What to Do When You Inherit a House Full of Stuff

Published: September 15, 2022

Unless you’re completely unfamiliar with the person who left you their home, receiving an inheritance can be mentally and physically difficult. Taking on an inherited property always has the potential to better your situation. Still, depending on the circumstances, a lot of research needs to be done and feelings to sort through.

What To Do When You Inherit a House

Before you make any quick decisions about what to do with the house you’ve inherited, think carefully about the pros and cons of each option. It might help to write everything down so that you can look at your logic objectively.

Financial aspects to consider:

• Is the mortgage paid off? If the mortgage is paid down, there may be a significant profit when it comes to selling. However, if the mortgage owed is more than the property’s value, it might make sense to rent or live in the house for a few years and pay off the debt.
• What tax consequences are involved with the house? Depending on your financial situation and the state in which you reside, there may be some tax implications. It would be best to consult with a tax specialist or accountant before making any decisions about the house.
• Are there tax advantages to consider? If you decide to sell the property right away, there may be tax advantages. The value of the home is determined when the estate goes into effect.

How to Clean Out an Estate

After you’ve completed the clearing out of your home following the death of a loved one, it’s time to figure out how to get rid of it. If your relative downsized their possessions ahead of time, this task might be easier. Allow adequate leeway for reflection. There is no universal timetable for this procedure. Keep track of when you’re overwhelmed and take a break before making major decisions about the fridge or which estate sale firm to utilize, for example. But remember that being emotional is natural, don’t try not to feel them.

Clearing out the rest:

• Clean out and toss broken items. Clean out the clutter in each room one by one. Throw out broken things that won’t sell and clean the fridge and pantry, for example.
• Host an estate sale. A great way to make some extra money and declutter your parent’s house is by holding an estate sale. However, for the sake of organization and profits, hiring a company specializing in these sales is best.
• Donate items that are left. An estate company will sometimes purchase the remaining belongings and clear the property.

Inheriting a home is an honor, but it comes with considerable obligations. We hope these guidelines have given you some comfort during the process. If you need extra space to store belongings, a storage container from UNITS Moving and Portable Storage of Kansas City might work for you. Give us a call today.