Did you know that Americans are set to inherit over $68 trillion from their baby boomer parents?
With billions of properties being passed down every year, there are a few things you should keep in mind to make the transition seamless.
While you may think that inheriting assets can be complicated and difficult to manage, there are services available to help you. That’s why it’s so important to be well-prepared and know exactly what to do when you inherit any property in Florida.
If you find yourself with a property inheritance and you want to learn how to manage it, you’re in the right place. Read on for more information on what to do if you inherit property.
Handle the Admin First
When you inherit a home, there is often quite a bit of admin that comes along with it. Although there is no inheritance tax in Florida, you would still need to transfer the home onto your name along with all the liabilities the home comes with.
Everything that was registered to the previous owner will need to be transferred to your name. This includes the utility bills, insurance, and even the mortgage if the home comes with one. This would also be the time to settle any debt or taxes owed on the home.
Get a Home Inspection
The only way to truly understand the value of the property is to have it professionally evaluated. This kind of inspection will evaluate your entire property to highlight areas that may need essential repairs.
This kind of inspection will also let you know how much the property is worth. This value is incredibly useful as it will help you decide what you want to do with the property.
Create a Short-Term Plan
After the admin is done and the home is officially yours, you should spend some time making a short-term plan for the property. This is the time when you would decide if you wanted to move into the home or find a tenant to rent the home.
You can also make financial decisions regarding the home. If the home doesn’t have a mortgage but you would like to access the equity in the home, you can fund the repairs by refinancing the inherited property.
The other option you have is to sell the home. If you want to sell the inherited property, consider doing all the essential repairs around the home to maximize the home’s selling price.
Consider Hiring a Property Management Company
Property management companies can help you maintain and manage your inherited property. While you may think that finding tenants and maintaining a rental property is expensive and time-consuming, property management companies help take this off your plate.
Manage Your Property Inheritance
Did you inherit a property in Florida and don’t know what to do? Luckily, property management companies are here to help. From helping you with taxes to finding and screening tenants, property management companies can help you every step of the way.
If you have any questions or want to learn more about how we can help you manage your property inheritance, feel free to contact us today.