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.

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.