Inheriting a home can be both a meaningful and complex experience. While the emotional connection may be strong, the financial and logistical responsibilities that follow are often underestimated. For many, holding onto the property is not just a sentimental decision, it’s a costly one.
If you’re navigating this situation in Maryland, here’s what you should be aware of before deciding whether to keep or sell the inherited home.
Ongoing Property Taxes
Even without a mortgage, property taxes remain a non-negotiable expense.
Maryland’s property tax rates are consistently higher than the national average. In some jurisdictions – such as Baltimore City, which carries the state’s highest property tax rate at 1.51% – the financial impact can be significant. Depending on the county, annual taxes can amount to thousands of dollars, compounding each year the home is retained.
Maintenance, Repairs, and Deferred Issues
Inherited homes, especially those that have been vacant or are several decades old, often require immediate attention.
Small maintenance issues (leaks, HVAC problems, roofing concerns) can escalate quickly. Structural issues, mold, water damage, or outdated electrical systems are not uncommon in older Maryland homes and may require professional intervention. Even routine upkeep like lawn care and gutter cleaning represents time and expense, especially if the home is not occupied.
Utility Costs… Even When Vacant
Maintaining utilities in an unoccupied home is essential for preventing damage.
In Maryland’s climate, keeping the heat on during winter prevents frozen pipes, and maintaining basic electricity helps mitigate moisture buildup, which can lead to mold. These expenses, although easy to overlook, are critical to preserving the property’s condition.
Higher Insurance Premiums for Vacant Properties
If the home is unoccupied, standard homeowner’s insurance policies may not apply.
Many insurance providers require additional or specialized coverage for vacant properties, which often comes at a higher premium. This is due to increased risks associated with unmonitored homes, including vandalism, theft, fire, and undetected damage.
Legal Liability and Security Risks
Vacant properties are at a higher risk of break-ins, squatting, illegal dumping, or code violations. Local governments may issue fines or citations for overgrown landscaping, unsecured doors, or other issues that create a public nuisance. These incidents can quickly become expensive, and stressful, to resolve.
A Simplified Solution from Dominion Properties
If maintaining an inherited property no longer aligns with your financial or personal priorities, there is a more efficient solution.
At Dominion Properties, we help Maryland homeowners sell inherited properties without the typical burdens of preparation or expense:
- No repairs or renovations required: Sell the home in its current condition.
- No cleanout necessary: Leave behind any items you do not wish to keep. We’ll take care of the rest.
- No commissions or hidden fees: What we offer is what you’ll receive.
- Flexible closing timeline: Whether you need to close in two weeks or two months, we adjust to your schedule.
We understand that this is not just a financial decision, it’s often a deeply personal one. Our team is experienced in handling these situations with professionalism, respect, and discretion.
Considering Your Options? Let’s Talk.
If you’ve inherited a home in Maryland and are weighing your next steps, we’re here to provide a straightforward path forward. Contact Dominion Properties for a no-obligation consultation. We’ll walk you through your options and help you determine what makes the most sense.