What Should be Done Immediately After Inheriting a House?

Having the opportunity to inherit a house is a beautiful blessing, especially considering the fact that housing prices nowadays are getting to the point where it’s almost impossible to achieve. It’s unfortunate to say, but it’s sadly true. So, not that many people get lucky enough to be able to inherit their own home. While yes, it’s a blessing, to a degree, it can be a curse in disguise. But why? Well, there’s a lot of common household problems that inherited homes have that many homebuyers don’t have to deal with. 

Just think about it, if you buy a house, the chances of there being issues, well, costly issues are very low. But if you inherit the house, well, who knows, maybe left and right there are issues. And if you don’t know about these issues, then you find out when it’s too late, like when something breaks. So then there’s this domino effect, and it then feels like you’re living in a money pit. So, once you inherit a house, what should you ideally do immediately to hopefully prevent any expensive repairs?

Secure the Property and Handle the Basic Safety Stuff

The first step is making the house secure, because an inherited home can be a target for break-ins, especially if neighbors know it’s been sitting empty. Is that scary? Yep, it absolutely is. So, that’s why now it’s time to go ahead and change the locks, all of them. If there are spare keys floating around from old relatives, old cleaners, old contractors, it’s just not worth guessing who still has access.

So, what about the basic safety stuff? Well, you just need to check that the smoke detectors, carbon monoxide detectors, and fire extinguishers are in place and functional. Really, it’s just basic stuff. 

Get the Right Inspections Before Making Big Decisions

Be it selling it to someone else or keeping it for yourself and moving in, you need to get it inspected. It doesn’t matter how nice the house looks both inside and out; you really don’t want to take any risks here. 

So, a general home inspection gives a clearer view of what’s going on, and then additional specialists can be brought in if needed, like roofers, electricians, plumbers, or pest control. Sometimes, homeowners’ insurance from a family member can be transferred (rarely, but sometimes it just depends). So the inspection might even be able to be covered. 

With an inspection at least, you know what’s up, what needs to be fixed, and usually it’s things you’re just not going to know about. For example, maybe it’s time for some basement waterproofing if your house has a basement; maybe it needs a sump pump in the basement too. Maybe there’s foundation issues you had no idea existed because the untrained eye isn’t going to see these things. But that’s why you need an inspection, you won’t notice or see the issues, but the inspectors can.

It’s Time to Sort Out Paperwork and Insurance

So homeowners’ insurance was just mentioned above, so it’s best to just go ahead and circle back to this. Now you just need to look at all the paperwork right now that you can. Ideally, you need to confirm that the deed and title situation is handled correctly, and make sure homeowner’s insurance is active immediately. 

Plus, you have to keep in mind that a vacant house can require special coverage depending on how long it’ll be unoccupied, so it’s worth checking that detail instead of assuming a regular policy covers everything. Property taxes should also be checked, along with any liens, outstanding bills, or HOA requirements. Because that’s all, honestly, a giant can of worms too, and those can be really expensive too.