Elderly folk start narrowing their focus in their last few years. They hand in their car keys, and decide they have had their last ocean cruise. If they have alzheimers disease, they may lose interest in cleaning and maintaining their homes. Ask anyone living next door to a ‘little old lady’ who took their foot off the throttle and they will have a story to tell. Inheriting dilapidated property can be a nightmare, especially if there is more than one premises.
Inheriting Dilapidated Property: The Major Pain Points
The first thing we have to do after inheriting dilapidated property is secure the asset. Is there anything particularly valuable in the attic or the cellar? We may have to post a security guard until we have changed the locks and repaired the fence. The next thing to worry about is the weather.
What is the state of the roof? Are there any loose tiles or shingles? Are there any missing ones that could cause water damage in a storm? We need to check the siding, and the soffits and the fascias too, in case a gust of sudden wind could rip something off and expose the inner wall to moisture.
With the house secure, our next step is to decide what we plan to do with it. Do we want to sell the property fast and access the capital, move into it ourselves, or play landlord for a while. Renting property is a tough game, and getting tenants out is a lot harder than allowing them in, especially if there is a sitting tenant. We have the added responsibility of making sure the home is fit for habitation.
That’s where the problems really begin with inheriting dilapidated property. Our first port of call must be an electrician and a plumber. Is the house electrically safe, are there any signs of leaking pipes concealed behind interior walls. If your deceased relative lived there for decades, you are probably going to need a complete kitchen and bathroom upgrade. But you do have a fourth option.
Your Fourth Option is Stonegate Equity
You need capital to upgrade the place after inheriting dilapidated property, before you can move in yourself, rent it out, or find a willing buyer. Your fourth option, Stonegate Equity is simpler, and faster, and it may not cost you a penny to sell your inherited property fast.
If you are a potential seller, then we are your potential buyer. Call (587) 500-0417 or write to Stonegate soon. The money could be in your bank account in a matter of a few days. We make inheriting dilapidated property easier.