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Costs of Holding Onto An Inherited House in Raleigh

Are you dealing with an inherited house in Raleigh? While it may seem exciting at first, the truth is, along with the house comes a bundle of expenses. Sadly, many well-meaning loved ones leave their properties to beneficiaries who are already struggling financially. Often, these houses are in dire need of repair, requiring a significant upfront investment to turn them into desirable properties.

If you find yourself in possession of an inherited house but already have your dream home or no interest in living there, sentimentality won’t cover the costs of maintaining it. This often leads to the decision to sell the property. But regardless of your choice, it’s crucial not to delay in addressing the property’s needs. A good starting point is to gather information on existing expenses and payment details.

Let’s delve into the various costs associated with holding onto an inherited house in Raleigh.

Property Taxes

Property taxes are an unavoidable expense when you inherit a house in Raleigh. Whether or not they’re included in your monthly mortgage payment, annual property taxes will always be due. Moreover, these taxes may increase significantly due to reassessment based on the current market value.


When it comes to insurance on your inherited property in Raleigh, there are several factors to consider. First and foremost is property insurance, which covers the physical structure of the house against damages caused by events like fire, vandalism, or natural disasters. This type of insurance is crucial for protecting your investment and ensuring that you’re not left with hefty repair bills in case of unforeseen events.

Additionally, depending on the remaining mortgage amount, you may also need to pay for mortgage insurance. Mortgage insurance, also known as PMI (Private Mortgage Insurance), is typically required by lenders when the down payment on a property is less than 20% of its value. It protects the lender in case the borrower defaults on the loan. However, if you’ve inherited the property outright or have already paid off the mortgage, mortgage insurance may not be applicable.

Assumption of Mortgage

In some cases, you can assume the mortgage on the inherited property. The terms of the original contract will determine your eligibility to do so. However, if the original owner had a reverse mortgage, you’d need to pay off the loan to retain ownership of the property.


Although you’re not obligated to pay the utility bills under the deceased’s name, it’s advisable to keep up with payments if you plan to reside in the inherited house in Raleigh. Otherwise, unpaid bills could become a lien on the property, deducted from the sale profits.


Consider getting a professional inspection to fully understand the property’s condition and potential maintenance costs. Depending on how long the house has been vacant and its state of repair, maintaining an inherited house in Raleigh can be quite expensive. Monthly repair expenses for older properties might match or even exceed mortgage payments.


Neglected yards can make vacant houses look even more distressed. If you don’t have the time to maintain the yard yourself, you’ll need to hire someone to ensure it stays presentable while holding onto an inherited house in Raleigh.

In conclusion, owning an inherited house in Raleigh comes with its fair share of financial responsibilities. Whether you decide to keep the property or sell it, prompt action is essential. If you’re considering selling, top real estate investors and cash home buying companies can offer quick solutions to relieve you of the burden.

Unless you have a plan for the property, holding onto an inherited house in Raleigh is costing you money. BHERI CAPITAL will pay you a great price and close when you are ready. If you don’t feel that you can handle the emotions of going through the possessions of your loved one to clean out the property, you can leave everything in place or take what you like, BHERI CAPITAL will handle the rest for you. Call BHERI CAPITAL at (919)-229-4991 or send us a message today!

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