager. But if you are not equipped to manage a rental property, it makes sense to use a property manager.

You Could Sell The Property

Suppose you do not want to live in or occupy the property. In that case, you may consider the opportunity to “sell my house fast Philadelphia” would be to relieve yourself of the unwanted inherited property. Please call us at 215-359-6090 to discuss the market value of the property and the possible options for selling your unwanted inherited property. Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of fair market value; that way, you’re not shocked when you hear the price. Remember that cash buyers with quick closings will probably offer you less than average market value because they save you a lot of real estate fees and commissions in the long run and will often pay for the closing costs.

You Could Give The Property Away

Since you didn’t buy and don’t want it, you could give the property to a charity or the municipality in which it lies. Contact the future recipient for their donation process. You could also provide the property to one of your family members, friends, or children. You may still have to go through probate locally to take full ownership to donate or give the property as a gift.

No Matter Your Decision

Whatever you decide to do with the inherited property, just do your research. There are plenty of different options to choose from. Make sure you get the most money for the home instead of letting the home just go. Some people’s first step is usually talking with a lawyer. If you want to save time and money, contact us first. Buying Property 215 is equipped to help homeowners sell an inherited home. They have helped plenty of homeowners sell a property through probate. They are willing to take the time out and go down to city hall and help you probate the estate. Doing it as often as they have, they want to ensure homeowners get things done. Everyone can sell an inherited property without an expensive lawyer. If you own an inherited home in Philadelphia Pennsylvania, and are looking to sell house fast, contact us, the home buying experts.

Give Buying Property 215 a call at 215-359-6090 or send us a message to discuss what to do with your unwanted inherited property.

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