A very popular item that is inherited and frequently unwanted is real estate property. When family members or close friends pass on, they will their property holdings to their next of kin or people who meant a lot to them. This leaves you, the recipient, responsible for property upkeep, possible landlord duties, property taxes and possible homeowner’s or property owner’s association fees. What do you do with an inherited property in Sunriver or anywhere in Central Oregon?
You Probably Need To Do A Probate
Unless the estate is worth less than $200,000 for real property and $75,000 for personal property, Oregon will require probate to dispose of the estate’s assets. If the assets of the estate are in multiple states, you may have to do an additional probate in each state where property is located.
You Could Rent It For A Profit
If you inherit a single-family or multi-family residential home, and you don’t want to live there, consider renting out the property. This could be a nice addition to your bottom line. You might have to make a few repairs or upgrades to make it marketable, but over a short amount of time, it will be a really good investment since you didn’t have to make a large purchase to have this extra income stream. You might have inherited this home or multi-family property with renters in place; even better! This will save you the trouble of fixing it up and finding tenants.
If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also rent this property out! There are plenty of business owners in Central Oregon looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. These properties tend to have a pretty nice return.
Of course, being a landlord isn’t everyone’s cup of tea. There is a lot of responsibility that falls on the landlord’s shoulders; broken major appliances, roof repairs, cracking driveways, potential structural issues, annual taxes, homeowner or property owner’s association fees, finding new tenants… the list goes on.
You Could Sell The Property
If you do not want to live in or occupy the property in any way, then selling would be another option of what to do with your unwanted inherited property. Please call us at 503-383-1686 to discuss the market value of the property and the possible options of selling your unwanted inherited property. Do a little research to see what similar properties to yours are selling for before calling any real estate buyer or real estate agent. Get a good idea of what fair market value is, that way you’re not shocked when you hear the price. Keep in mind, cash buyers with quick closings will probably offer you a bit less than average market value because they save you a lot of real estate fees and commissions in the long run, and will often pay for the closing costs.
You Could Give The Property Away
Since you didn’t buy it and you don’t want it, you could give the property to a local Central Oregon charity. Contact the future recipient for their donation process. You could also give the property to one of your family members or friends, or children. You will still have to go through probate in order to take full ownership to donate or give the property as a gift.