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Inheriting Property
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My Mum passed away recently, and I am sole beneficiary. I intend to sell her house when I have probate, but have a couple of questions. Although the house will be empty until it's sold, I'm wondering about maintaining the property. I'm planning on keeping the utilities going so it doesn't get damp and remains in a safe condition. I could smarten it up a bit so it's appealing to potential buyers but don't know how far to go. Initially I was just thinking of replacing worn carpet and wallpaper and a lick of paint, but the main bedroom has not been improved since my parents moved in 25 years ago. It's a balancing act between a little neatening up, and a little more work - but the longer I keep it, the more I'll have to pay on maintenance. I will have some breathing space as the money from the estate is more than comfortable. Does anyone have any advice please?
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For more on marking an answer as the "Best Answer", please visit our FAQ.If you were to spend a couple of thousand smartening it up the chances are that it would sell more quickly, not necessarily at a higher price, it depends on how quickly you need the money. I would certainly keep the utilities on because there's nothing worse than viewing a cold and damp-smelling house, you would also be able to demonstrate that they are working, again things that might speed up a sale. Good luck with it.
Thanks also Prudie. I'm just wondering how far to go along that line. i'm not desperate to maximise profit, as the house will have to be valued at the time Mum passed away and any increase might be subject to Capital Gains, or so I read, not sure how much of a profit would push me into that territory.