You may find yourself in the position of inheriting a property – whether intended or not – and you’re unsure where to start.
There’s likely to be hundreds of questions running through your mind as well as the emotional impact of having to come to terms with the loss itself. The main benefit of placing it on the rental market is that it can give you the breathing space needed if you don’t want to let it go just yet, as it may have been in the family for many years!
We’ve put together a brief guide to enable to you to clarify what needs to be done.
Belvoir can assist with all aspects of preparing a property for the rental market, so rest assured you will be in capable hands.
Furnishings
When you inherit a property you’re also inheriting the possessions too, some of which may be of sentimental value. Understandably it will take some time to sort through the belongings and you may want to keep certain items. For the rest of the furniture that can be used then why not ask a local charity to see if they could take it off your hands or advertise it on social media such as Facebook Marketplace to see if someone would want it either for free or a cash sum. If it’s not in the best condition then we could help with the house clearance where a company would remove and dispose of any unwanted items responsibly.
Revamping
It is important that the property is looking its best to be inviting for tenants and to achieve a good rental income. If more than a lick of paint is needed and the kitchens and bathroom(s) need uplifting then again we have contractors that could quote and make any required alterations. It may just be cosmetic improvements that are necessary, in which case this would be no problem either.
Safety Considerations
If the wiring system is outdated or the boiler is beyond its best, our engineers will be able to come and make an assessment to ensure that the property is safety compliant. You will also need a working smoke alarm on every level and a carbon monoxide detector where necessary.
Tax Implications
When you inherit a property it will have tax implications for you in terms of ownership, for instance if you become a joint owner with a sibling. We work closely with an accountant and wealth management company to offer the best advice in this scenario so we could certainly recommend professionals in this area.
If you find yourself in this situation and just not sure what to do first then don’t hesitate to get in touch and we can talk it through over a coffee or visit the property to make the necessary recommendations.
📞 Northwich 01606 783599
📞 Congleton 01260 272737
