Inheriting land or property from a loved one can feel like a gift and a responsibility. Along with the sentimental value, you may be facing unfamiliar questions about taxes, title issues, probate, or what to do with the property next. If you're in this position now or expect to be in the future, it’s completely normal to feel overwhelmed. Here are some tips for what to do next.
Step One: Pause Before You Pressure Yourself
Too often, families feel like they need to decide what to do right away, but unless legal timelines are pressing, such as active probate deadlines or urgent maintenance, it’s okay to take time. We covered this more in this article, Estate Property Decisions Deserve More Than a Quick Conversation, but it’s worth repeating that there’s no one-size-fits-all answer when it comes to inherited property. Start with information, not assumptions.
Step Two: Find Out Some Things About the Property
Even before you make a decision, gather some facts, including:
These answers can help determine whether the property is an asset, a liability, or something in between.
Step Three: Understand Your Options
Depending on your goals and the property’s condition, there are a few routes you can consider:
Each path has pros and cons. This article on navigating real estate trends shares more on how auctions, in particular, can be strategic for inherited land, especially if the market is uncertain or the land is hard to value.
Step Four: Seek Professional Guidance
The good news is that you don’t have to figure it out all at once and alone. While every estate situation is different, involving a real estate professional, especially one certified in estate sales or auctions, can ease the burden. Having a trusted advisor helps families move forward with more confidence and less conflict.
Your next step doesn’t have to be permanent. Your next step just needs to be informed.
Mike Winton Realty & Auction Company, based in Tullahoma, Tennessee, brings years of experience in real estate investment and sales to assist clients in buying, selling, and auctioning properties. Our dedicated team focuses on building personal relationships with each client, ensuring tailored solutions for every real estate need. Whether you're looking to find your dream home, sell a property, or explore auction opportunities, we're committed to guiding you through the process with expertise and care. To learn more about our services or to get in touch, visit our website at mikewintonrealtyauction.com or contact us at mikewinton@realtracs.com or 931.224.5969.