Sell or rent? Estate question.
February 22, 2013 5:24 PM Subscribe
Should I sell or rent an inherited house?
posted by wandering_not_lost to Law & Government (12 answers total) 1 user marked this as a favorite
My father will leave me his house and all his assets. He is still alive, but he is 88 and has cancer. I live and work 5,000 miles away. I am 55 and cannot retire for about 10 years. I have a tenured professorship, so I do not want to give up my job. I will get a pension.
If my dad dies before I can retire and take over his house, what should I do? Sell the property or rent it (using a property management firm)? I have no sentimental attachment to the house or property.
The estate will have no outstanding debt, but the house does have a small mortgage (20 years into a 30-year mortgage, originally $80,000).
The house is in a very prosperous area of Florida, on an acre of build-able land.
I cannot afford to pay the mortgage without the rental income.
Have you been in this situtation? What do you suggest? My father has a lawyer and accountant handling the estate.