One of the most commonly inherited yet often unwanted assets is real estate. When family members or close friends pass away, they typically leave their property to their next of kin or those who held a special place in their lives. As the recipient, you suddenly find yourself responsible for maintenance, potential landlord duties, property taxes, and possibly homeowners’ or property owners’ association fees. So, what are your options?
You Might Need To Do A Probate
First, the property will likely need to go through probate, depending on how it is currently deeded. It’s important to review local and state laws regarding inherited property to understand the necessary legal steps. If probate has already been completed in one state, you may still need to go through an additional probate process in the county or state where the property is located—especially if it differs from your place of residence—to gain full legal ownership. For more details on probate laws and how they apply to your inherited property in Tulsa, Oklahoma, contact Oklahoma Cash Home Buyer at (918) 221-5222.
You Could Rent It For A Profit
If you inherit a single-family or multi-family home but don’t plan on living there, renting it out could be a great way to generate extra income. While you may need to make some repairs or upgrades to make it marketable, this property can quickly become a valuable investment—especially since you acquired it without a significant upfront purchase. If the property already has tenants in place, even better! This saves you the time and effort of making renovations and finding renters.
If you inherit commercial property but don’t own or plan to start a business, leasing it out is another profitable option. Many business owners in Tulsa are searching for new locations, particularly in high-traffic areas, making well-located commercial properties highly desirable and potentially lucrative.
However, being a landlord isn’t for everyone. Property management comes with a range of responsibilities, including maintaining major appliances, handling roof and structural repairs, addressing wear and tear, paying property taxes, covering homeowners’ or property owners’ association fees, and ensuring the property remains occupied. It’s important to weigh these factors before deciding if renting is the right move for you.
You Could Sell The Property
If you have no plans to live in or use the property, selling it could be a great option. Give us a call at (918) 221-5222 to discuss the property’s market value and explore your selling options. Before reaching out to a real estate buyer or agent, take some time to research comparable properties in your area to get a realistic idea of fair market value. This will help set expectations and prevent surprises when you receive offers. Keep in mind that cash buyers offering quick closings may present slightly lower offers than the market average, but they can save you significant costs on real estate fees, commissions, and often even cover closing costs.
You Could Give The Property Away
Since you didn’t purchase the property and have no use for it, donating it to a charity or the local municipality could be a viable option. Reach out to the intended recipient to learn about their donation process. Alternatively, you might consider gifting the property to a family member, friend, or even your children. However, keep in mind that you may still need to complete the local probate process to gain full legal ownership before transferring or donating the property.