Inherited a Home? What Should You Do Next?
Inheriting a home can leave you with important decisions to make before you know whether selling, keeping or renting the property is the right choice.
You may be dealing with family members, a Trust, probate, an empty property, deferred maintenance, an existing mortgage or simply the question of what the home is worth.
You don't have to make all of those decisions at once.
First, Understand What You Have
Before deciding what to do with an inherited home, it can help to understand the property, its potential value and the circumstances surrounding ownership.
An inherited property may be a traditional family home, a rental, a rural property, a ranch, acreage, a vacation property or a home that needs significant work.
The best next step depends on the property and your particular situation.
Which Situation Sounds Most Like Yours?
Understanding the circumstances surrounding the property can help determine which questions need to be answered first.
The Home Is in a Trust
If the property is owned by a Trust, the Trust documents, trustees and ownership circumstances may affect how the property can be handled.
Trust Property →The Estate Is Going Through Probate
Probate property sales can involve procedures and requirements that differ from a typical residential sale.
Probate Sales →The Home Needs Repairs
An inherited home doesn't necessarily need to be completely renovated before it can be considered for sale.
Selling As-Is →You Don't Know What It's Worth
Understanding the property's potential market value can provide an important starting point for your decisions.
Home Value →Family Members Are Involved
Multiple heirs or family members may have different goals for the property and the timing of a potential sale.
Discuss Your Situation →You're Considering Keeping It
Selling isn't the only option. You may be considering keeping the property, renting it or making another decision.
Talk Through Options →What Should You Do After Inheriting a Home?
You don't have to solve everything immediately. Start by understanding the property and identifying which questions apply to your situation.
Identify the Ownership
Determine whether the property is individually owned, part of an estate or held in a Trust.
Understand the Property
Look at the home's condition, location, improvements, land and other characteristics.
Determine Potential Value
Get a better understanding of what the property may be worth in the current market.
Decide What Comes Next
Consider selling, keeping, renting or another option based on your circumstances.
What Is the Inherited Home Worth?
Understanding the property's potential market value can help you evaluate your options.
The value of an inherited home can depend on location, condition, improvements, lot size, acreage, comparable sales, buyer demand and other property-specific characteristics.
An online estimate can provide a general starting point, but it may not account for everything that makes the property unique.
Do I Have to Sell an Inherited Home?
No. Depending on your circumstances, you may consider selling, keeping the property, renting it or making another decision.
If you are considering selling, understanding the property's potential value and the costs and responsibilities associated with keeping it can help you compare your options.
If legal, tax, estate or Trust questions arise, those questions should be directed to the appropriate qualified professional.
You May Not Need to Fix Everything Before Selling
Inherited homes are sometimes older, vacant, outdated or in need of deferred maintenance. That doesn't automatically mean you need to undertake a major renovation.
Minor Updates
Some properties may benefit from cleaning, maintenance, paint or small improvements.
Major Repairs
Homes with significant deferred maintenance require a different evaluation of cost, timing and marketability.
Sell As-Is
In some circumstances, selling the property in its current condition may make more sense than completing extensive work.
Learn About As-Is Sales →When an Inherited Property Isn't a Simple Sale
Elizabeth "Libby" Castillou has been helping Central Valley clients buy and sell real estate since 1997.
Her experience includes traditional residential transactions as well as property sales involving Trusts, probate, rural properties, land, investment properties and other situations where the circumstances surrounding the property matter.
When an inherited property involves legal, tax or estate questions, Libby's role is to provide real estate guidance and coordinate with the appropriate professionals when needed.
This page provides general real estate information and is not legal, tax or estate-planning advice.
Questions to Consider When You Inherit a Home
Explore the Next Step
These seller resources can help you explore the questions that may apply to your inherited property.
Frequently Asked Questions About Selling an Inherited Home
Common questions Central Valley homeowners and families may have after inheriting a property.
What should I do first after inheriting a house?
Start by understanding how the property is owned, whether a Trust or probate is involved, the property's condition and its potential market value. The appropriate next step depends on the circumstances.
Do I have to sell an inherited house?
Not necessarily. Depending on the circumstances, an inherited property may potentially be sold, kept, rented or handled in another way.
How do I find out what an inherited house is worth?
A local property valuation can provide a useful starting point by considering location, condition, improvements, comparable properties, land characteristics and current market conditions.
Can I sell an inherited house as-is?
Depending on the circumstances, an inherited home may be marketed and sold in its existing condition. The property's condition, pricing, disclosures and buyer expectations should be considered.
What if the inherited house is in a Trust?
A Trust-owned property may involve additional documentation and coordination. The Trust documents, trustees, title and circumstances of the property can affect the process.
What if the inherited house is going through probate?
A probate property sale may involve procedures and requirements that differ from a traditional residential transaction. The appropriate probate professionals should be consulted regarding legal and court requirements.
Should I repair an inherited house before selling it?
Not necessarily. Whether repairs make sense depends on the property's condition, expected costs, market, buyer demand and the seller's goals.
Can multiple heirs sell an inherited property?
The appropriate process depends on how the property is owned and the circumstances of the estate or Trust. Ownership and legal questions should be confirmed with the appropriate qualified professional.
You Don't Have to Figure It All Out at Once.
Start with the property, understand your options and decide what makes sense for you and your family.
Elizabeth "Libby" Castillou, Broker / Owner
Valley Crossings Real Estate
Central Valley Real Estate Experience Since 1997