Inheriting a property can raise a number of practical, financial and emotional issues that can take time to work through. Things can get challenging geographically if the property is a distance away from you and can be even more complicated if other family members are involved, but there are a few basic options that you are faced with when deciding on the future of the property:

Move in
Moving into the property can be a good option if your personal housing situation allows and if the inherited property meets your needs better than your current property.  It can also give you time to sort through any personal belongings within the property gradually and give you the opportunity to do some work on the home to ensure you get the best price you can for it if you decide to sell it on the open market at a later date.

Rent it out
Renting the property could provide a significant income, and can take the time pressure away from finding a buyer for the property, however it’s important to be aware that you will be required to pay tax on any profit you make from the rental income.  You will also need to ensure you comply with relevant laws about the safety of the property and its contents and will have an ongoing responsibility when it comes to maintenance and upkeep.

Sell it
If you decide that selling the inherited property is the right route, there are several things you’ll need to factor in.  If the property still has an outstanding mortgage on it, you may be responsible for the monthly repayments, and any other costs associated with the property, while waiting to find a buyer, so pricing the property appropriately and ensuring it is marketed effectively will be key.  If you need a quick sale, you might consider a home buying company.

Part exchange it
If you find the idea of having a second home appealing, but the particular property or the location of the property you’ve inherited are not ideal, you could consider part exchanging the property for a leisure home. Owning a leisure home allows you to make the most of your holidays and weekends, without the upkeep and maintenance associated with owning a traditional second property, giving you the freedom to just get away and make the most of every minute.  A leisure home can also offer an attractive opportunity to sub-let the property to generate income.  

Patrick Chambers, Sales Director at Quick Move Properties – the UK’s largest property part exchange company, explains: “If you like the idea of having a hassle-free holiday home that you can escape to for a weekend or a longer holiday, a leisure home can offer a low-maintenance ‘home-from-home’, and part exchange can be a great way to free you up to make that purchase.”

For details of how Quick Move Properties’ part exchange offer could help you click here.