An Inherited Property - Sell, Rent or Keep ?

tlc678910

Whatever option you choose do rule out leaving it empty. The house will deteriorate because it is unlikely you will adequately heat, ventilate and maintain it while it is doing nothing. It will continue to cost you and be difficult to insure. It also seems wasteful to do this when homes are desperately needed - whether for sale or rent.

Norman_Castle

lookforwards wrote: »

Alternatively I could keep it empty for a while to see if property prices rise before selling. I live in the Midlands and in recent times prices have been rising.

Work out the full costs of keeping it empty and compare to the guesstimates of price rises.


Remember to add interest earned on the sale proceeds to the equation.

Smi1er

Margot123 wrote: »

He left of his own accord owing nearly £3k in Gas and electric bills, for which I am having to pay as the homeowner,

Really? Why did you rent the house to someone and put the bills in your name?

Both_Feet_on_Terra_Firma

Following this with interest as I will be in this position at some point but we will be moving to the inherited property better area bigger more parking and so on and i was thinking of renting my own property out instead

konark

Unless you're renovating it for sale/letting don't keep the house empty.


150% Council Tax (more in some areas) ,insurance, gardening, utility bills (yes, you'll still have to pay standing charges) etc etc and any profit you make over the ( usually conservative) probate valuation will be subject to CGT



I wouldn't bet that house prices would rise much in the short term and the Governor of the Bank of England thinks they may even fall by a third if there's problems with Brexit. Even if prices rise a little who is going to pay top dollar for a house that's been standing empty and unloved for 5 years?


Sell, sell, sell!