Losing a loved one or close friend is tough enough without the added stress of navigating an unexpected inheritance. If you’ve just inherited a house in New Hampshire, you might feel like you’ve been dropped into a reality show called “What Now?!” Don’t worry—we’ve got your back with five steps to help you get through this without losing your sanity. It may be challenging to focus, so we have outlined five things to do immediately after inheriting a house in New Hampshire
Lines of Communication
Communication truly is the key to success when dealing with other heirs after inheriting a house in New Hampshire. When it comes to dealing with co-heirs, communication is key—like, “don’t-skip-this-step” key. Sure, technology makes it easier to connect, but even the best Zoom calls can’t prevent arguments over what to do with the property. Emotions can run high, so try to focus on facts rather than feelings. If things start to feel like an episode of Family Feud, it might be time to call in a mediator. Just remember: forcing a sale through foreclosure is an option, but it’s about as profitable as selling your rare collectibles at a yard sale—typically netting only two-thirds of the property’s fair market value..
Probate
If your loved one didn’t set up a trust, you’ll have to deal with probate, a fancy word for “settling the estate in court.” This process involves a lot of paperwork, asset accounting, and keeping the beneficiaries in the loop. And yes, you’ll also have to tackle any creditor claims, estate taxes, and disagreements between heirs. Basically, probate is like planning a family reunion, except with fewer barbecue grills and more legal documents.
Executor
Being named an executor when you inherit a house in New Hampshire is an enormous responsibility. You must design and execute the plan for communications among the heirs. You will also need to develop the accounting methods for the trust or estate to be delivered when called for during probate. As the executor, you will have to gather the assets and also establish a relationship with the attorney, accountant, and other necessary professionals to complete the process. Be careful that you take every step possible to avoid mismanagement and follow all laws and not take any steps in your self-interest. Your prime directive in this position is to act above reproach and honor the will or trust, carefully adhering to the documents that are relevant and the intent of the deceased as outlined.
Affordability: Crunch the numbers
It is imperative to understand the financial aspects immediately upon inheriting a house in New Hampshire. In addition to paying the mortgage and insurance, you will need to crunch the numbers on any debt associated with the property. In addition to the mortgage, obligations for repairs, or liens on the estate, you should consider tax liabilities. The IRS charges a specialized tax on capital gains, calculated on the difference between the original purchase price and the current Fair Market Value. Additionally, the condition and age of the property matter as homes age, and repair expenses can be overwhelming. If time or distance is at issue, you should also account for hiring caretakers or hiring a professional property management service if you hold the property.
Hold or Sell
Holding onto the property could be a smart move, depending on your situation. If the house is in good condition and located in a desirable area, keeping it as a rental or vacation property could provide a steady stream of income or a long-term investment opportunity. It’s worth considering the financial implications and whether the upkeep or distance is manageable for you.
If holding onto the property doesn’t feel like the right fit, selling could be the best way to move forward. As a real estate agent, I’m here to guide you through the entire process of listing and selling your inherited house in New Hampshire. This can be a challenging time, and my goal is to help you navigate it with as little stress as possible.
Selling a house doesn’t have to be overwhelming. I’ll work with you to determine the best strategy to market your property, attract the right buyers, and secure the best possible price. From understanding the property’s value to handling showings, offers, and negotiations, I’ll be with you every step of the way. My job is to make sure you feel informed and confident throughout the process.
Worried about the details? No problem. Whether it’s preparing the house for the market or understanding the next steps, I’ll help simplify everything. You can even leave behind items you don’t want—I’ll connect you with professionals to handle cleanouts, staging, or anything else needed to get your home market-ready.
Whether you’re ready to list the property or just want to explore your options, I’m here to help. Feel free to reach out with any questions, big or small. Let’s work together to turn this inherited property into an opportunity that works for you. Just give Susan Cole Realty Group a call at (603) 443-3149 or send us a message to learn how to solve your inheritance problems.