Inherited property in Detroit is an interesting topic and we get endless questions about it daily! A very common item that is inherited and often unwanted is real estate property. When relatives or close friends pass on, they will their property holdings to their next of kin or people who meant a lot to them. This leaves you responsible for upkeep, landlord duties, property taxes and insurance. What now? How do you deal with inherited property?
You May Need To Go Through Probate
First of all the property will most likely have to go through a probate process depending on how it is currently deeded. Check into the local and state laws regarding the inherited property. If you have already completed probate you may have to do an additional probate in the county or state the property is located, especially if it differs from where you live in order to have full legal rights to the property. For more information regarding these laws, contact Detroit Fair Offer at (313)647-8806 to discuss potential probate for your unwanted inherited property in Detroit, MI.
You Could Rent It Out
If you inherit a single family or multi-family residential property and you don’t want to live there, consider renting out the property. This could be a decent addition to your bottom line. You might have to make a few repairs to make it rentable but over a short amount of time it will be a really good investment since you didn’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 in place; even better! This will save you the trouble of fixing it up and finding new tenants.
If you inherit commercial property and you don’t own a business or don’t plan on starting a business you could also rent this property out! There are plenty of business owners in Detroit 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. There is a lot of responsibility that falls on the landlord’s shoulders; broken major 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 Sell The Property
If you don’t want to live in the property then selling it would be another option of what to do with your unwanted inherited property. Please call us at (313)647-8806 to discuss the market value of the property and the possible options of 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 what fair market value is, that way you’re not shocked when you hear the price. Keep in mind, cash buyers with quick closings will probably offer you a bit 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 it and you 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 give the property to one of your family members or friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property as a gift.