Are you Inheriting a House That is Paid Off?
Here are a few things to consider in their order of Highest Expense first when you inherit a house:
You will simply not get away with avoiding property taxes. If you don’t get them paid, someone else will and they may very likely want to take over ownership of the house after a certain period of time. Be careful you don’t overlook these! Most residential properties will average between a hundred/few-hundred up to $600, $800 or more per month. These are typically due every HALF year (March/September..or thereabouts). If the taxes are SOLD at the county’s annual tax sale, interest begins to accrue (build-up) and can easily get out of hand. If property taxes weren’t enough, we have insurance to worry about and pay!
“I inherited a house now what?” – I buy houses, nationwide, and close deals quickly and privately. If you are inheriting a house that is paid off and would rather not paid these costly holding-costs, please reach me on the main page: Sell House In a Week
2. Property / HAZARD Insurance.
Insurance won’t be as big as an expense as Property Taxes, but could still run you several hundred dollars per year! If your property is not cheap to insure or your insurance agent tells you it’s un-insurable, I’ll buy your property in it’s AS-IS condition. If you are hanging on the the house and don’t have insurance on it, you’re taking a huge gamble that vandals or others won’t break in and steal all of the copper pipes, electrical wire, Furnace/Air Conditioner unit.
3. Upkeep/lawn maintenance
If you can’t or won’t be mowing and trimming the yard, the neighbors might (just to keep their own property looking better) and if they don’t, the CITY CODE usually calls for them to come in and mow it for you. They charge a pretty HEFTY FEE for doing so, which can range upwards of $150 to $200 for EACH MOW/Trim they perform. These fees add-up quickly and if not paid timely, can become a LIEN attached to the property.
I buy houses in their AS-IS condition and can pay top dollar with NO commissions, NO hassles, NO showings and even deal with the City, pissed-off neighbors, you name it! Click my front page to get a FAST, FAIR NO-Obligation Offer, so you can sell inherited house: Sell House in a Week