After inheriting a home, there are a few things to consider regardless of whether you plan to keep, sell or lease the property.
1. Check the title.
In order to ensure that the home is transferable to you, confirm that the ownership is in the name it is intended.
2. Make sure there are no liens against the property.
You should research the home’s past to make sure that it wasn’t given as collateral against a loan and to see if any banking institutions or individuals have any claims against it. This is especially important if you plan to sell, lease, or transfer title to the property.
3. Have a licensed contractor or engineer conduct a condition report.
Make sure you know of any repairs that need to be made, not only for safety, but also to add value to the home.
4. Small things can enhance the home’s value if you are considering refurbishing or reselling your inheritance.
Simple things such as a paint job or new furniture can help the home look fresher and nicer. Landscaping is also important if you are considering reselling the home, as the exterior is the first thing people see.
5. Modernize where you can.
If you have room in your budget, make an upgrade. Little things like new doorknobs to remodeling your kitchen can make a big impact on how others see the home.