Archive | Eastern Shore Agents

14 December 2012 ~ 0 Comments

The Best way to Manage High Value Ancestral Property

Many people inherit homes from their grandparents or parents. Many homes, being ancestral property, are high-end properties. These homes, which were built by a generation that could afford them, can sometimes be a burden for the new generation to take on. The cost of maintaining high-end ancestral property can be crippling in these terrible financial times. Though the homes are usually left as part of a legacy and as an act of love, it can be hard to be appreciative of it, if you can’t find the money for its upkeep. Find a firm of reputable Property Consultants and ask for their advice on how to move forward. In addition, follow the following step:

Make sure your pockets are deep enough

This phenomenon can be termed as owning a home that’s too big for your pocket. The saddest part about owning ancestral property that is too expensive for you is that it can be hard to sell it due to the sentimental value it holds. It isn’t easy to sell the home where you grew up, or where you first learnt to swim, or saw your parents dance on special nights. Financial burden is not the only baggage that comes with ancestral property. Emotional baggage is hard to put a price on. Even though the smart thing, very obviously, is to sell off a home you can’t afford, it can be a tough decision to make.

You have to re-asses your finances and decide if there is any way you could possibly keep the home that was handed to you as a token of familial love. You could try making a few budget cuts in order to be able to afford your home. If you have a spouse that hasn’t gone to work in a while, try finding them work. Try to cut down on unnecessary spending, such as updating gadgets every few months or lavish dinners. It will definitely take a little time for your or the family to adjust to these harsh budget cuts, but sitting them down and explaining the situation will hopefully help you transition more smoothly from your lavish lifestyle, into one with tighter financial reins.

Turn your ancestral home into a second income

Your best bet would be to try renting out the inherited home for a few years, while you get your finances in place. This added income could help you bide your time while your ancestral property increases in value. The best part about property is that it always increases in value. When your family bought it, it probably cost a fraction of what it is worth now. So holding on to it wouldn’t be the worst idea ever, as you or the generations to come, can reap the benefits years later.

 

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23 March 2012 ~ 1 Comment

Eastern Shore MarketWatch 2012

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