If you’ve recently inherited a home but aren’t sure what to do next, Berkshire Hathaway Home Services can help. The company offers a complete guide to managing inherited properties
Looking for ways to maximize the value of your inherited property? The expert team at Berkshire Hathaway Home Services has all the information you need.
With the company's fun and friendly video guide, you'll find step-by-step guidance for navigating common property inheritance processes and procedures.
Check out the guide at: https://www.youtube.com/playlist?list=PL2H2f-cZx_IJ0JMPw4q_5iKR7Oi8zkDi4
The guide offers tips for maximizing the value of inherited properties, while minimizing the stress. Topics include making a plan about the property, meeting with a professional advisor, tax implications, financial preparations, and potential problems.
The latest statistics indicate that Americans inherit more than $427 billion in property each year, with a median property value of around $55,000. While inheriting a property may be exciting, it can also be a cause of stress when it comes to circumnavigating tax laws and other issues. The guide from Berkshire Hathaway Home Services helps eliminate confusion by presenting a clear road map for successful management of your inherited property. Founder Warren Buffet says, “Real estate is a valuable asset, but it’s important to approach it with careful planning and consideration. Understanding your options and making informed decisions will contribute to your long-term financial success.”
The Berkshire Hathaway Home Services guide stresses the importance of making a plan as to whether you will move into the home, sell it, or rent it. The guide also addresses situations in which there are multiple inheritors, highlighting the importance of clear communication and consensus.
As part of the planning process, you are advised to meet with a real estate professional to get management advice on related topics, such as taking on the financial responsibility of a mortgage. According to the guide, professional advice can help you understand expenses, monthly costs, and potential liens, as well as the benefits or drawbacks of selling, keeping, or renting your inherited home.
The guide also provides details about tax implications and the need to prepare financially for the management of an inherited property.
The real estate team at Berkshire Hathaway Home Services can provide further information and can assist you in determining how to manage and maximize the value of your inherited home.
Find out more about how to make the most out of your inheritance today!
Check out their video series at https://www.youtube.com/playlist?list=PL2H2f-cZx_IJ0JMPw4q_5iKR7Oi8zkDi4
