Pros and Cons of Inheriting Property in Pittsburgh

Losing a loved one is a difficult thing that everyone experiences. The most common two ways to inherit property are through an estate, will, or probate.

Inherited-Home

 

A lot more people walk into this situation every day than you think! Believe it or not, a very high percentage of people who inherit a home or a property immediately seek options to sell it.

 

What do most people do who inherit a home in Pittsburgh?

  1. sell it directly to a cash buyer
  2. put it on the market with a Realtor
  3. sell/give it directly to a family member
  4. keep it and let it sit vacant, and change his/her mind to sell
  5. keep it and lease it to a tenant

Let’s discuss the pros and cons of inheriting a home in Pittsburgh, PA. 

Pros:

  • chance of having high to full equity
  • depreciation tax savings
  • opportunity to take a loan and leverage funds to renovate, or invest in additional assets
  • might be an existing rental property or be a good fit for one
  • can be used as your vacation home or vacation rental
  • option to move into the home and use as primary residence

Cons:

  • inheritance tax
  • burden of cleaning an entire house out and removing all furnishings
  • double real estate tax (if you own your residence too)
  • property might need costly repairs, upgrades, and updates
  • chance of low equity/high debt; you might be stuck paying the mortgage (2 mortgages or more if you additional properties)
  • property might be far from where you reside, and difficult to maintain and keep secured
  • expenses may be tied to the inheritance, such as medical and credit card bills
  • property may not be located in a strong rental market
  • property might not be worth enough money to keep
  • unexpected HOA fees and special assessments

If you inherited an unwanted home located in Pittsburgh, PA, please get in touch with us at PGH Property Buyer. We have a 100% satisfaction rate with sellers, and we will make you a FAIR CA$H OFFER! Make no repairs, leave items behind of any size, pay ZERO closing costs or Realtor fees, and get paid FAST.

Contact: Liz@PGHPropertyBuyer.com or 412-530-5510 or use our Contact Form Here.

 

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