What To Do With A House You Inherit? – Should I Rent or Sell in Pittsburgh?
First, we’re truly sorry for your loss. This is never an easy time, and dealing with property matters while grieving can feel overwhelming. You might be asking what to do with a house you inherit, should you rent it? Sell it? And if you sell—how should you do it?
There are a lot of options, and it can be hard to know the best one.
That’s where we come in.
We’re experienced real estate investors working in the Pittsburgh, PA area. Every month, we talk with people who’ve inherited homes and are unsure of their next steps. We buy several houses locally each month and understand the unique challenges that come with inherited property.
So whether you’re just exploring your options or ready to sell, we’re here to help. Below, you’ll find a few helpful tips to get you started.
I Inherited A House, What To Do Next?
Here’s a few important considerations to help you make the right decision:
1) Make sure the mortgage is paid.
This might sound obvious, but it’s something that can catch people off guard—if the person who left you the property still had a mortgage on it (unless it was completely paid off, which is definitely a plus), that mortgage doesn’t just disappear. If you inherited a house and plan to keep it, you’ll need to continue making those mortgage payments.
Depending on the lender, you might be allowed to assume the existing loan, which means you take over the payments under the current terms. In other cases, the bank may require you to refinance the loan into your own name—which can be tricky if you don’t qualify. If that happens, and you’re thinking about renting out the house to cover the payments, that may not be a viable option unless you can secure financing.
So, if you’re wondering what to do with a house you inherit, understanding the mortgage situation is a critical first step. It can really shape what options are realistically available to you—whether that’s keeping the home, renting it out, or selling it.
2) The investment is only as good as the manager.
If you’ve inherited a house and dealing with brokers, maintenance, tenants, and rent collection doesn’t feel worth your time, it might be best to hire a property manager—or consider cashing out.
Some people who inherit a home choose to rent it out for extra income, which can be a solid strategy. Just keep in mind, managing tenants and unexpected repairs can be a hassle if you’re not prepared or don’t have help.
3) Property ownership costs money.
It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.
I know when thinking on what to do with a house you Inherit, you are wishing that it would not cost you anything, but in reality, you should consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to address over the next five years, along with estimated costs. Surprises are very, very expensive—and they can sneak up fast. But if you don’t want to deal with repairs or unexpected issues, you can always sell it to We Buy Property and let us handle everything for you, as-is.
4) Selling a property for top dollar costs money.
If you don’t want to deal with making repairs, updating kitchens, improving landscaping, or handling overall cleanup, don’t worry. You can sell your house to We Buy Property, and we’ll help you skip these hassles. We buy Pittsburgh houses for cash, as-is, so you can avoid the stress and sell quickly without any repairs or showings.
5) If the market will continue to grow faster than your other options, hang on to the investment.
If you’ve inherited a house, we can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you absolutely should consider it. On the other hand, if you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great long-term investment if you know how to correctly read and respond to the market.
6) Uncle Sam wants a piece of the action.
If you’ve inherited a house, don’t forget to discuss your inheritance with tax and legal professionals before taking any action. There are major property and income tax consequences that can dramatically impact the true cost of owning and maintaining your investment over time.
7) Consider all your options.
If you’ve inherited a house, there are situations where we may be able to help you structure a lease-option agreement that allows you to rent the property and sell it at the same time—capturing the best of both worlds. These kinds of creative deals can be complicated, but our deep canonsburg investment experience can help you navigate the process successfully and come out ahead.
8) Compare a few scenarios.
We’ll help you determine the prices for any property near canonsburg—whether you sold it today without doing any work, the highest price the market will bear, or the projected value of keeping it as a rental (along with all the costs). Our team is here to provide you with all the information you need to make an informed decision and take the next step. So, if you inherited a house, contact us today for a no-obligation consultation!
