Navigating Inherited Properties

Simon explores the important considerations surrounding inherited properties, discussing the various options available to beneficiaries, including selling the property, moving in, or converting it into a rental. He goes into depth about the need to consider the perspectives of all beneficiaries and the potential financial implications of each choice, the importance of property condition, the possibility of refinancing to fund renovations, and the strategic decisions involved in determining whether to keep or sell the inherited property.  KEY TAKEAWAYS When inheriting a property, it's important to consider the needs and opinions of all beneficiaries involved, as different family members may have varying requirements regarding the property. There are three main options for handling an inherited property: selling it, moving in to live there, or converting it into a rental property. Each option has its own set of considerations and implications. The condition of the inherited property can significantly affect its market value. Deciding whether to modernise the property before selling or to sell it as-is requires careful consideration and agreement among beneficiaries. If you choose to keep the property, you may need to raise a mortgage to pay out other beneficiaries. Understanding the difference between residential and buy-to-let mortgages can provide more flexibility in financing options. BEST MOMENTS "Whenever you inherit a property, there are a number of considerations... you might decide to just sell the property, move into the property, or turn it into a rental property."  "If you inherit a property you want to rent out, maybe you could refinance it and that will give you the money to do the property up."  "Don't just assume you're getting the maximum rent; it might be worth you spending a little bit of money on that property to improve the standards and then also raise the rent." "Investing in property is one of the very best investments you can make... use that inheritance to build the wealth of your future generations." VALUABLE RESOURCES To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/ Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk   pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.