Why It’s Okay to Sell the Family Home You’ve Inherited
Being awarded a home through probate may not feel like much of a victory. During a time of grief, the responsibility of owning a home is likely the last thing on a person’s mind, and it may be in your best interest to unburden yourself with the property. Understandably, you might be hesitant to sell a home that is filled with loving memories. And in many cases, family members are eager to voice their own ideas of what should be done with the property. We’re here to tell you that it’s perfectly fine to sell the family home that you’ve inherited. We buy homes for cash in Apopka and can always help with your inherited property.
An Empty House Is Not a Home
A vacant home can be costly to maintain, especially if it is located in another city. In order to ease your mind, you can insure the vacant property. However, these insurance plans are costly — a vacant home is more likely to be vandalized or have damage go unnoticed. Some companies even refuse to cover break-ins if the home has been vacated for longer than 30 days.
The Tax Benefits of Selling
If you do decide to sell your home, you will benefit from a “stepped-up” cost basis. Capital gains from the sale will be based on the fair market value of the home at the time of the owners passing. This ensures that you aren’t paying massive taxes on the sale of a home that appreciated in value. If you do decide to live in the home, you will have to stay for two years before a tax exclusion can apply to you. If you do wish to take advantage of these tax benefits, we buy homes fast in Apopka.
The Emotional Weight
A home that once brought great happiness can bring turmoil and stress for the loved ones of a deceased owner. A family home may be a painful reminder of past times. Additionally, conflicting ideas of what should be done with a home can tear a family apart at a time when it is already vulnerable from grief. Looking after a home, even a family home, is an incredible undertaking. There’s nothing wrong with cherishing fond memories while letting go of a property that is no longer a home. If you’re looking to sell your inherited home, you could receive a cash offer from us today.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.