REAL ESTATE

Home Inheritance: Legacy or Liability?

By: Anneken Tappe · September 29, 2023 · Reading Time: 2 minutes

Passing On Wealth

Inheritance is an uncomfortable topic. The bottom line is it’s best to plan. More than half of homeowners plan to leave their properties to their heirs, for example, but not all of them have made their intentions clear.

But while bestowing a home to heirs is generally seen as a valuable gesture, the true payoff is up for question.

Bricks & Burdens

Inheriting a house may carry a blend of financial commitments, upkeep obligations, and red tape.

U.S. homeowners face around $9,400 in annual upkeep costs, with some urban areas looking at higher average costs. Property taxes, insurance and utilities must be added on top.

So while homeownership is central to building generational wealth for many families, it’s vital for homeowners and heirs to grasp the associated responsibilities, ensuring homes remain beneficial legacies.

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