Inheriting a house is one of the few big surprises that life brings us sometimes. But what happens when you inherit a house in MA? As much as you may want to keep an inherited house, sometimes you may be forced to consider putting it up for sale. Well, selling an inherited house can be a demanding task, but definitely not impossible! With the right information and assistance from Wicked Local Home Buyers, you should have no problems selling your inherited house. So where does the difficulty come from selling an inherited house in MA?
Exactly what happens when you inherit a house in MA?
There are a number of factors that should be taken into consideration when planning to sell an inherited house in MA. Some of these factors include…
• Dealing with the emotional aspect of selling a loved one’s home
• The financial cost of cleaning out and making the necessary updates intended to attract buyers
• Dealing with potential costly liens and other hidden challenges
First thing, get ready for a rollercoaster of emotions
Selling a loved one’s house can be such an emotionally draining activity… This really cannot be stressed enough. The activity may involve removing his or her stuff, depersonalizing everything even more.
When our emotions get carried away, we often don’t make the best business decisions. Times like that are when you need people with experience buying and selling probate homes in MA to help walk you calmly through the whole process.
Negotiating and managing the selling process
And other times, one might have to deal with expensive liens or other problems that don’t become apparent right away. Regarding these things, disagreements among your siblings might arise about the selling price of the house.
Apart from that, you will have to meet the financial cost needed for making the required updates to make potential buyers aware of and (hopefully) interested in your inherited house. There are also legal and taxation aspects of the sale that you must understand to make the sale successful.
These are the major problems that potential inherited house sellers have to deal with. Unless you are a professional in this area, the process can be tiring and daunting.
Here is a quick list of Pro’s & Con’s of inheriting a house.
The Upside: Unlocking the Pros
- A Significant Financial Windfall: The most obvious benefit is the financial value of the property itself. Whether you choose to sell it or live in it, a paid-off home is a massive asset. If the home has appreciated significantly over the years, the gain can be substantial.
- A Place to Call Your Own: For many, inheriting a home solves the problem of finding a place to live. It can provide a sense of stability and a connection to your family’s history, offering a tangible link to the person who left it to you.
- Rental Income Potential: If you already own a home or don’t want to live in the inherited property, you can turn it into a source of passive income. Renting out the home can provide a steady cash flow and help you build wealth over time.
- A Blank Canvas for Creativity: Inheriting a home can be an exciting opportunity to redesign and renovate. You can transform the space into your dream home, a vacation rental, or a fixer-upper project to flip for a profit.
The Downside: The Hidden Cons
- The Emotional Toll: Inheriting a home can be an emotionally charged experience. The house may be filled with memories, making it difficult to decide whether to sell or keep it. Every room, every object, can be a reminder of your loss, and navigating these feelings is a significant part of the process.
- The Unexpected Costs: While you’ve inherited a house, you’ve also inherited all of its costs. This can include property taxes, insurance, utilities, and maintenance. Even if the home is in good condition, older homes often require more upkeep and may have hidden issues like plumbing or electrical problems.
- Taxes, Taxes, Taxes: The tax implications can be complex. While the “stepped-up basis” often means you don’t have to pay capital gains tax on the appreciation up to the time of death, you may still be subject to inheritance taxes at the state level, or the estate may be liable for federal estate taxes, depending on the value. It’s crucial to consult with a tax professional to understand your obligations.
- Family Disputes: Unfortunately, inheriting a home can sometimes lead to family conflicts. If there are multiple heirs, deciding what to do with the property—sell it, keep it, or have one person buy out the others—can be a source of tension and disagreement.
Interesting Facts You Might Not Know
- Stepped-Up Basis: This is one of the most significant tax advantages of inheriting a property. The home’s cost basis “steps up” to its fair market value at the time of the previous owner’s death. This means if you sell the home for that value, you likely won’t owe any capital gains tax, as the gain from the original purchase price is wiped out.
- Estate Tax vs. Inheritance Tax: While often used interchangeably, these are different. An estate tax is levied on the total value of a deceased person’s property before it’s distributed to heirs. An inheritance tax is a tax on the heir who receives the property. As of 2025, only six states have an inheritance tax, so check your local laws!
- The “Maintenance” Rule: As a rule of thumb, experts suggest setting aside 1-3% of the home’s value each year for maintenance and repairs. For a home valued at $300,000, that’s between $3,000 and $9,000 a year—a cost many inheritors don’t initially account for.
Now you know what happens when you inherit a house in MA. This explains why you need to seek the help of real estate professionals who have had experience helping people sell their inherited houses. If you are considering selling your MA inherited house now or in the next few days or months, then you are better off speaking to one of our real estate experts. He or she will come in handy extremely to help make the process as simplified as possible. Give Wicked Local Home Buyers a call now at (508) 233-7199.
As a matter of fact, some of our real estate investors will be more than willing to buy your house if it meets their expectations.