Deciding whether to keep or sell a parent’s house is very difficult. There are emotional sentiments attached to the house, and there are also challenges associated with selling a property. You must repair the damages, clean everything, hire an agent, and whatnot.
The good news is that there are house-buying companies that are there to save you the trouble. For instance, a Kansas City cash buyer company, HouseMax, states that they will buy house in Kansas City for cash no matter what condition the property is in. So you don’t need to do anything.
However, before you decide to keep or sell your parent’s house, let’s discuss the pros and cons of both in detail. Let’s get started!
Keeping a Parent’s House: Pros & Cons
One of the biggest reasons why you might want to keep a parent’s house is sentimental attachment. Holding onto the family home will preserve the cherished memories of you and your parents.
It will also create stability for your family. The environment and layout will be very familiar, so your family can move into the house and enjoy a peaceful life. Or, if you don’t plan to use the house yourself, keeping it can offer rental income potential.
You can put it up for rent immediately or sometime later when you need extra cash. This will generate a passive income stream that you can keep yourself or transfer to your parents’ account if they are living in senior care.
The house will also serve as a future inheritance for the next generation. However, keeping the house isn’t all rainbows and butterflies.
You will have to pay for maintenance costs. Whether it is an unexpected repair or property tax obligation, the house will take away a little chunk of your bank balance every month. And if the house is far away from your residence, looking after it can become a major hurdle.
What’s more, the property value keeps on fluctuating based on the market conditions. So, you might not receive a higher quote than what you might be receiving now. It’s risky to keep the house – especially if it’s not being used.
Tying up financial resources in the property may limit other investment opportunities. You can use the cash to start a business or buy more properties.
Selling a Parent’s House: Pros & Cons
At times, keeping your parent’s house prolongs the emotional ties. It reminds you of the past and drowns you in sadness. This can make it difficult to move forward and let go of the property in the future.
Selling it is the best way to get emotional closure. This decision also creates financial liquidity for you. Immediate access to funds can help pay off debts and senior care expenses or even start a new, profitable venture.
Selling allows you to capitalize on favorable market conditions and current property values. You don’t have to wait for years.
On the other hand, if you want to sell the inherited property, the decision might not be easy. Other siblings and heirs may have differing opinions. They might want to keep it, which can create conflicts.
Selling the property also involves a lot of hurdles. From staging the home to negotiating the price, the process can take weeks or months to complete. If you’re a busy working adult, this is something you can’t do without hiring professionals to do it for you.
Both options have their pros and cons. The final decision depends on whether you’re emotionally strong enough to let go of the house and can afford to maintain the property. Good luck!