Insider Discussion – Inherited a Home? Watch Out!
Insider Discussion – Inherited a Home? Watch Out!
Inheriting a home? Watch out for this mistake!
Just because you inherit it doesn’t mean it’s free! Property taxes, liens, and maintenance costs can be overwhelming. Want a guide on what to do first? See below!
I hope this information was helpful! If you are considering buying or selling a home, I would love to talk to you. I am a seasoned agent with over 24 years of experience in the local real estate market. I would love to be able to get you the financial result you desire from your current home to get you in to that Dream Home! Don’t hesitate to call me anytime at 260-579-1516 or you can email me at mike@mikearchbold.com.
Inheriting a Home? Watch Out for This Costly Mistake
Inheriting a home can feel like a blessing—whether it’s a childhood property or a distant relative’s investment. But many people make the mistake of assuming that inherited property is “free.” The truth? It comes with its own set of financial and legal responsibilities that can catch you off guard if you’re not prepared.
1. Property Taxes Don’t Disappear
Just because you didn’t purchase the home doesn’t mean you won’t be responsible for the property taxes. In many cases, taxes are reassessed at the time of inheritance, which can lead to significantly higher annual bills—especially if the property was held for a long time at a much lower value.
2. Existing Liens and Debts
Before you make any decisions about keeping, selling, or renting the home, you need to verify if there are any outstanding liens, mortgages, or unpaid bills attached to the property. Creditors can still come after the estate—or even you—for repayment.
3. Maintenance Costs Add Up
Inherited homes are often older, and deferred maintenance is common. From leaky roofs to outdated plumbing, the costs of repairs and upkeep can quickly become overwhelming. If you plan to keep the home, budget for potential renovations and recurring expenses like insurance and utilities.
4. Emotional Decisions vs. Financial Reality
It’s natural to feel attached to a family home, but emotional ties can lead to poor financial decisions. Before committing to keeping or moving into the property, consider the total cost of ownership and how it fits into your current financial situation.
Bottom Line:
Don’t assume an inherited home is “free.” Consult with a real estate professional, attorney, and tax advisor before making any decisions. Want a free checklist to help you evaluate your inherited property?
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Simply put: Relationships. We pride ourselves not only in our professional service but more importantly in the personal touch we bring to our business. Has an agent/lawyer/contractor/vendor ever treated you like you were just another paycheck? The reason our clients come back time and again and refer all their friends and family to us is because they know we are part of the family.
Genuinely caring about the people we serve enables us to do things other agencies can’t. Rest assured, we will ALWAYS have your best interest at heart and work vigorously to get you the best deal possible on your home or business. The relationships we build with our clients enable us to work 100% by referral.
The reason we are able to give top notch service to our clients is because our clients refer us a constant stream of quality family and friends to assist in their real estate needs. While other agents are out making cold calls and chasing “potential” leads, we are freed up by our referral base to service our clients like no other broker can. We are never too busy for your referrals!
Want to experience the difference for yourself? Call or text me today at 260-579-1516.
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Are you or someone you know considering a home purchase? Don’t hesitate to call or text me, Michael Archbold, at 260-579-1516 and I will connect you with the best mortgage professionals in the business who can get you your score, discuss ways to improve it if necessary, and put you on the path to home ownership. Click here to read more about our Buyer Services. Click here to browse listings NOW! Looking to sell your home? Call today to set up an appointment to begin developing your customized marketing plan. Click here to read more about our Seller Services.
Hoosier Home Listings by RE/MAX Results is a full service real estate Web site serving Northeast Indiana. We assist residential and commercial clients in locating, buying, and selling real property in the State of Indiana including but not limited to the counties of Allen, Huntington, Wells, Adams, Whitley, Wabash, Kosciusko, Noble, Dekalb, Lagrange, Steuben and cities including Fort Wayne, Decatur, Bluffton, Huntington, Warsaw, Columbia City, Butler, and Angola. RE/MAX Results is an Equal Housing Opportunity company.
Hoosier Home Listings – Insider Discussion – Inherited a Home? Watch Out!…
… brought to you by Michael Archbold, Hoosier Home Listings, and RE/MAX Results.
The consummate professional, Michael Archbold (Associate Broker, REALTOR, ePro) brings a diversified background to the world of real estate. Born and raised in Fort Wayne, Mike graduated Wayne High School in 1992. He received bachelors degrees in Accounting in 1997 from Indiana University and Information Technology in 2005 from Indiana Wesleyan University. Mike comes to Re/MAX with more than 20 years of experience in sales and accounting. He began his career in real estate in 2000 as an investor.
