My mother owns a house and I’d be fucked if I inherited it. Just the property taxes, insurance and utility bills for it come to over $30K a year which is more than I even make (before income tax) as a school bus driver. Selling it would require a lot of repairs first which I couldn’t afford. In theory you can sell the house for its book value less the cost of these repairs, but in my township you’re legally required to fix some things before a sale can even be approved (e.g. replacement of the entire sewer line out to the street). I could maybe rent it, but typical rents here would barely cover the expenses even assuming the tenant doesn’t trash the place.
My mother owns a house and I’d be fucked if I inherited it. Just the property taxes, insurance and utility bills for it come to over $30K a year which is more than I even make (before income tax) as a school bus driver. Selling it would require a lot of repairs first which I couldn’t afford. In theory you can sell the house for its book value less the cost of these repairs, but in my township you’re legally required to fix some things before a sale can even be approved (e.g. replacement of the entire sewer line out to the street). I could maybe rent it, but typical rents here would barely cover the expenses even assuming the tenant doesn’t trash the place.
I’d mortgage part of it to repair it, then sell. That way you’d walk out with the rest of the money.