Inherited a House in Puyallup, Washington? Your 5 Best Options
Inheriting a home in Puyallup, Washington, can bring a flood of mixed emotions. It might represent years of family memories, a connection to loved ones, and even a symbol of stability. At the same time, it can also create stress, confusion, and a list of unexpected responsibilities.
For some, the inherited property is in perfect condition and located in a desirable neighborhood. For others, it may need major repairs, be burdened with taxes or liens, or come with complicated family dynamics.
The good news? You have five clear paths to choose from. Before we get into them, it's important to understand the real responsibilities that come with inheriting a property in Washington.
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Understanding the Responsibilities That Come With an Inherited Property
When you inherit a home, you're not just getting a set of keys, you're also taking on legal, financial, and maintenance obligations that can quickly add up.
From ongoing costs to legal procedures, the reality of ownership can shock many new heirs.
Property Taxes and Ongoing Costs
Owning a home means paying for far more than just the mortgage, especially when you inherit a property free and clear.
According to Bankrate, the average American homeowner spends over $21,000 annually on ongoing costs like property taxes, insurance, maintenance, utilities, and internet. Maintenance alone accounts for more than $8,800 per year, a figure that can be even higher for older homes.
These expenses are particularly important to consider if you weren't expecting to budget for them. While some families can comfortably absorb the costs, others find that the upkeep can quickly become a financial strain.
Homeowners Insurance and Rising Premiums
Even if the property is paid off, insurance is non-negotiable. The U.S. Department of the Treasury's Federal Insurance Office reports that homeowners insurance premiums have risen 8.7% faster than inflation between 2018 and 2022.
That means your yearly bill could be significantly higher than it was just a few years ago, and Washington has not been immune to those increases.
Failing to maintain adequate insurance could expose you to serious financial risks in the event of damage or liability issues, especially if the home sits vacant during probate.
Legal and Probate Considerations in Washington
In Washington State, whether or not a property needs to go through probate depends on how it was owned and whether there was a will or trust in place.
If probate is required, the process can take anywhere from a few months to over a year, depending on the complexity of the estate and whether there are disputes among heirs.
During this time, property taxes, insurance, and maintenance costs still need to be paid, which can place a burden on heirs who aren't prepared.
Now that you have a clearer understanding of what comes with ownership, let's look at the five most common options available when you inherit a home in Puyallup, WA.
Option 1: Moving In and Making It Your Primary Residence
For some heirs in Puyallup, the most natural choice is to move into the inherited property and make it home. This can be both a practical and sentimental decision, especially if the house holds emotional value.
If the property is in good condition and located in an area you love, moving allows you to save on rent or mortgage payments, potentially build equity, and keep the home in the family.
Adjusting the Property to Fit Your Needs
Even if the home is structurally sound, you might want to make changes: anything from new paint and flooring to major renovations like updating the kitchen or bathrooms.
These upgrades can improve your comfort and increase the property's long-term value, but they also require time, money, and planning.
See more on How to Sell a Washington Home That Needs Major Repairs.
Impact on Your Long-Term Finances
Moving into an inherited home doesn't mean you're off the hook financially. You'll still need to pay property taxes, insurance, utilities, and upkeep.
However, if the property is mortgage-free, you could find yourself in a stronger long-term position than if you were paying rent or a high mortgage elsewhere.
Option 2: Renting Out the Property for Monthly Income
If you don't want to live in the home but also don't want to sell it, renting can be a smart way to turn the property into a steady income source.
The rental market in Puyallup and Pierce County has remained strong in recent years, with many renters looking for single-family homes in well-connected neighborhoods.
Benefits of Becoming a Landlord
By renting out the inherited home, you can create a passive income stream, benefit from property appreciation, and keep the asset in your portfolio. In many cases, rental income can cover the property's ongoing expenses and even generate extra cash each month.
Challenges and Legal Responsibilities
Being a landlord in Puyallup, WA, comes with obligations, such as maintaining the property, handling repairs, and complying with Washington's landlord-tenant laws. You'll also need to be prepared for the possibility of vacancies or difficult tenants.
If you prefer a hands-off approach, you can hire a property management company, but their fees will reduce your net income.
Option 3: Selling the Property on the Open Market
A traditional sale through a real estate agent is one of the most common ways to handle an inherited home. This approach allows you to maximize your selling price, especially if the property is in good condition and located in a desirable neighborhood.
Preparing the House for Listing
To attract serious buyers, you may need to make repairs, update outdated features, and stage the home for showings. While these steps can increase the final sale price, they also require time, money, and effort.
Timeline and Costs to Expect
A traditional sale typically takes 60 to 90 days from listing to closing, though it can take longer if the market is slow or the property needs major work.
You'll also need to account for agent commissions (usually 5 to 6% of the sale price) along with possible staging, photography, and marketing costs.
For some heirs, holding onto a property during this process simply isn't feasible, especially if they're already facing foreclosure in Washington or managing other urgent financial pressures.
In those cases, a faster alternative like a cash sale may be worth exploring to avoid further stress and expense.
Option 4: Selling the Property for Cash
When speed and simplicity matter most, selling to a legitimate cash home buyer can be the most stress-free choice.
Cash sales are particularly appealing for inherited homes that need repairs, are tied up in probate, or are creating financial strain for the heirs.
Benefits of a Fast Cash Sale
Cash buyers can often close in as little as a week, purchase the property as-is, and eliminate the need for showings, repairs, or inspections. You avoid agent commissions and can receive your funds quickly, allowing you to settle estate matters without delay.
Learn How Local Buyers Like Byron & Anita Simplify the Process
Byron and Anita from Byron Buys Homes focus on working with local families in Puyallup, WA, to navigate these situations with transparency and integrity.
They handle the home-buying process in Washington from start to finish, explain every step clearly, and work on a timeline that suits your needs, whether you want to close fast or need more time to move.
Option 5: Gifting or Donating the Property
Another option is to give the property to a family member or donate it to a charitable organization.
This path can be meaningful if you want to keep the home in the family or support a cause you care about.
Tax Benefits and Considerations
Donating a property can provide significant tax deductions, while gifting to a family member allows you to avoid certain capital gains taxes. However, the IRS has strict rules around gifting, and it's important to consult with a tax professional before proceeding.
Choosing the Right Recipient
When gifting to family, make sure everyone is on the same page to avoid disputes. If donating to a charity, verify that they can accept real estate and put it to good use.
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"After months of trying to sell my house through traditional methods, I finally decided to try selling for cash. Byron was professional, honest, and quick. He gave me a fair offer for my home, and we closed quickly. I’m so happy I decided to work with him."
"I had an inherited property in Puyallup that I didn’t want to keep. Byron made me an honest cash offer and handled everything for me. There were no commissions, no fees, and no repairs needed. The sale went smoothly, and I walked away with cash in hand. Highly recommend Byron if you want to sell your home hassle-free!"
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Deciding Which Option Fits Your Situation Best
Choosing the right path depends on your financial situation, the condition of the home, your emotional connection to it, and your long-term goals.
If you want to keep the home in the family, moving in or renting may be best. If you'd rather free yourself from the responsibilities quickly, selling (either through traditional methods or for cash) can provide closure and financial flexibility.
Moving Forward Worry-Free in Puyallup, Washington
Inheriting a home in Puyallup is both a gift and a responsibility. By understanding your options, weighing the financial and emotional factors, and working with local professionals like Byron and Anita, you can make the decision that's right for you.
Ready to explore your next steps? Contact Byron Buys Homes today by filling out our form to start a conversation about your property and your goals.
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