Are you planning your estate? It’s a daunting enough prospect on its own, but when you add an old run down home to the mix it gets trickier. On the surface, it may seem as if any real estate inheritance is a good one, but this is definitely not the case. An older “fixer upper” can be problematic for your children and the last thing you want to bequeath them is that. If you’re on the fence about whether or not you should include the property in your estate, or if you should sell soon, keep reading.
2 Big Reasons to Not to Let Your Children Inherit Your Fixer Upper Home
1. It’s More of a Burden Than a Gift
When someone inherits a home, even a fully paid-off one, they don’t just get equity. In some common cases, an inherited home can create a burden, via the following:
- Continuation of homeowners insurance (and policy requirements)
- General home and property upkeep
- Property tax
- Capital gains tax
- Income tax (if home used as a source of revenue)
- Probate fees
- Cost of renovation and repair
- View more
This paints a different picture, doesn’t it? You see the same scenario play out on shows such as American Pickers, where collectors begin unloading their possessions in their advanced age because they know that leaving it as a part of their estate will only be a burden to their children. The same goes for an older home, and more so given that it may not have much market value for them to reap any real benefit. In the end, even a fully owned home can hurt their current quality of life and even put them in debt.
2. They May Not Know How to Sell It
You may be thinking that your kids can sell the property. But again, an old run down house is not exactly of interest in the buyers market of Winnipeg Manitoba. Recent market trends prove that buyers in Winnipeg have the pick of the litter, so a litter box of a house (excuse the blunt metaphor) won’t sell. Their only way out in such as case, would be to dump thousands of dollars in renovations into the home. Why put them in that position when you are currently in the position to sell it for a reasonable price today? How’s that you ask? Because you’re reading this.
That’s right, you can be the one to sell the home for cash at fair market value, without having to spend a single dime on repairs or renovations. How do you accomplish this? By finding a partner in 5 Day Cash Offer. With us, you get cash in hand and within the week, no matter the condition of your property. You can gift your children with the money when you see fit, or even put it in an interest bearing investment, something that they would much more prefer to inherit in the future. The options are boundless.
We know that you still have questions about how the process works. We are more than happy to answer them for you while having a friendly noncommittal conversation. Contact us today at 204.222.0022 to chat.