FOX Business Network host Jamie Colby weighs in on the top 7 things you should do when you inherit a home. Colby is the host of Strange Inheritance, the new story-driven reality series debuting on Monday, January 26 at 9PM.
1. Check the title. Make sure that the ownership is in the name it is intended so that it is freely transferable to you.
2. Make sure there are no liens against the property. If work had been done over the years on the property or it was given as collateral against any loan, there may be banking institutions or individuals that have a claim against your inheritance. You will want to research this and settle any claims before you consider or attempt to sell, lease or transfer title to the property. It may also affect the property’s value if somebody else has a claim against it.
3. Get a condition report from a licensed contractor or engineer to see what repairs need to be made. Oftentimes properties that are long held in families can be—if they are not primary residences -in disrepair. You certainly want to protect the value of any inheritance and even minor repairs can enhance value.
4. If you are considering refurbishing and selling your inheritance, there are small things you can do to enhance the value. Consider a paint job, an upgrade of furniture, fresh flowers throughout if you are going to be showing your property and landscaping is often the first thing folks see when looking at a home so it can be a very worthwhile investment.
5. Modernize where you can. Updating a kitchen or bathroom or even flooring can make a huge difference in how a property appears to others. New drawer handles, doorknobs even small change can revamp the look of s property and bring it up to date.
Read the final two things to do when you inherit a home in our latest Clean Slate post! And don’t miss debut of Jamie Colby’s Strange Inheritance, tonight at 9PM on FOX Business Network.
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