When you inherit real estate, you may think you’ve hit the lottery! But, there are some important questions that should be answered almost immediately to help you maximize the windfall and/or get the most out of the investment short or long-term. In this article, we’ll review some of the first things you should do when you inherit a piece of real estate.
When you inherit a property, the first thing you will want to consider are your goals for the property? That requires answering some very basic questions like:
In order to understand the implications of any decision, you’ll also need to ask some important questions to determine the property’s current and potential value. These should be at the top of the list:
The answers to all of these questions should be carefully sought with the guidance of an expert in real estate matters, such as Rachuba Real Estate Advisors. “We have helped many families who have inherited properties understand the current situation of the real estate asset as well as evaluate the potential for the property and the best options for maximizing the investment. In some cases, this may mean simply holding onto the property. In other cases, we may recommend updating the property to be more competitive and generate more income. In other cases, we have seen benefits to re-zoning and re purposing the property. Our goal is to help clients maximize their investment. This is a very different approach to using a real estate broker, whose primary goal is the sale of the property,” said Theresa Leatherbuy, President and CEO of Rachuba. Contact Rachuba Real Estate Advisors for answers to common questions on inheriting real estate assets.