{"id":8368,"date":"2016-07-22T08:30:44","date_gmt":"2016-07-22T15:30:44","guid":{"rendered":"http:\/\/add-vodka.com\/?p=8368"},"modified":"2016-07-22T08:31:43","modified_gmt":"2016-07-22T15:31:43","slug":"options-inherit-house","status":"publish","type":"post","link":"https:\/\/add-vodka.com\/options-inherit-house\/","title":{"rendered":"What Are Your Options if You Inherit a House?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><img decoding=\"async\" class=\"size-large wp-image-5618 aligncenter\" src=\"http:\/\/add-vodka.com\/wp-content\/uploads\/2011\/12\/Beautiful-Home-Port-Huron-Michigan-1024x728.jpg\" alt=\"paying off mortgage, rent payments are forever\" width=\"625\" height=\"444\" \/>For most people, their most valuable asset is their house, and it\u2019ll often be left to their children or grandchildren. While this is a lovely gift from your deceased relatives, it can leave many people wondering what to do with the place. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Luckily, there are lots of options available depending on your finances, your emotional attachment to the house, and your future plans. Here are some things you should consider doing when you\u2019ve inherited a house:<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Get financial advice<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Rules on inheritance tax vary from country to county, and if you\u2019re sharing your inheritance with siblings or other relatives, then things can get more complex. Property is part of a deceased person\u2019s estate, so there may well be debts to pay, and it is worth getting some independent financial advice to discuss the tax implications if you were to sell versus keeping it as a second property. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">There may also be a remaining mortgage on the property, so you may inherit the responsibility for payments. If this is going to cause you financial difficulties, then it\u2019s worth speaking to Citizens Advice or seeking legal help.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Moving into the property<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">If you have a strong, emotional attachment to the property, then it might be a natural choice to move into the property. If the home was owned outright by the deceased, then you may be mortgage-free, but if it was part-mortgaged, then you may need to apply for your own mortgage for the percentage not yet paid. Another thing is to consider is whether you\u2019ll be selling your old home. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If you have two homes because you\u2019ve inherited one, you\u2019ll need to let HMRC know within two years which one is your \u2018main residence\u2019, if you sell the one that is the extra, you may have to pay capital gains tax. <\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Sell up<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">One of the most popular options is to simply sell the property, as this can mean a cash lump sum, plus less hassle having to deal with upkeep. Again, you\u2019ll need to consider things like capital gains tax, estate agent fees, and other expenses. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Some people use services such as <a href=\"https:\/\/www.quickmovenow.com\/\"><span class=\"s2\">Quick Move Now<\/span><\/a> to sell an inherited home, as it means they\u2019ll get a quick cash sale without fees. Whichever way you sell, if the estate is worth over a certain amount, currently \u00a3325,000 in the UK, then inheritance tax will also be payable.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Rent it out<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">If the property is owned outright, then renting it out could be a good money maker in the long term, and it gives you time to consider your options. Rents are getting higher in many places, but it\u2019s worth noting that landlords now pay more tax due to changes in the 2015 budget. You\u2019ll have to pay taxes on your annual turnover, and if you have months where the property is empty, then this means no income. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">It\u2019s important to do your research and ensure you\u2019re actually making a profit each month, and don\u2019t forget to keep money aside for landlord insurance, repairs, and other expenses.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If you\u2019ve recently inherited a property, make sure you make the most of this wonderful gift by getting proper financial advice. It\u2019s worth considering all your options before you commit to anything, and you\u2019ll need to ensure that you find out which taxes you\u2019re liable to pay. However, whether you take the short term option and sell the house, or decide to rent it out for a long term income, you could potentially make a lot of money from your relative\u2019s home. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For most people, their most valuable asset is their house, and it\u2019ll often be left to their children or grandchildren. While this is a lovely gift from your deceased relatives, it can leave many people wondering what to do with the place. Luckily, there are lots of options available depending on your finances, your emotional &hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[240],"tags":[227,349],"class_list":["post-8368","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-house","tag-inherit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Are Your Options if You Inherit a House? - PF Simplified<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/add-vodka.com\/options-inherit-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Are Your Options if You Inherit a House? - PF Simplified\" \/>\n<meta property=\"og:description\" content=\"For most people, their most valuable asset is their house, and it\u2019ll often be left to their children or grandchildren. While this is a lovely gift from your deceased relatives, it can leave many people wondering what to do with the place. Luckily, there are lots of options available depending on your finances, your emotional &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/add-vodka.com\/options-inherit-house\/\" \/>\n<meta property=\"og:site_name\" content=\"PF Simplified\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-22T15:30:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-07-22T15:31:43+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/add-vodka.com\/wp-content\/uploads\/2011\/12\/Beautiful-Home-Port-Huron-Michigan-1024x728.jpg\" \/>\n<meta name=\"author\" content=\"Aaron\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aaron\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/add-vodka.com\/options-inherit-house\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/add-vodka.com\/options-inherit-house\/\"},\"author\":{\"name\":\"Aaron\",\"@id\":\"https:\/\/add-vodka.com\/#\/schema\/person\/71b99a90dd1c89201d7af08e80c932ca\"},\"headline\":\"What Are Your Options if You Inherit a House?\",\"datePublished\":\"2016-07-22T15:30:44+00:00\",\"dateModified\":\"2016-07-22T15:31:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/add-vodka.com\/options-inherit-house\/\"},\"wordCount\":614,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/add-vodka.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/add-vodka.com\/options-inherit-house\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/add-vodka.com\/wp-content\/uploads\/2011\/12\/Beautiful-Home-Port-Huron-Michigan-1024x728.jpg\",\"keywords\":[\"house\",\"inherit\"],\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/add-vodka.com\/options-inherit-house\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/add-vodka.com\/options-inherit-house\/\",\"url\":\"https:\/\/add-vodka.com\/options-inherit-house\/\",\"name\":\"What Are Your Options if You Inherit a House? 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