So, you have inherited a house in Raleigh, while this may sound exciting, many times this can be a huge hassle. Remember that you have inherited expenses along with the house. Well-intentioned loved ones all too often leave their property in their will to beneficiaries that are already struggling to afford their monthly bills. Often, these homes are in a severe state of distress and require a lot of money to maintain the property.
Maybe you already have your dream home and have no interest in residing in the property but feel a sentimental attachment. While it is understandable, the value of sentimentality won’t pay for the reality of carrying the cost of an inherited house. This harsh reality often leads to the ultimate decision to sell the property. Whatever you decide to do, don’t delay in caring for the property. An excellent place to begin managing your inheritance is locating the contact and payment details on existing expenses.
We’ve gathered a list of typical monthly payments to help you with a starting point. Read on to learn about all of the costs of holding onto an inherited house in Raleigh.
Wake County Property taxes will still be due on the property when you hold onto an inherited house. If there is a mortgage on the property the taxes and insurance will usually be ‘escrowed’ into the monthly payments. If the mortgage has been paid then the taxes will be due to the county on an annual basis. To research what your annual property tax bill is in Wake County you can go to the Wake County Tax website. Type in your address in the search field and click on the ‘Tax Bill’ tab on the ribbon toward the top. This page will show the annual tax bill and the due date.
Depending on the amount remaining on any mortgage, you may be responsible for mortgage insurance and property insurance while holding onto an inherited house in Raleigh. The insurance is usually escrowed with the taxes and included with the monthly mortgage payment. If the mortgage has been paid then you should check to see if there is an active insurance policy. If not, you will not be covered for a loss in the event of a fire.
While you are not necessarily obligated to pay the utility bills under the name of the deceased, if you’ll be residing in an inherited house in Raleigh, you will want to keep the payments timely. If you plan on selling the inherited house for cash it may be a good idea to keep the utilities on the show so cash buyers can inspect the house. If you live out of state, all utilities are handled by Duke Energy (electricity), City of Raleigh for water, and PSNC energy for natural gas.
Should you be considering maintaining ownership of the property, it would be advisable to have a professional inspection done to understand what you are getting into fully. Depending on the length of time that the house has been vacant and the state of repair the property is in, holding onto an inherited house in Raleigh could become extremely expensive to maintain. Monthly expenses for repairs on older properties can easily equal or exceed mortgage payments.
It is often effortless to tell which homes are vacant because the yard is overgrown, adding to the distressed appearance. Unless you have spare time, you will need to ensure that the yard is appropriately maintained when holding onto an inherited house in Raleigh.
Unless you have a plan for the property, holding onto an inherited house in Raleigh is costing you money. Wake County Home Buyers will pay you in cash and not require you to make any repairs. Also, we can close when you are ready. If you don’t feel that you can handle the emotions of going through the possessions of your loved one to clean out the property, you can leave everything in place or take what you like, Wake County Home Buyers will handle the rest for you. Call Wake County Home Buyers at (919) 473-6885 or send us a message today!