I've inherited my mother's house. I'm in the process of attempting to clean it out. I've lived there quite a while myself when I was caring for her. It's a HUGE house - 10 room brick Victorian - much more than I need and it needs a LOT of TLC. However, I like the neighborhood and I'm familiar with that community now, it's quiet and virtually crime-free. If I move to a smaller residence now, it would be a big adjustment and I don't know if I want to actually BUY a dwelling this late in life. I'm at that awkward age that its too late to make a new start but too early to qualify for any senior citizen benefits. Also I put out some "feelers' with realtors a few months ago and nobody wanted to take the house to sell. One even told me he hasn't sold a house in 8 months and wouldn't be taking on any more until he could! Any suggestions? I need an impartial opinion.
2007-06-16 00:46:31 · 5 answers · asked by debodun 2 in Business & Finance ➔ Renting & Real Estate
BTW - the house is located in upstate New York, between Albany and Saratoga Springs.
2007-06-16 01:43:03 · update #1
Also, the house is now in my name and I won't be receiving any tax breaks on it like when my mother owned it. She got senior, veteran's and STAR exemptions, so there were virtually no taxes, just a couple of hundred a year. I spoke with the local assessor and was informed that I will be paying close to $4000 now in combined school, town, village and county taxes.
2007-06-16 01:46:35 · update #2
Well if the house is already paid for and your mother was past senior citizens age, you are probably better off holding onto the house for a couple of years until the market stabilizes more to a seller's favor. Your mum probably has a senior tax deduction and homestead, so the property taxes are dirt cheap. If you stay in the house and pay her property taxes on time, you would mostly likely get a big return in a few years.
At the same time, you should also take the money you will save instead of moving and purchasing another house and use these funds to fix up your mum's property. You are old enough and capable of doing most of the TLC work the house requires. Get the necessary books from the library.
I am a woman and I remodeled my mom's bathroom from floor to ceiling over the holidays with just my hands, girl tools (but I did have to buy two saws and a chisel), and three how-to/remodeling books from the public library. It cost me about $2,000 to do it myself and it would have cost more than 5 times that amount to hire someone. It turned out fabulously and my uncles and family friends are convinced a man did it and that my mum is not telling them the truth. All it takes is less laziness, a willingness to learn, and effort; you can handle that right? (For full disclosure, I should mention that I am a highly educated white collar professional and am generally brilliant all around :-)
Good luck with whatever you decide.
2007-06-16 01:36:23 · answer #1 · answered by Nancy 4 · 1⤊ 0⤋
Well, you are asking the wrong group of people here because without seeing the location and condition of your home, opinions will not be clear. If you live the U.S. and can afford the taxes and utilities, I probably would'nt recommend selling the home right as it will sit. Not only is the housing market in a slump, but you are selling a vintage-type home, in which the market is very small. Some investors will use victorian homes as B & Bs, restaurants, legal offices, etc, but the home needs to be in a key location and be large enough and cheap enough for investors to consider it. If the home is tucked back in some residential area and you can not find a realtor to list it, you might have to consider tearing it down and selling the lot. Fixing the home up without having experience should not be an option for you, in fact it would be a drain of finances. It is best for you to seek opinions from those who actually can see the location and condition of the home.
2007-06-16 01:55:59 · answer #2 · answered by Sondra 6 · 0⤊ 1⤋
Have you considered letting the current house?
10 rooms would get a considerable income, which you could use to service a mortgage on your new home and probably provide some additional income, if the house you move to is much smaller.
2007-06-16 01:44:13 · answer #3 · answered by madgooner 4 · 0⤊ 0⤋
I live in Australia where house prices are yet to peak! So I would advise you to hold off and grab a bit more of that capital gain. However! I have no idea where you live so it's a different ball game else where. Have a good day.
2007-06-16 00:54:40 · answer #4 · answered by wheeliebin 6 · 0⤊ 0⤋
Where is the house?
2007-06-16 00:54:43 · answer #5 · answered by Village Player 7 · 0⤊ 0⤋