The death of a close family member or a friend is a lot to deal with. Add a property that is willed to you and it may create a huge burden during an already difficult time. The responsibilities that come along with this gift can be extremely overwhelming, especially if it is an older property in a state of disrepair. We know that people have the best intentions when they will a family member property, but you don’t have to feel guilty if it doesn’t seem like a great gift. If you have inherited property, here is some important information you need to know about inheriting a house in Kansas City
Financial Responsibility
One thing you should know about inheriting a house in Kansas City is that the recipient of an inheritance of real estate is financially responsible for the property. This includes any outstanding debts attached to the property, including liens. Additionally, you are now responsible for all upkeep. If the property is an investment for rental income you may now also be taking on the duties of being a landlord, which brings along more responsibilities and demands on your time. You will also owe property taxes and possible homeowner’s or property owner’s association fees. Often these associations have strict guidelines that must be adhered to regarding the maintenance and appearance of the property.
Repairs
The frequency and expense of repairs begin to increase at a quicker pace as homes age. This in turn increases the risks and expenses involved with inheriting a house in Kansas City that is not new or in pristine condition. Whether your intent is to live in the property or list the property, you should take steps to educate yourself on the condition of the home from the foundation to the top of the roof. You will want to save yourself from catastrophe by investing in hiring a professional inspector to fully understand the task that lay ahead. It is highly recommended that you contact at least three professionals for each type of repair. Keeping in mind the costs of holding a property continue despite the status of the repairs, be certain to get estimates of both the time frame and total overall cost involved.
Clearing Personal Property
Regrettably, you will need to either remove all of the personal property of the deceased from the property yourself or hire professionals. Depending on the condition of the property, and the tendencies of your benefactor, this could literally mean going through mountains of clutter and decades of belongings. Delaying the process to avoid painful memories can be extremely costly, delaying repairs on the property lowers the value as it continues to deteriorate.
Taxation
Real estate is one of the most common items passed on and there are tax implications. Everyone should have at least general knowledge about inheriting a house in Kansas City . Under the Unified Gift and Estate Tax system, estate tax is based on the value of property transferred through inheritance, which is calculated based on specific guidelines and includes possible deductions. While often no federal estate tax is owed as the beneficiary, this is not always the case. Every American currently is allowed to inherit up to 11.18 million. You will also want to be certain to investigate gift tax as well. Additionally, there are several states which do have estate taxes, so familiarizing yourself with these laws may be helpful in the future.
For many, holding onto an inheritance of real property is much too time-consuming or simply not financially possible. There is a simple and quick solution that will easily eliminate any concerns about inheriting a house in Kansas City . Working with Mastiff Home Buyers means total convenience, with no showings or open houses. Just pack what you want and leave the rest behind. Mastiff Home Buyers will help you with the paperwork and make the entire process easy, explaining every step along the way. The price Mastiff Home Buyers offers is what you will receive at closing. Just send us a message or call Mastiff Home Buyers at 816-535-0076 to discuss the market value of the property and the possible options of selling your unwanted inherited property.