What Are Your Options?
It may be helpful to consider the various options. These would include selling it, leasing it, moving into it, or perhaps developing and then selling it. It may be beneficial to meet with a financial advisor to compare some of the options for the use of asset funds and to also compare with alternative investment opportunities.
An Experienced Realtor is Key
An experienced local real estate agent can help in the decision-making process as well. He or she can do a professional analysis of the potential market value as a sale or a lease. The agent can also recommend which home improvement actions would have a good return on investment in order to maximize the highest value of the property.
Some agents may also provide added services such as coordination of clearing out the house and preparations before the beginning of marketing. This might include painting, carpet cleaning or replacement, landscape upgrading, and professional house and window cleaning. Which of these items to address would depend on whether you decide to sell or lease.
Retain the property?
In some cases, the decision may be to make every effort to retain the property for present or perhaps future family use. If one heir will be occupying it, various alternatives will need to be discussed so arrangements are made to fairly compensate other heirs who may be disadvantaged for the time being.
If the decision to sell the property is postponed, and none of the heirs will be living in it, then leasing it for a year or two may be most favorable. This will provide cash flow to the heirs quickly, and also give time to decide which long-term plans to make.
What do most people do?
Most family or trust heirs decide to simply sell the property. Others develop it with a substantial investment to expand and/or upgrade it before selling. However, a serious consultation with a local real estate agent is highly advisable before an heir decides to consider that course of action as there are many aspects that could make this a risky decision.