Inherited property | what are my options?

If you’ve inherited a property, it’s likely that you’ve lost someone close to you – so firstly, we offer our sincere condolences and suggest making yourself a cuppa whilst you read through our blog feature. Don’t forget to take a break if you need!

Inheriting property can feel overwhelming. Practically, there may be a mortgage and rates to pay, or major renovations to undertake. Do the current market conditions make for an opportune time to sell? Or perhaps this isn’t the right time to sell for your personal circumstances. Have you considered letting out the property? 

If you find yourself in this situation, rest assured that you’re not alone. Many individuals in the North East face similar circumstances and successfully navigate the rental market. Here are a few points that may help you take your next steps.

Matt, Director, with Laura, Managing Director and founder of Northwood North East
Matt, Director, with Laura, Managing Director and founder of Northwood North East

Becoming a landlord

Being a landlord can be time consuming and costly, but with the right knowledge and support, you can feel fully confident in your decision. It’s important to understand the responsibilities and legal obligations that come with being a landlord in Scotland (obtaining the necessary certifications, ensuring safety regulations are met, understanding your tenants’ rights) Matt, Juliet & the team can provide expert guidance so that you understand the process, or undertake them on your behalf. We offer a Tenant Find service, Fully Managed property service as well as Northwood’s Guaranteed Rent promise. These have been curated to make life as a landlord as easy as possible, and with 15 years’ experience in the Aberdeen city and shire lettings market, you’re in safe hands.

Selling an inherited property

We understand that selling an inherited property can be a difficult decision to make. If you’ve come to terms with your decision and are ready to sell, you should know that Capital Gains Tax (CGT) will be payable on any profit made. We work alongside TaxAssist Aberdeen who can offer guidance and assistance on CGT.

Laura & Ali are our dedicated sales team who will visit you to discuss your expectations and devise a bespoke plan to successfully sell your property. We don’t believe in hard sales tactics so rest assured that all discussions will be respectful of your situation and handled with genuine care and respect.

Preparing your property for rent or sale

This can be difficult. When you’re ready, consider decluttering the home and donating clothes and items to charity shops and food to local foodbanks. You might want to sell some goods at a car boot sale, on Facebook market place or Vinted.

If the home is in need of some TLC – whether a lick of paint or a wee bit more – this could be the time to invest. You’ll also need to make sure the property is compliant with legal requirements.

We’re fortunate to work incredible suppliers across the North East in Aberdeen city, Inverurie, Stonehaven and Banchory. We can facilitate any maintenance and compliance to save you the stress.

Next steps

Whether you embrace a landlord status or decide that selling your inherited property is the best move for your circumstances, Northwood North East is here to support you every step of the way. Matt, Laura and the team provide expertise, local market knowledge and award-winning customer service to instil confidence and achieve the best outcomes. Take the first step today and reach out to speak to our team.

Aberdeen: 01224 218450 | Inverurie: 01467 530591
Aberdeen: | Inverurie:
207-211 Rosemount Place, Aberdeen, AB25 2XS | 23 West High Street, Inverurie, AB51 3SA