Inheriting a home? The following tips will help you decide what steps to take next.
First, you’ll want to decide what you want to do with the property, which you may delay until you’re done with some due diligence. Will you 1) live there, 2) sell it, 3) rent it out, 4) tear it down?
Second, you need to have an attorney do a title search for you to make sure you totally understand how it’s held (and who) and how you want it to be held after title has been transferred to you, your business or your retirement plan.
Third, while the attorney is doing title research, be sure there are no liens or mortgages against the property. You won’t want any surprises if you decide to sell the property.
Fourth, get a contractor to take a look at the property to see if there are any repairs which might need to be made immediately, especially if they are safety related. You might also want to engage a REALTOR at this point as well to help with a punch list for renting or selling.
Fifth, if you’re already doing some repairs, this is the time to do some updating whether it’s for yourself, selling or renting. Don’t forget the curb appeal either. Many times, landscaping gets ignored and really should be cut back, ripped out and replaced.
Sixth, ask the contractor and REALTOR about updating the property, no matter what you’re going to do with it. It’s the perfect time to look at new appliances, door hardware, or plumbing fixtures.
Seventh, if you don’t already know your neighbors, get to know them by introducing yourself. Get information about local property values, taxes, and potential road construction. It will make you a better owner, seller or landlord.
Last, when you’re getting rid of stuff, check in the crawl space, attic, and other hidden areas. You may have a hidden Picasso behind that photo of Grandma.
By Michael S. Hickman
Keller Williams Realty Community Partners
Mike@kwHickman.com
(404) 444-3446
http://kwHickman.com
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