Learn the cost associated with maintaining an inherited property in Cincinnati and the options you have with an inherited property

Can’t Afford the Cost of Maintaining an Inherited House in Cincinnati

If you’re like most people who have just inherited a property in Cincinnati, you are probably struggling to figure out what to do with the asset. Although you shouldn’t make quick decisions at some point you will have to determine the best option for you. You basically have three possibilities:

  1. Sell it
  2. Keep the property and live in it yourself
  3. Keep the property and rent it out

Before cashing in an inheritance you should understand if you will have to pay taxes, and how much they are expected to be.

Mortgage Payment

In case there’s an outstanding mortgage on the house you’ve inherited in Cincinnati, you’ll have to take into consideration the monthly payment into the cost of holding onto the house. If you want to rent the house out, you’ll probably have to refinance the mortgage in your own name, so in addition, you should also factor in those closing costs.

Maintenance and Repairs

It is recommended to set aside 1-2% of your home’s value per year to put toward maintenance costs. In case the house you have inherited in Cincinnati is worth $200,000, this would mean putting aside $2,000-4,000 per year, or roughly $170-340 per month. If you would like to find out the condition of the property’s major systems, it is advisable to hire a professional property inspector to pinpoint any issues that could require costly repairs.

Insurance Premiums

You can visit your state’s Department of Insurance to look up average rates in your county. Some of the most common factors that can drive up your home insurance costs are location, when the property had been built, what additions have been made to the house and the type of pet you have.

We have looked at homeowners insurance premiums on a monthly basis and some of the most expensive states are Florida with $ 165.91, Louisiana with $143.51 and Texas with $135.45. Some of the priciest states to ensure your inherited property are the states most susceptible to large-scale natural disasters such as hurricanes or tornadoes.

In case you’re considering renting the house out, you’ll also have to purchase landlord insurance to protect yourself from the potential liabilities.

HOA Fees

If the house you’ve inherited is located within a deed restricted community (homeowners association), chances are, you’ll also have to set aside money for the homeowners’ association fee.

HOA fees vary widely, anywhere from $100 to $500 per month; however, the more upscale the community and the more amenities it has, the higher the homeowners’ association fees are going to be.

HOA fees also range by region; Florida cities have the highest percentage of homes that charge an HOA. Furthermore, the average monthly payment is $571 in New York, $498 in Long Island and $463 in San Francisco; these three being the most expensive among the 50 largest metro areas.

The lowest HOA fees are in Nashville with an average of $194, in Las Vegas with an average of $198 while in Indianapolis it is $213.

Property Taxes

Another important aspect you should take into consideration is finding out if the passed away relative has stayed current on the property taxes. In addition, you should know that whenever a property is inherited the property taxes will be recalculated as they need to be brought in line with the current market value of the house.

You should be able to use the state’s site to find information on how residential property taxes are calculated in the area, this will allow you to make a pretty accurate forecast of what you’ll owe for the inherited house in Cincinnati.

An accurate estimation of the amount of property taxes in a specific area is a complicated task due to the complexity of property taxation in the United States; the total amount can include different fixed and variable factors.

Selling your Inherited house in Cincinnati to stop the cost of maintenance

If you don’t want the responsibility of owning the house, but you could take advantage of a cash injection, selling the property is probably your best option. This way you could pay off the mortgage on your existing property, or invest the money; no matter what you choose selling the property will give you a lump sum to spend how you want.

The process of selling an inherited property can take months, depending on the condition of the house, market conditions, price and different other factors like the season and even the skills of your real estate agent. It can all add stress to the process and in the end, after paying the agent fees, you may or may not be ahead of the game

Apart from hiring a real estate agent for your inherited property, you can sell it directly to a cash homebuyer. This is probably the best option since you won’t have to take care of all the details and you will also get your money fast. To sell your inherited property in this way, you can reach us at 513-549-4145.

The ASAP Properties, LLC team will make you a fair cash offer and close on it in as little as 5 days.

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