When inheriting a property in New Orleans, knowing the potential expenses is essential. When you inherit a property, you are now responsible for all the fees and expenses associated with it. Taxes, utility bills, maintenance costs, repairs, and legal fees in case of family conflicts can all be included. This article will discuss four hidden expenses when inheriting a property.
Hidden Expense #1 – Tax Obligations
Property taxes are the first thing to take into account and consider when you are inheriting a property. You will now pay the property taxes once the inherited residence is transferred into your name. Property taxes can be fairly costly depending on where the home is located, significantly raising the overall expense of maintaining the residence. In some cases, there may be additional state inheritance taxes, estate taxes, and taxes on capital gains.
Hidden Expense #2 – Utility Bills
Utility expenses are another expense to take into account. You’ll still be responsible for paying for utilities such as water and electricity even if no one resides in the inherited property. A build-up of high humidity levels in a house can cause mold, mildew, and damage to furniture, paint, wallpaper, and flooring. So, it is best to keep the electricity on to prevent these possible issues. There are also costs associated with having utilities turned back on following an extended amount of time being off. The cost of maintaining an empty inherited home can quickly become staggering due to the mounting costs.
Hidden Expense #3 – Maintenance and Repair Costs
Additionally, houses need constant upkeep and repairs. It will continually cost time and money to maintain the property and grounds, whether you choose to do it yourself or hire someone else. Costs associated with routine maintenance, such as interior and exterior cleaning, gutter maintenance, tree trimming, and lawn care, should be considered. If the inherited property hasn’t been routinely maintained, you might have to spend significant money on costly maintenance and repairs to bring the property up to code. City code enforcement officers are often out in the field, driving up and down every street, scanning neighborhoods for neglected and poorly maintained properties. Costly fines are issued to property owners who do not meet the area requirements.
Hidden Expense #4 – Mediation Expenses
When a loved one dies, disputes and feuds among family members may ensue. The cost of mediation can quickly add up over time. You may be required to cover the costs of mediation if you have siblings or other family members who have a claim to the inherited property. One option is selling the property quickly and distributing the proceeds to the recipients. Your property can be sold quickly and fairly through REvitalize Property Solutions, closing in days, avoiding the need for mediation or going to court.
There are many other costs involved with property ownership, whether you decide to keep or sell it; these hidden costs discussed are just a few. For example, suppose you decide to list your inherited property with a real estate agent. In that case, those costs can include commissions being paid to all parties involved, associated listing fees, the cost of making repairs to the inherited property to be presentable and desirable to buyers, and maintaining the property until it is sold. These costs will be strictly your responsibility. You can save money and avoid the hassle by selling the house right away and in its current condition.
Sell Your House to Avoid Costs
To avoid ownership costs, selling the inherited property might be your best bet. However, selling a home through the traditional route entails unique costs, including commissions for real estate agents, closing fees, and any maintenance, modifications, or repairs required to make the home desirable. These expenses are eliminated if REvitalize Property Solutions is the direct buyer.
How REvitalize Property Solutions Can Help
Do you have concerns about inheriting a New Orleans property? You can get the answers you need with REvitalize Property Solutions. We recognize and understand that this can be a difficult and stressful moment in life. We will never pressure you into making a decision that isn’t best for you. We keep it simple and ensure you understand every step along the way. We’ll present you with the information you need, answer any questions, provide resources to help determine the right path for you, and let you decide in the end! Call us at 504-621-1729 to learn more about how we can help you sell your inherited property fast and without any hassles or fees.
