Inheriting Property

[taichiperson]

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?

[zebo]

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.

[Prudie]

It depends if you want to maximise profit on the sale. From countless watchings of Sarah Beeney or Under the Hammer a couple of thousand spent on paint and cheap flooring more than pays for itself by the increase in selling price.

[taichiperson]

Thanks Zebo. I presume I also need to keep the house insured - do you (or does anyone else) think I should also keep up things like homecare insurance? I personally don't think I need to keep up the phone line as new buyers would need to organise their own utilities anyway.

[taichiperson]

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.

[Arrods]

Just be aware that some insurers will only cover an unoccupied house for a certain period.

[diddlydo]

You definitely need to keep it insured (for fire, theft etc) but you will need to tell insurance company that it's not occupied. Spend minimum on making it clean and tidy. I speak from experience!

[taichiperson]

Thanks Diddlydo. The great thing about this site is there will usually be someone who has personal experience with your problem/query :)

[Smowball]

Have literally just finished renovating a house last week which was in a horrific condition. We spent the absolute minumim- painted every single room and outside, replaced taps, new curtains and carpets throughout and did the whole lot for £2k

[woofgang]

something that hasn't been mentioned is council tax...councils vary in their approach to council tax on unoccupied property

[Smowball]

Yeh this one had no discount so we are paying full council tax

[taichiperson]

Thanks Woofgang- I checked and find we're lucky in that respect. 50% discount for the first 6 months, 25% discount up to 24 months - then 150% for over 2 years, yikes!

[taichiperson]

Smowball - yes we may have to do that, its not horrific but Mum did not really 'see' how the house looks so it's just a little shabby. The bedroom could do with some work though - it has very bad DIY paneling and cheap built in wardrobes that are not very robust.

[Smowball]

The £2k covers everything- new shower curtains,replacing a cracked window pane etc etc. We are going to rent the house out for 2 years and so wanted to spend the absolute minimum and just make it clean and fresh.

[taichiperson]

Very interesting Smowball. I'm thinking of buying a smaller place to rent out, as there aren't any rented properties in the immediate area - it tends to be retired couples who prefer to own. Are you going to undertake it all yourself, or use an agent?

[Smowball]

We use an agent. Worth every penny. He takes 10% of rent but does inspections, takes photos, arranges repairs....... they are brilliant

[david small]

Not all agents are brilliant snow. I’ve known some rouges, and some thieving lazy individuals. Take care you chose a respectable one.

[taichiperson]

Thanks David. My son works in property maintenance and the town we live in isn't that big so the reputation of most local businesses is well known.