Help With Dads House

DAVE1003

HI,
NEED A BIT OF HELP HERE,
My dad died a few months ago & left his house to myself & my brother & 2 sisters.
The problem is what to do with it?
The house is in an ideal position in a culdesac on the outskirts of the city in a nice village 5 minutes from the motorway.
It is in nead of a lot of work (new windows, central heating, new kitchen & bathroom) but is structurally sound.
myself & my brother can do a lot of the work & we have friends in the trade (who are crying out for work) can do the rest.
Our main problem is it was valued 2 years ago about £170,000 but we have had 4 estateagents in who valued it between £95,000 & £120,000 & my 2 sisters say they want their money out.
but me & my brother would like to keep it & rent it out or at least keep it till the market picks up, All the estate agents say we should clear £450 p/c/m for it.
I need to know if anyone has any idea's on the best way to keep hold of it or are we just better getting shut.
if you need any more info i'll try & give it to you if i can.
thanks:beer:
thanks

poppysarah

Buy the others out.

tegai1

Sorry to hear of your loss dave.

I would Rent rent rent, you have no mortgage on it so all monthly income is money in your pocket. Sell it when you and your siblings are ready to retire.

DAVE1003

also what are the tax implications for if we had to remortgage it to pay them out.
business if we rented it out.?
What if we raised the money without remortgaging. ?
thanks again:beer:

DAVE1003

thanks for your prompt reply.
this is what me & my bro think but not all women are stupid & awkward but my 2 sisters who are not really short of money are......
We are all on our 40's so me & my bro are thnking this is a great opertunity for a pension for when we retire.

poppysarah

If your sisters agree that the value is an average of the valuations and you and your brother each have that much cash lay around them buy them out. It'll take a trip to solicitors to sort it out which will cost a few hundred quid maybe. Then you'll need to do the repairs and learn about being a landlord.

EDIT: Watching tenants trash the house your dad lived in and you lovingly did up might be emotionally difficult.

twirlypinky

Drag it out as long as you can. The longer you leave it at the moment the less you'll have to pay your short sighted sisters for their share.

poppysarah

But if they want to sell now perhaps the delay and drop in price would be worth suing over?

Catblue

I would sell it and draw a line under it.

Your dad presumably did not want you and your siblings to fall out about things. If you are already referring to your sisters as "stupid and awkward" purely because they don't want what you want then I don't see that a business relationship between the siblings is ever going to work. It could be very damaging to the family.

You and your brother can use your part of the inheritance to buy a run-down place, do it up and rent it out if that's what you want. You sure you want to go into business with your brother?

DAVE1003

Catblue wrote: »

I would sell it and draw a line under it.

Your dad presumably did not want you and your siblings to fall out about things. If you are already referring to your sisters as "stupid and awkward" purely because they don't want what you want then I don't see that a business relationship between the siblings is ever going to work. It could be very damaging to the family.

You and your brother can use your part of the inheritance to buy a run-down place, do it up and rent it out if that's what you want. You sure you want to go into business with your brother?

you don't know my family.
my eldest sister is awkward at best of times & i have worked many times with my brother.
We are looking to the future where as my sisters as hard as we try are only looking at the money they can get now.

poppysarah

DAVE1003 wrote: »

you don't know my family.
my eldest sister is awkward .... my sisters as hard as we try are only looking at the money they can get now.

Well give them their money or they may sue you for hanging on to a depreciating asset.

Yours is not to reason why.