Posted by Dave T on March 12, 2000 at 20:30:55:
No response needed, but I just wanted to post some questions for your thoughtful consideration. Your answers to these questions may suggest the better course of action for you.
Are you sure that you will inherit the home? Perhaps they have created a charitable remainder trust or plan to leave the house to their favorite charity.
What is the state of your parents estate? That is, do they have (or might they have) large medical bills or other debts that will necessitate selling the house to satisfy creditors?
Do your parents have sufficient income to meet their living/medical expenses, or are they planning to take out a reverse mortgage to convert the equity in the house into a lifetime annuity?.
If you inherit, do you have large debts that will necessitate selling the house to satisfy creditors? If not, do you want to be a landlord?
Is your parent’s neighborhood stable and holding property values? Is the neighborhood a desirable location and expected to be so in the future? Are the schools in the neighborhood rated highly.
What would you do with the money if you sold the house that you could not do with the cash flow if you held it as a rental?