Pros and Cons of Inheriting Property in Pittsburgh
Losing a loved one is a difficult thing that everyone experiences. The most common two ways to inherit property are through an estate, will, or probate.
A lot more people walk into this situation every day than you think! Believe it or not, a very high percentage of people who inherit a home or a property immediately seek options to sell it.
What do most people do who inherit a home in Pittsburgh?
- sell it directly to a cash buyer
- put it on the market with a Realtor
- sell/give it directly to a family member
- keep it and let it sit vacant, and change his/her mind to sell
- keep it and lease it to a tenant
Let’s discuss the pros and cons of inheriting a home in Pittsburgh, PA.
- chance of having high to full equity
- depreciation tax savings
- opportunity to take a loan and leverage funds to renovate, or invest in additional assets
- might be an existing rental property or be a good fit for one
- can be used as your vacation home or vacation rental
- option to move into the home and use as primary residence
- inheritance tax
- burden of cleaning an entire house out and removing all furnishings
- double real estate tax (if you own your residence too)
- property might need costly repairs, upgrades, and updates
- chance of low equity/high debt; you might be stuck paying the mortgage (2 mortgages or more if you additional properties)
- property might be far from where you reside, and difficult to maintain and keep secured
- expenses may be tied to the inheritance, such as medical and credit card bills
- property may not be located in a strong rental market
- property might not be worth enough money to keep
- unexpected HOA fees and special assessments
If you inherited an unwanted home located in Pittsburgh, PA, please get in touch with us at PGH Property Buyer. We have a 100% satisfaction rate with sellers, and we will make you a FAIR CA$H OFFER! Make no repairs, leave items behind of any size, pay ZERO closing costs or Realtor fees, and get paid FAST.
Contact: Liz@PGHPropertyBuyer.com or 412-530-5510 or use our Contact Form Here.