3 Pitfalls To Stay Away From When Inheriting A Home In Pittsburgh
                     3 Pitfalls to Stay Away from When Inheriting A
Home In Pittsburgh
Receiving a home as a bequest can be compared to achieving a big jackpot. Right from the 
start, it may appear to be a very generous act from a caring family member. Sometimes, the 
prize you were dreaming of may not turn out as expected - the house could be in poor 
condition or have legal issues, causing great inconvenience. Determining how to handle an 
inherited property presents a significant financial and emotional hurdle.
If you have just come into possession of a house in Pittsburgh, here are the main traps to 
watch out for:
Debt And Unpaid Bills
An inherited old home comes with many challenges, and this is one of the largest. If the 
mortgage is still ongoing, you are entitled to check if its paid promptly. Additionally, you will
be responsible for other balance due such as unresolved utility bills. If the house is in bad 
shape, a lot of money will be required to fix things up.
In most cases, there are three main choices when receiving a residence through inheritance: 
 Move into it
 Rent it out 
 Or sell it 
If you are renting a home now and the inherited property is in good condition, you can think 
about living there. But if you want to make some extra cash from the home you inherited, 
renting or selling is the more favorable option.
Siblings Conflict
This is yet another big obstacle when dealing with a passed-down house. When inheriting a 
home jointly, it may put a strain on the relationship if you cannot reach a unanimous 
agreement on how to handle the property. Have an open conversation with all heirs to arrive 
at a mutual understanding. If communication with your siblings proves to be impossible, then
you may need to resort to legal action in order to resolve the problem. Consider this choice 
only, if necessary, as it is both costly and time-consuming due to the expenses for legal 
representation and additional fees.
Exercise Caution When It Comes To "Tax Breaks."
To begin, let's start by discussing the positive news: a hereditary house is not subject to 
capital gains tax. This happens when you receive the property at the market value upon the 
passing of a family member. Therefore, the capital gains tax is not relevant, and you receive 
the inheritance at its present market worth. The capital gains tax is only applicable to the 
value increase from inheritance to selling.
Even though you are exempt from capital gains tax on inherited assets, you still have to pay 
the federal estate tax. The federal estate tax is imposed on properties valued above $5 million,
with a lower threshold in select states. Therefore, if the value of the inherited property 
exceeds $5 million, you will still be required to pay the increased federal estate taxes.
A Home Never Comes Free
If you prefer holding onto the house and rent it, you will probably discover that its upkeep is 
a major liability. Despite not having a mortgage on the ancestral residence, additional 
expenses such as water and electricity bills, homeowners' insurance, and property taxes still 
need to be covered with your own money. The fact is that having a second house comes with 
continual costs. Selling a passed-down property is a better option if you cannot maintain it.
The simplest way to deal with your inherited home which you cannot mete out to renovate 
and manage is by reaching out to a cash home buyer in Pittsburgh. Selling to these buyers 
allows you to simplify the process and quickly get rid of it without incurring additional costs.
Many people around Pittsburgh reach out to us, saying, “I have unexpectedly inherited a 
burdensome property and want to sell my house fast in Pittsburgh,” which they do not want
to take care of. In such a case, consider contacting cash home buyers to make selling the 
home easier and have a hassle-free sale experience!
Resource Box:
412 Houses is a popular cash home buyer in Pittsburgh, that helps distress homeowners sell 
their homes quick for cash. There are no commissions, and we cover all closing costs. Visit 
 https://www.412houses.com/  to learn more about us.