Inheriting a house may seem exciting, but it comes with expenses that you need to pay. Property taxes, insurance, utilities, and maintenance costs are some of the monthly expenses that you will need to cover. Sadly, many loved ones leave their property as an inheritance to beneficiaries who are already struggling financially.
If you have inherited a house that you do not want to live in but feel emotionally attached to, it is important to remember that sentimental value does not cover the financial burden of owning the property.
Sellers often overlook the expenses of holding onto a property as their focus is usually on making the sale. However, these costs can accumulate over time and cause various issues. To assist you, we have compiled a list of typical monthly payments for holding onto an inherited house in Clarksville. Keep reading to learn about these costs.
Taxes
If you inherit a house in Clarksville, you will still be responsible for paying property taxes on the property. The amount you will have to pay will depend on where the property is located, and you could be charged up to 6% interest per year or more. It’s important to note that these tax payments may or may not be included as part of your monthly mortgage payment. Even if you fully own the property without a mortgage, you will still have to pay property taxes every year. Furthermore, the taxes you will have to pay are expected to increase, as tax collectors will reassess the rate based on the current market value.
Utilities
You will have to pay for utilities such as electricity, gas, and garbage service every month. In Clarksville, TN, the average electric bill is $186, the median gas bill is $100, and the standard water bill is around $35. If you add cable or internet service to your bills, your total utility payments could exceed $300 per month.
Insurance
If you still have a mortgage left on your property, you may have to pay for mortgage insurance and property insurance. Home insurance costs in Clarksville are generally affordable, but it’s still an additional monthly expense you’ll have to cover.
Assumption of Mortgage
If you inherit a house with a mortgage, you may be able to take over the mortgage payments. However, this depends on the terms of the original contract. In the case of a reverse mortgage, you will need to pay off the loan in order to keep the property.
Maintenance
If you plan on keeping the property, it’s recommended to get a professional inspection to fully understand what you’re dealing with. The longer the house has been vacant and the worse its condition, the more costly it could be to maintain the inherited house in Clarksville. In Clarksville, there are many homes that were built in the middle of the 1900s, making it an old city. The cost of monthly maintenance and repairs on these older properties can be very high, sometimes even exceeding the cost of mortgage payments. This is the reason why you may observe properties in Clarksville being sold as-is instead of being listed on the open market.
Yard
Vacant homes can easily be distinguished by their unkempt and tangled yards, which contributes to their distressed appearance. You’ll need to make sure to maintain the yard unless you have extra time.If you are not planning to use the inherited house in Clarksville, it is expensive to keep it. To solve this problem, Integrity House Buyers can buy it from you at a fair price and close the deal whenever you’re ready. You don’t have to worry about going through your loved one’s belongings to clean out the property as you can leave everything as is or keep what you want. Integrity House Buyers will take care of the rest. To learn more about how it works, you can contact us here or call 931-213-6951.