The accidental landlord might sound like something of a funny term, but it is a situation that a great many Americans find themselves in. 22% of Americans receive an inheritance from a deceased family member, and often this inheritance includes a piece of property.
What should you do if you, all of a sudden, have an inherited home on your hands? It can feel like a big and unexpected responsibility.
Property inheritance actually comes with a lot of complicated legal requirements, and you'll want to take the time to research the topic before making any major moves.
Need to know what to do with an inherited house? Read on and we'll walk you through the basics.
1. Start With Property Maintenance
If you're planning on renting out your new inherited property, you'll first want to ensure that it is up to the standards renters would be seeking out. That means taking a moment to perform a good bit of maintenance on this possibly old home.
Before any tenant moves into the property, you'll need to bring an inspector in and make sure that everything is working properly.
The home needs to be up to the standards of the laws in your area, meeting all zoning and fire laws, for example. Reading up on the requirements in Oxford can give you a sense of where you currently stand.
You also might want to take this opportunity to perform other work on the property that is less essential but still important.
Upgrades to the kitchen, bedrooms, and bathrooms can help tenants to feel more comfortable or excited about renting from you.
2. Get Landlord's Insurance
When your family left you the home, they probably had their own homeowner's insurance policy to go with it. If you're planning on renting the home out to tenants, this policy isn't going to do you much good.
Instead, you'll want to take out a landlord's insurance policy, which will cover you and the home in a different manner. Once you're renting a home, the property is seen as more of a business investment.
Having an insurance policy in place to protect this investment will be quite essential to your overall success as a new landlord.
3. Stay on Top of Property Needs
Having a property thrust on you unexpectedly can be a gift and a curse. It can be a lovely source of additional income, but it can also be a huge task and require ample amounts of time.
You'll also need to budget for the repairs and the utility costs that will come with the home. You'll need to work hard to find proper tenants to help combat these costs and price the home properly to ensure you'll always have tenants interested.
Working with an Oxford property management team can be a great way to benefit from the property without having to put all your time and resources into running it.
Managing an Inherited Home
If you have an inherited home on your hands after the death of a loved one, there's a lot you'll want to get familiar with. Learning about the above needs can help give you a path forward when it comes to managing this new home.
Need immediate assistance with your new piece of property? Give us a call anytime for help.
