Dealing with the loss of a family member can be a challenge, especially when it involves a parent or close relative. Learning how to move forward without them is something many people find difficult to process. Sorting through your loved one’s belongings and possessions only magnifies these feelings. For some people, it’s easier to just get rid of the personal items that remind them of the loss. For others, letting go of anything is hard to do. When it comes to inheriting a property or something of significant value, beneficiaries are forced to make one of two choices: sell the inherited item for financial gain or keep it.
The unexpected possession of a home can leave many new homeowners overwhelmed. Understanding inheritance taxes and deciding whether to sell or keep the house can be a lot to consider in a short amount of time. If you’re currently in possession of the inherited property and unsure of what to do with it, here are four actions that you need to consider.
1. Securing the Home is Key
After you’ve received access to the property, your first priority needs to be to get the property re-keyed. You’ll never really know who might have had access to the property over the past few years. Friends, neighbors, dog-sitters, medical providers or other relatives could have been given a key at some point in time. Even resetting alarm codes and other security devices will help you avoid break-ins or harmless attempts to enter by those who weren’t aware of the passing. The only way to control who has access to the property is to have a locksmith professionally re-key the locks.
2. Start at the Top
After inheriting a property in Phoenix, one of the first things that you need to check out is the roof. If your relative was older, it is more likely that they did not get on a ladder to inspect the roof themselves, so it may have been several years since it was examined. Although it doesn’t rain a lot in the desert, the extreme heat of the Arizona summer does its fair share of damage. Because of the hot temperatures, some roofs just aren’t prepared to withstand monsoon season when it arrives.
When preparing to get your roof inspected, it’s important to remember there are external and internal elements of a roof. Aside from problems with coverage or drainage, there can be safety concerns within the roof structures or attic spaces with little or no evidence. If the property has been vacant for some time, the air has been unable to properly circulate throughout the home. Stagnant air is a great host for bacteria and viruses. In order to protect your inherited property from potential risks or extensive costs down the road, have the home inspected by a licensed professional before selling, renting or moving in.
3. Avoid Shocking Damages
When considering the first things you should do with an inherited property, getting the electrical panel inspected shouldn’t be a shocker to you. There are plenty of homes in Phoenix that haven’t been properly maintained or upgraded to meet current safety standards. This tends to include outdated electrical panels that pose fire dangers for residents of the property and neighbors.
When dealing with a house that is unfamiliar to you, it’s always best to consult a home expert who knows what to look for and how to address household hazards. While the previous owner might have gotten by with what they had, one spark can result in everything going up in smoke. Once the home is officially yours, hiring a licensed electrician to update your electrical panel should be one of the first things on your to-do list.
4. Schedule a Home Inspection
At Hunter Home Inspections, we have a broad knowledge of residential construction. Our home inspection services not only examine the roof and electrical systems but also look at the status of the plumbing system, HVAC equipment, large appliances, and the general condition of the structure.
A professional home inspector can give you a better understanding of the repairs your inherited property needs immediately as well as future expenses. Knowing the true condition of the property will help you decide whether to move in, rent or sell it.
Enjoy Your Inheritance With Peace of Mind
There are a lot of things that can go through a beneficiary’s mind when they take possession of a home. Aside from dealing with the loss itself, figuring out what to do with a newly acquired property can be overwhelming for everyone involved. It’s never a bad idea to wait before making big decisions like taking action on an inherited house. Take the time to seek out the right guidance so you know what to expect moving forward. We hope we’ve at least been able to provide you with enough information to know where to begin.
