I will be inheriting a fully paid off house via blind trust and am unsure what to do with it. I understand that I am extremely lucky to be in this situation, and want to make sure I’m doing the right thing financially.
Some info:
- Location: Long Island, NY (suburbs)
- Value:~$750k, 4 bed, 2.5 bath, ~2k sq ft
- Mortgage completely paid
- Yearly taxes: ~$10k
- My job is extremely secure (federal govt), with an excellent salary, but I cannot relocate or work remotely from the house. I live half way across the country, so would need to either rent it out or sell it.
- The house is in excellent condition. It went though a fire a few years ago and was rebuilt from the studs, so it is essentially an almost new build.
- I am not married (maybe in a few years), have no kids, and zero debt.
- I am not currently looking to purchase a house in my current location, although that may change in 2-3 years.
I rent my current apartment and do not have any experience owning a home, or renting one out as an owner. I’ve heard that property management companies can help, but also that they might not be worth it or interested in working with me with only one property.
What should I be taking into consideration for this decision? Would it make more sense to sell the house or try to be a remote landlord/hire a property management company?
Any insight is appreciated. Thank you.
Submitted September 11, 2023 at 06:10PM by Abo11518 https://ift.tt/rmXZR5C
