Inherited half a house

sparky222

New Member
Messages
3
I recently inherited 50% of a house after the passing of my father. I'm not sure how to proceed, whether to hold my share or sell my half to my sibling who holds the remaining share. They are open to the idea of purchasing my half off me.

If I sold I'd have approve 400k left after taxes to invest.

Would I be better off selling now and investing the cash or holding on to it and maybe renting it out and sharing the income from rent?
 
Would I be better off selling now and investing the cash or holding on to it and maybe renting it out and sharing the income from rent?
Nobody can predict the future so nobody can say how different asset classes will do in the future from an investment point of view.

How do you expect to rent half a house?
 
My sibling intends to rent out the house if they buy my share. Both of us agree that we will rent it out but they have offered to buy my share if I'm interested in selling.
 
Hi Sparky

There are two issues to consider here.

1) Is investing in property suitable for you?
We can't really answer that without knowing about your full financial situation. For example, if you have a mortgage on your home, it would make sense to sell the property and pay down your mortgage. Likewise, if your pension fund is not fully funded, it would make sense to sell the property and fund your pension. But if you own your own home without a mortgage and have a fully funded pension, you probably have enough exposure to the Irish property market and should diversify by investing in equities.

It would probably be no harm to do a complete Money Makeover given that you have big decisions to make.

2) Is jointly owning a buy to let a good idea?
I would argue that it is not. When you own a property on your own, you often have difficult decisions to make -Which tenant to choose? What rent to charge. How to deal with a tenant who is not paying the rent. Decorating the house between lets. And ultimately, when to sell.

But with two people making the decision, there is huge room for falling out. You get on well with your sibling. Keep it that way. Sell your share to them.

Then do a money makeover to plan how to deal with the money.

Brendan
 
Last edited:
2) Is jointly owning a buy to let a good idea?
I would argue that it is not. When you own a property on your own, you often have difficult decisions to make - How to find a tenant. What rent to charge. How to deal with a tenant who is not paying the rent. Decorating the house between lets. And ultimately, when to sell.

But with two people making the decision, there is huge room for falling out. You get on well with your sibling. Keep it that way. Sell your share to them.
Read this and sell. Good advice.
 
Yep, I'd sell in a minute. 400k into the paw & no headache down the road of managing tenants (good or bad) or managing the commercial relationship with a Sibling.
 
I would definitely not buy and rent a property with anyone. There are risks and work involved. Too difficult to manage these with someone else.
 
  • Like
Reactions: KOW
Thanks for all the replie, then have been very helpful. I'm veering in the direction of selling. I'll complete a money makeover once I know the lay of the land
 
Sell and be happy with your money that you can do with what you wish rather than having it anchored in a sentimental building.
 
Back
Top