Recent reports suggest that millennials are expected to inherit trillions of dollars’ worth of property over the coming decades, making inherited real estate one of the largest wealth transfers in history. On the surface, inheriting a home may appear to be an unquestionable advantage. However, the reality is often far more complex.
An inherited property can bring with it emotional weight, financial responsibility, and difficult decisions. Ongoing maintenance, taxes, outstanding mortgages, and differing opinions among heirs can quickly turn what seems like a gift into a source of stress. For many, the key question becomes whether keeping the house makes practical and financial sense, or whether selling it is the better option.
There is no universal answer. The right decision depends on personal circumstances, financial goals, and the condition of the property itself. Understanding the implications of both choices can help you move forward with clarity and confidence.
Below, we explore the key factors to consider when deciding whether to sell an inherited house or keep it, and how to choose the path that best aligns with your situation.
Renting the property
Renting out an inherited home can be an attractive option, particularly if the property is in good condition and located in an area with strong rental demand. Regular rental income can help cover ongoing expenses such as taxes, insurance, and maintenance, while allowing you to retain ownership of the asset.
This option tends to work best when you live close to the property and can stay involved in its management. Being nearby makes it easier to respond to maintenance issues, oversee tenants, and ensure the home is being properly cared for.
However, managing a rental from another city or town can quickly become challenging. Distance limits oversight, increases reliance on third parties, and can turn small issues into costly problems. While hiring a property management company may seem like a solution, it comes with its own risks and expenses.
Potential challenges of renting an inherited property include:
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Management fees that reduce rental returns
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Limited control over tenant selection and property care
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Unexpected repairs or compliance issues
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Costly mistakes or reimbursement disputes
Without careful planning and reliable management, rental ownership can become stressful and financially unpredictable. For some inheritors, the time and effort required outweigh the benefits of holding onto the property.
Move into it
Another option to consider is making the inherited house your primary residence. This can be a practical choice if you do not already own a home and the property meets your lifestyle and location needs. In cases where there are multiple heirs, this may also involve buying out the shares of other co owners to gain full control of the property.
Moving in often makes the most sense when the house is relatively modern, well maintained, and requires minimal work. In these situations, living in the property can eliminate rental costs elsewhere and allow you to build long term equity.
However, older or poorly updated homes can present financial challenges. Bringing an inherited property up to current standards may require significant investment, particularly if major systems or structural elements are outdated.
Costs to consider before moving in may include:
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Renovations to kitchens, bathrooms, or living spaces
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Electrical, plumbing, or roofing upgrades
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Energy efficiency improvements
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General repairs and ongoing maintenance
Without a clear renovation budget and timeline, moving into an inherited house can quickly become more expensive than expected. Carefully weighing the condition of the property against your financial capacity is essential before committing to this option.
Sell the house
Selling an inherited property is often the most straightforward and commonly chosen option, particularly when the home no longer fits your lifestyle or financial plans. However, the process can be emotionally and practically demanding. Inherited homes frequently come with unknown repair issues, and years of deferred maintenance can surface once the selling process begins.
In addition to the physical condition of the property, there is also the emotional weight of sorting through a parent’s belongings. Clearing out furniture, documents, and personal items can be both time-consuming and emotionally exhausting, making the traditional selling process feel overwhelming.
Common challenges when selling an inherited home include:
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Uncertainty around repair and renovation costs
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Time and effort required to clear the property
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Delays caused by inspections and buyer financing
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Emotional stress tied to letting go of a family home
For those seeking a simpler and faster solution, selling the house as is can remove many of these obstacles. We buy houses as is, meaning there is no need to invest in repairs, renovations, or post-sale cleaning. The process is designed to be efficient and respectful, allowing you to move forward without prolonged disruption.
For homeowners who want to sell quickly and with certainty, we can close in less than two weeks, providing a practical way to resolve the inheritance while avoiding the stress of the open market.
When inheritance becomes a decision, not just an asset
Inheriting a house is rarely a simple financial gain. It often comes with emotional ties, practical responsibilities, and choices that can feel overwhelming, especially during a time of loss. Whether you choose to rent the property, move into it, or sell it, each option carries its own set of commitments and challenges.
The right decision is the one that aligns with your personal circumstances, financial goals, and capacity to manage the property long term. For some, holding onto the home makes sense. For others, letting go provides clarity, closure, and the freedom to move forward without added pressure.
Taking the time to understand your options allows you to make a decision with confidence rather than obligation. An inherited house should support your future, not complicate it. By choosing the path that best fits your situation, you can honour the past while creating space for what comes next.
