A Guide to the Equitable Disposal of the Property of a Loved One

Property of a Loved One

The death of a loved one or a closed relative more often than not leaves so many items behind that can be sold, or better still shared between the survivors. This usually does not come with ease as it brings about quarrels and backbiting among family members, raising tempos very high, especially when it comes to the properties that were not explicitly listed in the will.

The estate sales administrator or executor needs to tackle this situation with all fairness so that the disputes that have arisen can be solved amicably.

It is not the duty of the relatives and family members to handle the legalities arising from the properties of the deceased person. The executor of the estate sales has to handle such issues. In cases where the property is being held as a probate, the decision of the law court needs to be upheld with all due respect.

estate saleAn estate sale will give you the opportunity to convert the property of the deceased quickly into cash that can either be used to settle any outstanding bills or can be shared equitably between family members.

An estate sale encompasses several things such as furniture, boats, cars, farms, livestock and other valuable assets. In order to make the most profits, it is always advisable to sell these items on an individual basis instead of selling all of them as a group which might reduce the total earning.

Even though simple items hardly require any licenses, it is still imperative on the part of the executor to consult a competent lawyer to ascertain the legal requirements than need to be considered as far as the property is concerned.

Estate sales are either hosted in the form of auctions or are held on the basis of first come first serve, like what is being practised in garage sales. In the event the auction style is inculcate, prospective buyers have the liberty to move from one room to the other in search of the items they desire before finally bidding for those items.

This is usually done by a professional and experienced estate sale auctioneer who will take absolute control of the event and make sure everything goes right. He or she will be charged with the cataloguing and appraising of the items that are put out for sale, as well as ensure that the event has been properly advertised and can get so many people to attend.

Choosing Between Renting or Owning a House

buy-or-rent-a-house

Building equity is one of the major financial reasons for which people are interested in buying homes. In 2008, the U.S. housing market had incurred a loss to much an extent, after which, various prospective homeowners as well as existing homeowners were looking at the cost and the benefits that can be made from such transactions.

Reasons to own a house

Here are the reasons suggesting that you should rent a house.

Flexibility: Renting a house will enable you explore an area before making a long term commitment to the homeownership.

Uncertainty in career: If you feel that in near future you will be transferred to some other place or out of the town or in the outskirts, then you should rent the house. This is a wise decision as owning will tie you down to a great extent.

Poor credit: Making rental payments timely will help you build a sort of credit that you would need to fulfill your mortgage.

No expense of maintenance: When you find any type of fault or any part of your home that requires a repair, then you can simply dial to your landlord to solve the problem.

Real-EstateReasons to own a house

Below are the reasons suggesting that you can own a house.

Creating art: There is no need to worry before creating an art or hanging a clock or colorful hangings on the wall. You can also paint them red, orange, yellow, green, peach or any color of your choice. You can also make shelves, cupboards, or any kind of changes as per the requirement. They are yours, and you can just do what you wish.

Maintenance desire: If you own house, you can do the repair as per your pocket permits. You can have cheap repair temporarily or you can pay heavily for an effective result.

Equity: You can save enormous amounts of money if you own a house. With the saved amount, you can have a handsome interest from the bank or you can purchase a piece of land in the city which would be a great asset to you in the future.

Well, if you talk the about the cheaper options of the two, then it totally depends on the place where you live as well as the improvement that you want to make at the home. The two shares pros and cons equally, and so you must decide and act as per your comfort both professionally and personally.

Read Also Right of the Renter Elaborated Briefly

Construction of new house or purchasing old homes

Many houses. 3D render scene.

It becomes very difficult when one has to make a decision between constructing a house and purchasing an old one.

Pros and cons of newly constructed home are as follows

  • The contemporary style of the house
  • Warranties that are extended
  • Cheap to operate (power-efficient construction).
  • Having homeowners frequently
  • Cohesive neighborhood
  • You can make changes or modify it as per your wish.
  • Quite cheap to maintain it. While you construct new a house, you would be installing new appliances that mean fewer repairs.
  • It helps protecting the resale value.
  • It is fantastic and soothing to live in a brand new house that you have constructed on your own.

You must look into a few important points illustrating that the cons of newly constructed house.

  • Walk down to a nearby street. If you see a development in those areas, then you should try to know from the residents if the builder had performed quality work as well as lived up to contractual commitments.
  • Figure out your home properly and not model home. You can have counters of granite, home theaters with high productive sound. These expenses are not included in your base price, and instead you have to pay additionally for such facilities.
  • Try to have your own agent. If the builder you hired has an agent of real estate, then try to seek help from them as they work fabulously.

Old is gold

With the springing up development, new construction is in high demand. People are interested even to buy resale homes that are used by someone else earlier. This kind of house shares the pros and cons equally. Let us see the pros of such houses below.

  • Developed neighborhoodask-the-realtor-build-or-buy
  • Transferable price
  • Holds more character and charm.
  • More style and more choice to choose from.
  • Issues that might have risen earlier are revealed in disclosure of documents.

After reading the pros of purchasing resale homes, let us proceed below to learn its cons.

  • Outdated design, art, amenities as well as older appliances that would require frequent repairs and thus, distracting you in your work.
  • More maintenance
  • Used house
  • Expensive to operate

If you have decided to buy a house, and you detect any kind of flaws or repairs that are to be done necessarily, then you must report it to the landlord or ask him or her to lower the price.

Read Also How can you get a pre-approved loan?

Take a Look at the Checklist of Renters

Check-list

It is very important to rent the right person. Renting a wrong person can trouble you in many ways. It can affect your commuting time, eating, sleeping or while you shop, etc. So you must inquire properly as once you sign a lease it is difficult to break it. Here below are a few key points that would help you inquire before renting someone.

Budget

Sometimes, the landlord might pay bills for sewer, water, garbage, heat as well as for cable. These bills of every month can be used to transfer costs up down or front the road. Ask him to see the bill over several months to watch heating as well as air conditioning costs.

lease-applicationPolicies

Ask them if they would like to get the payment by mail or by check or direct deposit. If it happens that your rent falls on a holiday, then remember that direct deposit can be delayed sometimes that would incur delay charges. You must know if smoking is allowed or not. This is so because if you are not a smoker, then smoke will harm you in every possible way. You should ask the tenants regularly to know how your property is used by them.

Amenities

Make sure the storehouse is clean enough to store maximum assets. If not, then one can only keep his outdoor furniture or bicycles. The location also plays a major role. If it is near, then it can save enough time and money, and if it is in an isolated area, then it would take much time and increase the costs of transportation. Ask the manager, if the cable is installed from before or there is a need to install any.

Comfort

You should have a good conversation to know the comforts of the property.

Read Also Choosing Between Renting or Owning a House