It has often been said, and I believe it is wise advice, that when a loved one passes away you should avoid making major decisions for at least a year. Grief has stages:
- Denial
- Anger
- Bargaining
- Depression
- Acceptance
Those stages take time. Important financial decisions made in the earliest phases are often driven by emotion rather than clarity. Give yourself time to grieve.
After Acceptance, Take Action
Once you have reached a place of acceptance, however, real estate matters cannot sit indefinitely. The first step is to consult a qualified estate attorney to determine who has the legal authority to sell the property. After that, the home should be evaluated and, in most cases, listed for sale. Waiting too long can create significant financial strain.
I recently worked with a client who was unable to dispose of inherited real estate for nearly three years. During that time, the stress of maintaining a vacant property, combined with ongoing expenses, affected his health and ultimately resulted in hospitalization. The financial and physical toll compounded an already difficult period.
Understand Carrying Costs
Vacant property is rarely inexpensive to maintain. Carrying costs include:
- Snow removal
- Property taxes
- Lawn care
- Insurance, which is often significantly higher on a vacant home
- Utilities
- Routine maintenance
These expenses can reach thousands of dollars per month. I frequently see sellers underestimate these costs, especially when managing two homes or leaving a property vacant for an extended period.
The Risk of Deferred Maintenance
Homes do not improve with neglect. Over time, vacant properties commonly experience issues such as break ins, roof leaks, frozen pipes, furnace failures, and water intrusion. Water damage in a closed structure often leads to mold, which can render a home difficult or even impossible to sell without costly remediation.
The result of deferred maintenance is:
- A substantial decline in property value
- Significant out of pocket repair expenses
- Both
Read Deferred Home Maintenance: The hidden Costs.
Lean on Professional Guidance
The solution is not to ignore grief. It is to delegate the real estate burden to a professional who can manage the process while you focus on healing. Choose a Realtor you trust. Listen carefully to their recommendations. If you are uncertain, seek a second professional opinion from another agent or an attorney.
A reputable Realtor’s role extends beyond placing a sign in the yard. An experienced agent monitors the condition of the home, advises on cost effective improvements, and works to protect both the property and the seller’s financial well being.
Protect Both Your Heart and Your Assets
Losing a loved one is painful. In my experience, that pain intensifies when real estate assets deteriorate and become financial liabilities. With timely action and dependable professional guidance, families can preserve value, reduce stress, and move forward without unnecessary financial burden.
