A sizeable inheritance may sound like a dream come true, but if it comes in the form of a property, it may not be as sweet an outcome as is sounds. In fact, for some it can rapidly turn from something to celebrate to something that more closely resembles a nightmare.
Inevitably, any inheritance comes with its sadder aspect. But when a familiar home is involved the emotional attachments involved can be particularly difficult to deal with. This is the sort of scenario which can easily see raw emotion governing decisions that are best dealt with as much rational detachment as possible.
Huge emotional stress
The emotional stress involved in the whole business of dealing with someone’s estate should not be taken lightly. And that’s before you get to worrying about any tax and financial implications.
If there are multiple inheritors involved those stresses are quickly multiplied. The longer the disbursement of the estate takes the more scope there is for disagreement and even antagonism to arise.
Agree early - and lastingly
Even the closest relationships can buckle under the pressures that inheriting property can bring. In such circumstances the advice is simple: the quicker you can agree what to do with an inherited property the better.
But even that seemingly catch-all recommendation carries the potential for dispute. If you agree to sell, how much should you hold out for? It is unusual, to say the least, for all parties to be able to come together with the same wants, needs and existing obligations. It is also not unheard of for those conditions to change. An early and lasting consensus on how to proceed is essential.
Delay after delay
If you decide to hang on for the optimum price you will almost certainly be delaying the point when you can realise your capital. That delay not only has the potential to accentuate any stress you might feel, it also tends to increase your expenses. Rates, utility bills and estate agents’ fees are no respecters of mortality.
It’s not just the house
Whether a death is expected or not, the property will likely have a lifetime’s worth of belongings stored in it. Clearing a house can be costly, time consuming and emotionally draining. Between filtering out the clutter and deciding what to do with it all, you’ll likely have spent a fair few days of annual leave.
In many respects, there is much to be said for employing specialist services to get your inheritance off your hands at the earliest opportunity. Open Property Group are one such specialist who recognise that in enabling a quick and streamlined sale not only heads off any potential disputes, but can also bring a sense of much needed closure to all concerned. They will also organise a house clearance so you can sell and move on.
In purely economic terms the merit of a fast sale is that an estate can be quickly reconciled: any inheritance tax can be paid and the proceeds of the sale and the rest of any bequest can be passed on to the beneficiaries with the minimum of fuss. Anyone who has acted as an executor will tell you that it can be a time consuming and tiring process. It certainly is not one that anyone would ordinarily volunteer for.
A benefit that is often overlooked and is appreciated in hindsight is the emotional strain that can be avoided if you sell the house fast. Property, like personal belongings, can hold memories for those left behind and having to literally walk the halls of family home after a loved one has passed away can have an emotional cost.
The fear of missing out on a property’s maximum value is another element in the process that can be hard to overcome. Most people are not market experts, nor are they accustomed to dealing with the sorts of figures that a house sale involves.
At every stage in the process there are potential delays, disagreements, fears and stresses. Inheriting property can make the difficult business of dealing with mourning a loss unbearably fraught. Being aware of the difficulties involved - both emotional and financial - is a necessary first step to dealing with them successfully.
If you’ve inherited a property that you want to sell it fast and release the capital with a 100% cash purchase then request a quote.
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