One of the most common things we inherit and don’t want is real estate. When a family member or close friend dies, they give what they own to their next of kin or to those who mean the most to them. This makes you, the recipient, responsible for maintaining the property, fulfilling certain obligations and paying property taxes and possibly condominium fees. What’s next?
You may need to register
First, there’s a good chance that the property will have to go through a probate process. We advise you to check provincial and local laws in your area regarding inherited property. If probate of the estate has already been completed, you may still need to file an additional probate with the city or province in order to have full rights to the property. To learn more about these laws, contact the Vendre Maison Vite team at 514-320-1000. We can discuss the probate requirements for your unwanted inherited property in Montreal, Quebec.
You could rent out the property and make a profit
If you inherit a family or multi-family property and don’t want to move in, you may be able to rent it out. This can be a great source of additional income. You may need to do some renovations and upgrading to make it more attractive, but it could be a very good investment since you won’t have to make a major purchase to get that extra income. If you’ve inherited a house in which tenants already live, even better! You won’t have to remodel the property or find good tenants!
If you inherit a commercial property and don’t want to have your own business, you could also lease the premises! There are tons of entrepreneurs looking for a place to set up their business in Montreal. This is especially true if your property is well located, on a major thoroughfare for example. Generally speaking, this type of property pays quite well.
Of course, being a homeowner isn’t child’s play. A ton of responsibility rests on a landlord’s shoulders: fixing what’s caught, re-roofing, re-doing the cracked driveway, dealing with foundation problems if any, paying taxes and condo fees, finding new tenants, and more.
You could sell the property
If you don’t want to live in the property in any way, selling is probably the best thing to do with the inherited property you don’t want. Call 514-320-1000 to speak with our team about the market value of your property and your options for selling that unwanted inherited property. Do your homework to find out what comparable properties are worth before contacting a buyer or agent. Having a good idea of the real value of your property on the current market will enable you to receive offers with calm and interest. Remember, too, that cash home buyers who offer a quick sale usually offer a little less than market value, since they save you from having to pay a ton of selling fees and commissions, and usually offer to pay closing costs for you.
You could donate the property
Since you didn’t buy it and don’t want it, you could donate the property to a charity or to the municipality to which it belongs. Contact the future recipient to find out about his or her donation process. You also have the option of giving the property to family members, friends or your children. You may need to go through the probate process to gain full rights to the property before you can give it away.
