What To Do With Your Unwanted Inherited Property In Baton Rouge

I love houses. However, over the years, I have learned that many people don’t love houses. Unwanted inherited properties are a big issue in neighborhoods throughout Baton Rouge. Family members or close friends pass on, willing their properties to their next of kin or people who had a big impact on their lives. That leaves the heir responsible for maintenance, taxes, insurance, HOA fees, utilities (not a small chunk of change in Louisiana), and in some cases, even landlord duties! These properties are often neglected and get in worse shape over the years. What do you do if you find out you inherited a property? Read on to find out.

You Might Need To Do A Probate

The first step if you are named in a will as an heir to property is to have the will probated. This is just a process where the judge looks at the will and states that it is valid. Without a probated will, you cannot use or sell the property. It can get even more complicated when you or the decedent live in another state or parish.

For more information regarding these laws, contact BuyhousesBR at (225) 288-7209 to discuss potential probate for your unwanted inherited property in Baton Rouge, Louisiana. 

You Could Rent It For A Profit

Many people who inherit properties and already have a home consider becoming landlords and renting the property. Usually you would have to make repairs or upgrades to get it filled quickly with a high quality tenant, but it can be a great way to add an income stream with a small upfront investment.

If you inherit commercial property and you don’t own a business or don’t plan on starting a business, you could also lease the property. There are many business owners in Baton Rouge looking for a new place to run their business, especially if the property is in a prime location with plenty of traffic. Commercial properties can have a solid return and require less maintenance than residential.

Of course, being a landlord is challenging. Inexperienced landlords make tons of mistakes, which are costly. Landlords are also responsible for big ticket items like appliances, roofs, structural issues, HVAC, plumbing, and electrical systems, as well as ongoing things like taxes, insurance, and HOA fees. You would be sure to learn a lot, but when people say rental income is “passive income,” they really are wrong. New landlords are also more likely to poorly screen tenants leading to chasing late rent and evictions at the inherited property.

You Could Sell The Property

If you aren’t interested in becoming a landlord or living in the property, selling is another great option. Please call us at (225) 288-7209 to discuss the value of your property and what your goal with the property is. If it is in good shape and you aren’t in a hurry, listing may be your best option. If it needs some work or you want to sell fast, selling to an investor will probably be a great option. We can help you with either, since we have an agent on staff as well as buy houses fast with cash.

You Could Give The Property Away

Since you didn’t buy it and you don’t want it, you could give the property to a charity or the municipality in which it lies. Contact the future recipient for their donation process. You could also give the property to one of your family members, friends, or children. You may still have to go through probate locally in order to take full ownership to donate or give the property as a gift.

Give BuyhousesBR a call at (225) 288-7209 or send us a message to discuss what to do with your unwanted inherited property.

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