Although it could seem like a blessing inheriting a property in New Orleans, it’s important to be aware of the potential expenses involved. When you inherit a property, you are now responsible for all of the fees and expenses that are associated with it. Taxes, utility bills, maintenance costs, repairs, and legal fees in the event of family conflicts can all be included in this. In this article, we 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 be in charge of paying 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, which greatly raises 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 is residing in the inherited property. A build-up of high levels of humidity in a house can cause issues such as mold, mildew, and damages 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 becomes 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 to do it. 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 a significant amount of 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 single street scanning neighborhoods in search for neglected and poorly maintain 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 amongst family members may ensue. 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 to sell the property fast and distribute the proceeds to the recipients. Your property can be sold quickly and fairly through REvitalize Property Solutions LLC, closing in a matter of days, avoiding the need for mediation or going to court.
There are many other costs involved with property ownership whether you decide to keep it or sell it; these hidden costs that were discussed are just a few. For example, if you decide to list your inherited property with a real estate agent, those costs can include commissions being paid to all parties involved, associated listing fees, the cost of making repairs to the inherited property in order for the property to be presentable and desirable to buyers, and the cost of maintaining the property until it is sold. These costs will be strictly your responsibility. By selling the house right away and in its current condition, you can save money and avoid the hassle.
Sell Your House to Avoid Costs
If you wish to avoid the costs of ownership, selling the inherited property might be your best bet. However, selling a home through the traditional route entails a unique set of costs, including commissions for real estate agents, closing fees, and any maintenance, modifications, or repairs required to make the home desirable. These expenses are entirely eliminated if REvitalize Property Solutions LLC is the direct buyer.
How REvitalize Property Solutions LLC Can Help
Do you have concerns about inheriting a New Orleans property? You can get the answers you need with REvitalize Property Solutions LLC. 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. And, we keep it simple and ensure that you understand each and every step along the way. We’ll simply present you with the information you need, answer any and all questions you may have, provide resources to help determine the path that’s right for you, and let you decide in the end! Give us a call at 504-621-1729 to find out more about how we can help you to sell your inherited property fast and without any hassles or fees.