It is not uncommon for our generation to inherit a family home. Our parents (and grandparents) lived through the golden years of American economic prosperity. Real estate was relatively cheap, mortgage payments were a fair percentage of a family’s income, and job security meant they could comfortably pay off the mortgage and retire with financial freedom.
Years ago, when I became the beneficiary of my family’s estate, it came as a timely injection of cash which helped my family reduce our monthly bills significantly. For me, taking cash for my inherited house was the best option. It was almost like my parents had passed the financial security which they built through the years on to us. It was a gift that helped us to shape our home life in comfort, with lower mortgage payments and more money to spend on us. It gave us the freedom to spend time and money on the things we wanted to do as a family.
Taking cash for my inherited house eased the burden of our own financial situation, and was the perfect solution for our needs. Are you in the process of inheriting a family house? Here are the options which are available to you, and my reasons why accepting cash for my inherited house was perfect for us.
Move into the Inherited House
The first option you should consider when is whether you should move in. This, of course, depends on the size of the home and the location, and more importantly the size of your family and whether the house meets the requirements for your current and future plans.
Taking cash for my inherited house was the most sensible option for us. While my parents’ home was large enough to comfortably accommodate my family (with room to grow!), it practically didn’t work. My family home was in a different state to the one where we lived, and so the upheaval from school, the change of jobs, starting over with new friends, this is not the path to financial freedom that we had in mind. Taking cash for my inherited house and injecting the funds into our own finances made much more sense.
Rent the Inherited House
If, like me, moving into the house simply isn’t an option, a good solution is to rent the house out. This can become a nice cottage industry, where you can almost guarantee a certain amount of extra money to come into your finances every month. This can be a fantastic way to give your finances some relief and allow you to plan for a future with a buoyed monthly income.
I considered renting my family home out, but after considering it further, I decided cash for my inherited house was a better option. Overlooking all the pains and headaches of being a landlord (which, apparently, are tiresome and frequent), when we looked at the finances we decided we were better off cutting our current monthly bills rather than raising our monthly income. Lower bills mean financial freedom. We didn’t want to stack more money onto a pile, we just wanted to live in financial comfort, which is why we took cash for my inherited house instead.
Sell the Inherited House
This was the best option for me when I came to sell my inherited home. There are various options you can pursue if you choose to sell the house, however, after discovering the time and cost of repairs and renovations in order to get the house into a saleable condition, I decided that taking cash for my inherited house was the best option. It meant I could get the injection of cash into my family finances straight away, and meant the dream of low bills and financial freedom was achieved in just over a week.
It was taking cash for my inherited house which changed my life and set me on a new path in a new industry. This was my first experience into the inner workings of the real estate industry, and now, with 30 years of industry experience, I help people who were in the same position as me to elevate themselves to the next stage of their life with fair cash offers for homes.
JMS Home Buyers operate throughout the Charlotte, NC area and into South Carolina; serving customers in Rock Hill, Fort Mill, and Clover. Contact us today for a relaxed, informal discussion of the processes of taking cash for your inherited house, and decide whether it is what is the step that you should take for your family’s future. 704-750-0787 or firstname.lastname@example.org