So, you’ve just inherited a mansion. Maybe it’s been in your family for generations, or perhaps it’s a new addition to the family assets. Either way, you now have a massive responsibility on your hands. Not only do you have to maintain such a large property, but you also have to decide what to do with it. Do you live in it? Rent it out? Sell it?
If you’re unsure what to do with your newfound inheritance, don’t worry—here are different ways you can make an inherited mansion your own. Whether you want to keep it in the family or make some extra cash, there’s an option for you.
1. Remodel it.
Now is your chance if you’ve always dreamed of living in a stately home! Moving into an inherited mansion can be a great way to make it your own. Just because the house has been in your family for generations doesn’t mean you can’t put your own personal stamp on it.
Redecorate to your taste, add any amenities you feel are missing, and make it into the home of your dreams. For example, you can have some kitchen remodeling done to make it more luxurious and functional for your needs. You can add a modern kitchen island or a fixture to hang pots and pans from the ceiling.
Don’t forget about the outside of the house either—a fresh coat of paint and some new landscaping can go a long way in making an inherited mansion feel like your own. Any changes you make will help the house feel more like home regardless of how much or how little you do.
2. Rent it out.
If you’re not interested in living in the house, consider renting it out. Luxury rentals can be a great source of income, and they often come with the added benefit of being located in prime real estate locations. If you decide to go this route, be sure to screen tenants carefully and set up a strict rental agreement to protect yourself and your investment.
For example, you may want to require that all tenants have a certain income level or credit score. You may also want to charge a higher security deposit than usual to account for the increased value of the property. Taking these precautions can help ensure that your tenants will take good care of your inherited mansion.
In addition, you may want to consider hiring a property management company to handle the day-to-day tasks of renting out your property. This can be a great way to take some of the burdens off of your shoulders and ensure that your property is well-maintained.
3. Sell it.
In some cases, selling an inherited property may be the best option—especially if the maintenance costs are high or the property is located in an area that isn’t desirable. If you choose to sell, work with a real estate agent specializing in luxury homes to get top dollar for your property.
For instance, they can help you stage the home to appeal to high-end buyers and market the property to their extensive network of potential buyers. They can also guide you on pricing the house competitively to ensure that you attract serious offers.
Just ensure that you choose an experienced agent with a good track record of selling luxury homes in your area. Working with the right agent can maximize your chances of making a successful sale.
4. Convert it into a bed and breakfast.
Have you ever dreamed of running your own bed and breakfast? If so, an inherited mansion could be the perfect opportunity to turn that dream into a reality. Not only will you get to live in a beautiful home, but you’ll also get to share its beauty with others.
Just be sure to check with local zoning laws before making any changes to the property—you don’t want to get hit with any surprise fees or penalties down the road. And, of course, running a bed and breakfast requires a lot of hard work. But if you’re up for the challenge, it can be a gratifying experience.
Plan the business carefully, do your research, and hire any staff you may need to help you run the bed and breakfast smoothly. With little effort, you can turn an inherited mansion into a thriving financial venture.
5. Donate it.
If you’re not interested in living in the house or making money off of it, consider donating it instead. Many charities would love to have a luxurious mansion as their new headquarters—and as a bonus, you’ll get a nice tax write-off to come tax time. Win-win!
You can start the process by researching and reaching out to charities you think would be a good fit. Once you’ve found a few interested organizations, work with them to determine the best way to donate the property.
For example, you may want to sell the property and donate the proceeds, or you may wish to donate the property itself. Whichever route you choose, donating an inherited mansion can be a great way to give back to the community.
As you can see, there are many ways you can make an inherited mansion your own—it all depends on what’s important to you and what you hope to gain from the property. This article offers some food for thought to help you narrow down your options for what to do with your new inheritance.