Page 26 - Senior Scene Magazine December 2017

Senior Scene® | December Issue
Full Service Brokerage
Specializing in Baby Boomer/Senior Downsizing and Probate Real Estate.
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you may sell at a lower price, selling fast for Cash and for AS IS may be the better alternative for all parties.
Fix and Flip-without your money! Do you like the idea of Flipping Houses but don’t have the money to do so? Working with the right company can provide another alternative for out of the box thinking. An investor would pay for the Rehab and you would split the pro ts.
Keep the House! Sometimes, you may think it is a good idea to just keep the house. However, when you
do this, you will need to take into considerations a lot
of factors. To begin with, if the house belongs to several siblings, someone may need to buy the share of the oth- ers to keep it. So, if cash is not readily available, and you cannot get an instant loan, it will be prudent to reconsider your decision. If you decide to keep the property, you will have to make sure all siblings pay their fair share of the ongoing costs and upkeep.
Rent it out. If you and the other heirs decide to rent out the inherited house, then you will need to share the income and all the time involved in preparation, leasing, tenants and ongoing expenses. There will be repairs, va- cancies and other landlord related issues. If one sibling does not have the ready cash, then you may want to re- consider this strategy.
Seller Financing: If you have experience in “Owner Financing” this may be a viable option. You will also need
HOUSE continued on page 41
What Should You Do If You
Inherited Part of a House?
Have you inherited a house? You may be feeling blessed and happy about it. Other people may assume you that you are happy about it. This may be true, but sometimes you may feel burdened too with the new re- sponsibilities like paying taxes, maintaining your inherited house, repairs and various opinions with the other heirs. Does this sound familiar?
So, what exactly are you supposed to do if you inherit- ed the same house with your siblings? Well, there are a number of options that you can opt for, but rst you need to understand what these options are and then agree on plan of action. Does this seem easier said than done?
The key is to clearly understand your options so you can make a decision. Not making a decision will cost you more money, stress and time and can be avoided. You just went through a loss of a loved one; there is no need to continue the anguish and sorrow.
Here are some of the things which you can do to clear the air and make the necessary decisions.
Renovations -most inherited properties are in need
of repairs and renovations. This is true whether you plan on keeping it, selling it or renting it. Before you decide on renovating the whole house, it is advisable that you assess the viability of the projects. Do you have the money, de- sire and time to complete each project? If not, although
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26 | www.seniorscenemag.com | December 2017