While inheriting property is usually seen as a blessing, there are times when you don’t want the responsibility for it. Real estate can be expensive, it can take up too much time, or you could already have real estate you own. Depending on the reason you don’t want to property, there are a variety of steps you can take to get rid of the property that won’t take up too much of your time and energy.
Sell it Quickly
One of the easiest and simplest ways to get rid of real estate you don’t want is to sell it and try to make the process as fast as possible. Traditional real estate sales tend to take several months, which isn’t something you may want to deal with, especially if you don’t live near your new property. On the other hand, if you sell to a cash home buying company, you could find yourself with cash in hand within a week. You can sell the property to these buyers without making repairs, dealing with lengthy negotiations, or any of the other complications, and you walk away with cash in the bank, which is a win all around for you.
Give It Away
If you inherited the property and someone else in your family could benefit from the property or has a sentimental attachment to it, you could actually just give them the property. This can be a little tricky, so it might be a good idea to talk to a real estate lawyer or the estate lawyer, but it can work out, as long as everyone is willing to work together. You could even propose a trade for something they have inherited that you have a sentimental attachment to.
Turn it into a Rental
If you just don’t want to deal with the upkeep of a new property, but you have the money to handle it, you can turn it into a rental property and create a new income stream. Having a rental property has become a great way to provide some extra cash and this gives you more time to figure out if you really do want to keep the property. You can hire a property management company to take care of finding tenants, handling contracts, and performing repairs. This is a great opportunity for you.
Don’t let the new real estate stress you out too much. Consider your financial situation and whether this is something you actually want to keep or not. Taking a step back and being aware of your options can be helpful in figuring out what is best for you.
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