Unless you’ve always known about it, inheriting property as a gift once a loved one passes on can be more than a little confusing. Along with having to deal with their loss, it’s natural that you feel a little lost trying to juggle owning and handling a brand-new property. Unfortunately, well-meaning friends and family members only tend to confuse you further. Here’s three tips that our experts suggest you follow, if you find yourself in this confusing situation.
Making sure it’s actually yours
For all their good intention, it’s quite possible that the property that you’ve inherited might not have been property transferred to you. To be on the safe side, consult a property agent and find out if everything has been done the legal way. If your property happens to be overseas, then find a reputed real estate agent and/or lawyer who is an expert on overseas property investment Hong Kong; just to be on the safe side. If possible, try to find out at the same time if the property has any issues (land issues…mortgages, etc.); it just simplifies things for the future.
Weighing the property; the right way
Once you’ve confirmed that the property you inherited is truly yours, time to find out exactly how much it’s worth. Again, do not hesitate to use professionals to help you out. The right real estate agent will not only be able to tell you how much your property is worth, but also point you to the right direction on what can be done with it. It may sound like looking a gift horse in its mouth, but if you want to eventually do something with said property, then it’s important that you know exactly how much it’s worth. This is especially true if you want to put that best overseas property for sale.
Consider your options for it
When it comes to inherited property, you have quite a few options on what you can do with it. If it’s a home, then you have the option of living in it, using it as a summer home, renting it out or converting it into a holiday let; or if none of these works for you, selling it off or even leaving it for your children. If it’s a commercial building or a business, once more you can run it, rent it out, or sell it. In the case of your gift being simply land, then you also have the option of just leaving it as it is; you can build, sell or sell as you see fit in the future too.