Inheriting a house is a great gift indeed. However, you can be a little confused about what to do with it. Here are a few options for you to consider.

 

Live In It

Now, this one seems like an obvious option but we’ll put it down for you anyway. Whether it’s because this house is more suitable to live in, is closer to your workplace, in a better neighbourhood, or simply means you can stop paying rent; there are many reasons to consider living in the home you inherited. Of course, you’ll have to work on it to make it suit you and your loved ones, but that’s only part of the fun!

Turn It into a Summer Vacation Home

Admittedly, not many of us have the kind of money to spend on maintaining or visiting a summer vacation house. But the most expensive part would be the property itself¾which is covered for you. Convert your inherited home into a safe haven from the heat and the general problems of your life. Make it welcoming for you and your friends. Installation of a pool might be a little on the higher end of your budget, but surely you won’t mind spending for a barbeque grill!

 

Rent It Out

Be smart; make use of the empty space. This is especially a great idea if your inherited home is not located in the same country where you live, or you can’t visit it often enough for it to be worth to you as a vacation home. If you are wary of what the renters may do to your home in your absence, consider renting it out as a holiday inn, to make sure the renters don’t stick around long enough to cause any damage. You can also have restrictions such as no pets, no college kids or no families.

 

Turn It into a Commercial Building

Another great option to consider if you are not in the same city or country as your inherited home is converting it into a commercial building and renting it out for this purpose. Again, though it won’t be as bad as someone living in it, if you are worried about the renters ruining your property, lease it out only short-term. Most start-up businesses will be interested in it.

Knock It Down and Rebuild It

Say you love the location of the home, and honestly love the neighbourhood, but can’t really see yourself living in the house, it’s probably because the house wasn’t originally built to your liking. You can definitely change this. Well, Knock down rebuild homes in Melbourne is hardly a new idea, and can be done successfully. Of course, this will you cost you quite a bit. But it will be well worth the money.

 

Sell It Off

And finally, if none of these options appeal to you, simply consider selling it off. Make sure there are no legal boundaries or roadblocks stopping you from taking this step by consulting a lawyer. Usually, if the house is passed down to you due to a death in the family, you might face the issue of transfer of ownership. However, this can easily be corrected.

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