During the process of putting the property up for sale she meets her high-school sweetheart who is single, divorced, or widowed, and she falls in love with him again. She also missed the small town friendliness more than she realized; the big-city partnership or corporate vice presidency she had been pursuing would not have been fulfilling. In the end she keeps the family home and moves back to the small town to form a family with her former lover.
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One of the first things many people do when they inherit their parents’ home these days is put up a for-sale sign.Older heirs are probably comfortably situated and are unlikely to want to move to a half-century-old homestead in need of a lot of expensive repairs. Also, middle-class estates tend to be house-rich and cash-poor, so whichever sibling wants to keep the house will likely have to sell his existing home to buy out his brothers and sisters and fix the place. That's a real commitment to sentiment, and unrealistic like a Hallmark movie.
Deciding what to do with a family property is often both an emotional and financial decision, but the rising costs of renovations, property taxes and utilities are making it harder for adult children to hold on to the real estate, financial advisers say. Higher home prices and mortgage rates have often also made it impractical for heirs to buy out their siblings, said Dick Stoner, a Realtor in Rockville, Md.
The high home prices of the past few years have made the decision to sell even more attractive. If inheritors can unload a house in a hot location for a high price, the proceeds from the home’s sale can help secure their finances and fund goals such as retirement, advisers say.
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