Usually, some sadness comes with the experience of gaining an inherited home. Typically someone you know and love has passed away, and that’s where the estate comes in. However, there are a lot of benefits and advantages too. That’s especially true if you live in one of the 38 states that don’t impose an inheritance tax, an additional tax on a property after someone passes away. You’re basically given a home for free. You need to know what to do with it now that you have it. That involves a quick change in your lifestyle by either doing the work yourself or coordinating contractors to get the yard, exterior, and interior modernized and ready to live in or sell.
Give It a Fresh Paint Job
If the property’s exterior is worn or outdated, it will greatly affect the value if you give it a fresh paint job. Even if it looks okay as it is, according to Home Ideas, every five to 10 years, a home should be repainted, so if it’s been that long, it’s time to start looking around at options. What’s nice about doing the paint is that you can customize the appearance to suit your style more and avoid the aesthetics of whatever the previous owner wanted.
Remodel the Interior
When you first get your inherited home and have a chance to look around, you can immediately tell what needs to be remodeled and what has already been modernized. Primarily, if you plan to sell, you should focus on the kitchen and bathrooms. That’s typically what potential buyers will look at first. Of course, painting the walls in the bedrooms and putting down new flooring also helps to make things look a bit better and allows you to bump up the asking price a touch.
Upgrade the Appliances
One thing that people look for when purchasing a home or putting a value on a property is the age of the appliances. Things like the furnace and the water heater are typically the most important. If they’re around seven years old or older, you may want to price what it would cost to put in something more advanced and energy efficient.
Other appliances to look at include the stove, refrigerator, washer, dryer, and central air conditioning system, if there is one. Of course, if you’re the one moving in and you’re satisfied with what’s there, this isn’t something that you have to worry about right away. Most homeowners will hold on to their appliances for as long as possible. Sometimes it’s more economical to get repairs than it is to purchase something new.
Improve the Landscaping
Look around the property and see how to enhance the landscaping. Some people tend to let things go, especially when they get older and can no longer do the work themselves or become ill. If you notice a lot of overgrown trees, shrubs, and bushes, call in a professional to have them cleaned up. That way, you stay safe, and if you plan to do your own landscaping in the future, you will have an expert baseline to start with.
If there are no trees or minimal landscaping features, now is the time to add some. You can boost the property’s value anywhere from 3 to 15% by having large trees in your yard along the street. Trees are a bit of an investment. However, you can see that they will pay you back with what you gain in property value.
Before you try and sell or even live in an inherited home, you should take a few actions and make improvements to increase the value. If you’re keeping the property for yourself, think about your lifestyle and what changes will be most beneficial to you. In the event you’re going to sell, make the renovations that will allow you to get the highest asking price.