Inherited half a house - should I buy the rest?

Interested to hear what other people have done in this situation and whether they regret their decision.

After a bereavement I've inherited 50% of a relative's home (brother has other 50%) - we lived there as kids but wouldn't have had a whole lot to do with it since. It's a 4 bed semi in good condition and brother wants out so we are either going to sell it to a third party or I can buy him out. Neither of us live in the city where the house is.

My initial thought was to buy my brother out and move into the house and rent one or two of the spare rooms out. Financially I'd need a pretty small mortgage as other than that I've been saving to buy for years. It's in a great location, close to colleges/hospitals/industry and about 15 mins from the city centre. There's huge demand for whole properties and rent-a-room arrangements as there's an under supply of rentals in the area. But long term I don't want to live in that city and would most likely look to move the house on again within the next 3-5 years.

So, although the numbers would stack up part of me thinks it a lot of hassle. Has anyone kept an inherited house and regretted it? Or let it go and wished they hadn't?

draiochtanois

This post has been deleted.

Skerries

would you have to commute for your job?

Skerries

Skerries wrote: »

would you have to commute for your job?

No, I cover a province with my job and where I live now (renting) and where the house is are in the same province so no major upheaval.

Colonel Claptrap

What about living in it for 6-12 months and pay your brother a small rental fee. Maybe bring in a lodger too.

Take some time to see if you like the area. Rent-a-room can be difficult.

Re-assess your situation then. If it doesn't work out, flog it.

jimmycrackcorm

Buy your brother out. Live there for a few years and do the rent a room. Then you can decide of you'd actually like to settle there or sell later.

Colonel Claptrap

Colonel Claptrap wrote: »

What about living in it for 6-12 months and pay your brother a small rental fee.

This would be my ideal scenario but he is keen to cash out quickly so we either sell together or he sells to me.

twiddletwaddle

Deleted User wrote: »

But long term I don't want to live in that city and would most likely look to move the house on again within the next 3-5 years.

So, although the numbers would stack up part of me thinks it a lot of hassle.

If you were planning on keeping the property long term I'd advise you to go for it, but that is not the case.

All the time house prices are rising or relatively stable, keeping the house for a short term period and then selling it on in 3-5 years may seem like a good idea.

You have to consider the possibility that house prices could crash again and you could end up getting stuck living there in an area where you hadn't planned living long term. It all depends on your personal circumstances really.

It could lead to a lot of resentment with your brother, because at the moment he really wants to sell quickly, whereas you would be happy to just rent it off him for a trial period, so your hand is being forced somewhat. I'd consider strongly cashing in while the going is good. You will both be in the same position then and can put the money to good use buying in your preferred long term home location.

You could always invest your half of the inheritance in a smaller cheaper property, that you would be able to buy for cash to keep you going for the mean time until you are ready to buy in your preferred location.

Reputable Rog

What part of Limerick is it in?

AndrewJRenko

If you didn't have the inheritance, would you be thinking about moving to Limerick and buying a property? How does that move fit in with your life plan for work or relationships or whatever?

amtc

You asked if anyone had kept an inherited property and regretted it? I have a friend who was in exactly this position. She inherited half from an aunt and bought out her sister. On paper it made sense. In practice she hated it as though quite near work and social life it wasn't on a public transport route, and had a huge garden which had upkeep. None of her friends were willing to trek a good 15 minute walk from the nearest bus. Also her mother (as it had been her sister's) seemed to think she could pop in all the time.

So she decided to rent it out and move into the city centre. Fast forward some years and now has husband and babies stuck in an apartment. Through taking her eye off the ball she didn't increase rent on house and now can't. Where she is renting has increased. Huge notice period for tenants in house. She firmly regrets buying out the half.