Inheriting a House in Philadelphia? Here is Your Next Step!
Inheriting a home can bring up a lot of emotions, and often, a lot of questions. If you have recently inherited a property in Philly, you might be wondering, "What do I do next?" While the legal and real estate steps can feel a bit overwhelming, breaking them down makes the process much brighter and easier to navigate. Here are the three main options you have when inheriting a Philly home:
1. The Legal Checklist (Probate & Taxes)
Before making any big decisions, the property needs to go through the legal process. If there is a will, the named executor will take it to the Philadelphia Register of Wills at City Hall to start probate. Keep in mind that Pennsylvania has an inheritance tax, but if you file and pay within three months of the passing, the state offers a 5% discount!
2. Option A: Move In and Make It Yours
If the home is in a neighborhood you love and you are ready for a change, keeping it might be a wonderful choice. You will need to make sure the deed is officially transferred into your name, take over the local property taxes, and ensure the homeowners insurance is updated.
3. Option B: Turn It into an Investment or Sell
If keeping the home isn't the right fit for your lifestyle, you can either rent it out for steady passive income or sell it to cash in on the equity. The Philadelphia market is incredibly active right now, meaning a sale could provide a clean slate and a strong financial boost for your family's future.
You Don't Have to Navigate This Alone
Dealing with an inherited property requires a gentle hand and local expertise. Whether you need recommendations for trusted local estate attorneys, want to know what the home could rent for, or are ready to put it on the market, The Javada Hill Team is here to guide you every step of the way with clarity and care.
✨ Let’s figure out the best path forward together. Reach out to us today for a compassionate, no-obligation consultation.
