![]() If the thought of selling your parents’ house is too much, renting it out could be an option.īut first, you’ll need to understand the many tax implications that come with inherited property, such as estate taxes, inheritance taxes, capital gains and property taxes. After all, houses come with memories and emotional ties. The last thing you want to do is make the wrong decision about what to do with the house they left you. You’ll delay selling your house. If your intent is to sell, renting out your house will interfere with your goal.You’ll likely need to invest in a property manager to check up on the house for you and make sure rules are being followed. You’ll run the risk of tenants trashing the place. Becoming a long-distance landlord comes with challenges.Plus, you’re a landlord now, which is a big commitment. The minute you rent out your house, it becomes an investment property. There are state-specific rules for what kind of insurance you need to have and what needs to be included in the lease agreements.The more equity you have, the higher your profit when you decide to sell your home. There’s potential for more equity. If you’re able to rent out your house for a few years, you’ll build more equity as home values rise.It can mean less stress. You don’t have to wait for the right offer or worry about settling for less.It can mean more money in the bank. Since the home is already paid for, collecting rent is a nice bonus.Protect your home and your budget with the right coverage! Maybe your house has been on the market longer than you anticipated, and you’re starting to wonder if renting out your house is better than selling it. Maybe you had to move for a job, family or other circumstance beyond your control. Situation #2: Renting a House That Won’t Sell You may want to consider a household chores chart or include cleanliness standards in the lease agreement. If your roommate doesn’t share your standards of cleanliness, you might become resentful. Owning a home that someone else shares with you can be tough.Living with a person you don’t get along with would be miserable. There’s always the possibility of a bad roommate. ![]() (We’ll go more in-depth on how to avoid this in Step 6).
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