You and your siblings were fortunate enough to be a part of your parents’ wills. In the end, you were left the family home, which is worth nearly $500,000. You and your two siblings stand to have a major change in your lives as a result of that money, but only if you can agree on what to do with the home.
Your sister argues that it would be smarter to rent the property and to have continual income. The home is large enough to rent to multiple parties or to one family for thousands a month.
Your brother argues that you should use the home as a vacation property and keep it in the family. He doesn’t want to see it go to someone who won’t take care of it, and he’s interested in keeping the home longer to see it rise in value more before making a sale.
You don’t agree with either of them. In your opinion, the real estate market is volatile, and the money you could receive now could grow equally as well if you invested it correctly. Your goal is to sell the home and move on.
What can you do in a situation like this?
With co-inherited properties, you can find yourself in difficult situations where everyone doesn’t agree on what to do with a home. There are some ways to resolve your dispute and to make everyone happy, though.
For example, in the above case, the person who wants to sell the home can ask to be bought out of their share. If their sister and brother can pay them their fair share of the value of the property based on today’s appraisal, then they may be happy to walk away and let them handle the home however they’d like.
The brother who wants to keep the property longer may also be able to be convinced to rent the home out. He doesn’t want a long-term rental situation, but he might agree to making the home a vacation rental. That way, the family could still use the home when they want and have the benefit of receiving an income from visitors who come to use the property.
Of course, that’s just one example of how to resolve a dispute over a co-inherited property. Your situation may be different or more complex. Your attorney will talk with you and the other owners to see what kind of ideas you have and how you may want to resolve the conflict.