Fiction: Inheriting a house is always a financial gain.
Fact: Unfortunately, inheriting a home may not be the financial windfall you imagine. Before you decide what to do with inherited real estate, it’s essential to ask yourself a few key questions. Is there a mortgage on the property, and if so, how will it be paid off? If you’d like to keep the property, how will it be used and how much will it cost to maintain? If you’d prefer to sell or rent, is the local real estate market favorable? Finally, what are the tax implications if you sell, live in, or rent out the property? Deciding what to do with inherited real estate is often stressful, but working with a team of experienced financial, legal, and real estate professionals can help simplify the process.
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