Congratulations, you have inherited a home along with your siblings or cousins. What do you want to do with the house? Is it a place that is memorable to you? Or is the home more of a nuisance? There are many options for keeping your investment.
Ways to Split an Inherited Home
When multiple people inherit a home, you may not know where to start. Who lives in the house? Should you sell the home? Do you split the rent on the home? Here are some ideas for options:
· Keep the Home in the Family: If the property is a family cabin or a vacation spot, you may want to keep the home in the family and split maintenance costs. Perhaps you can trade off weeks of the year when you and your family members have access to the property.
· Rent It Out As an AirBnB: Use the asset as a short-term rental property. You can hire management services to take care of the property and list it available for rent on short-term rental sites.
· Sell the Home: Put the home up for sale and split the profit of the sale. This takes some work, including fixing up the property to prepare for sale. But then you can split the money and be done with sharing the inheritance.
· File a Partition Action: If you share an inheritance with family members who cannot come to an agreement, you can file a partition action. This will officially communicate that you’d like to put your part of the property up for sale. And it can even give your family member a chance to buy your portion of the home.
No matter what you decide to do with your inheritance, communicating with the shared parties is essential. First, discuss the possibilities to come to an agreement. If you cannot agree, speak with a lawyer about your next steps.
Are you the beneficiary of a home from your loved one? At Miles & Hatcher, LLP, you can learn the best options for claiming your portion of the inherited house. Let our expert advice guide you through the process. Call (909) 481-4080.