You have inherited a house, in truth, however, it is less than exciting. In reality, you have inherited both expenses and the house. All too often, well-intentioned family members leave their property to beneficiaries who already struggle to pay for their monthly expenses. For these homes to be transformed into desirable properties, they often require a lot of upfront cash flow for rehabilitation.
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There might be a sentimental attachment to a property that you do not intend to reside in, but you still feel a connection to it. While it is understandable, the value of sentimentality doesn’t pay the very real expense of carrying the cost of an inherited house. This often leads to the decision to sell the property. Whatever you decide is best for you, don’t delay in the property care. Start by managing your inheritance and locating contact and payment details for existing expenses.
We’ve gathered a list of typical monthly payments to help you with a starting point. Read on to learn about all of the costs of holding onto an inherited house in Savannah.
Mortgage (Assumption)
You can assume (take over the responsibility for) the mortgage if you hold onto an inherited house in Georgia. Be aware that the wording of the original contract may determine your ability to assume the mortgage. If they had a reverse mortgage, you will be required to pay the loan off to keep the property.
Taxes
Taxes will still be due on the property when you hold onto an inherited house in Savannah. These tax payments may or may not be a part of your monthly mortgage payment. Annual property taxes will always be due, even if the mortgage is free and clear. That cost will likely rise, and tax collectors reassess the rate at the current market value.
Utilities
Something to be aware of when it comes to paying utility bills, at the very least you will want to keep the payments timely, otherwise, they would become a lien on the property and be taken out of the profits when sold.
Maintenance in Savannah
If you’re considering maintaining ownership of the property, it is advisable to get a professional inspection done to fully determine the condition of the property. Depending on the amount of time that the house has possibly been vacant and the state of repair the property is in, holding onto an inherited house in Savannah could become extremely expensive to maintain. Monthly expenses for repairs on older properties can easily equal or exceed mortgage payments.
Insurance
Depending on the remaining amount of any mortgage, you may be responsible for mortgage insurance in addition to property insurance while holding onto an inherited property in Savannah.
Yard and Landscaping in Georgia
It’s easy to guess which properties are vacant. The yard becomes visibly unmanaged and overgrown, adding to the distressed appearance. Unless you have time to spare, you will need to ensure that the yard is appropriately maintained when holding onto an inherited house in Savannah.
Holding onto an inherited property in Savannah will cost you money unless you have a plan for it. When you’re ready, 32Homes LLC can offer you a great price. We can handle everything for you if you can’t handle going through the possessions of your loved one to clean out the property. Leave everything in place or take what you wish, 32Homes LLC will handle everything else. Call 32Homes LLC at (912) 421-9907 or send us a message today!