Ways to Save Money on Property Inheritance Cost

58% of UK adults say they are expecting to inherit a property during their lifetime. If you’ve been left a property in a Will this year, you can expect a bill of around £20,000 – that doesn’t include inheritance tax.The cost covers expenses like ...

58% of UK adults say they are expecting to inherit a property during their lifetime. If you’ve been left a property in a Will this year, you can expect a bill of around £20,000 – that doesn’t include inheritance tax.

The cost covers expenses like clearing the house, redecorating, charges for energy and water, as well as insurance and solicitor fees. It does vary depending on what the person who inherited the property decides to do with it.

Have you inherited a property? Here are some ways you can save money on the costs:

If a specific Solicitor is not mentioned in the Will, and you’re named as the Executor, you should be able to look for a Solicitor yourself to ensure you’re getting the best value for your money. Fees will vary, and you do need to do your homework and read reviews or look for personal recommendations – you want to make sure you still get a good service if you switch.

You can save money by hiring a van and clearing out the property yourself. However, as well as being quite time-consuming, it can also be very emotional and stressful. If there are items you don’t feel are saleable but could be useful, look at sites online that advertise furniture for free, and for any items in good condition, you could list these for sale.

Once you’ve cleared what you can, you may have larger items that you need to store temporarily. Again, storage costs vary a lot so do your homework to find the best option for you and the items you need to store.

If the property is in reasonable condition and could just do with a lick of paint and such, you could save money and do this yourself. If you are looking to market it for sale or rent, consider painting everything in a neutral shade as this is recommended by property experts. Before changing carpets, check if you could hire a machine and give them a good clean as this can often make a big difference.

Even if the home will be empty, you’ll still need to insure it. Check comparison sites and shop around for a deal, keep in mind the value of the property including all fixtures and fittings, and any potential problems that might occur such as burst pipes, especially in the colder months.

We hope you’ve found our trip handy and manage to save a little on outgoing costs.

If you have inherited and property and are looking to sell or rent it, our team will be happy to assist.

Please feel free to contact us here.