As someone that's rented my entire adult life, I feel ill prepared for some decisions and would welcome advice or thoughts from those with experience please.
My mom passed last April and we've been clearing her house out and debating moving there but think we talked ourselves out of keeping it. The home is in bad shape inside as mom was a level 4 hoarder and allowed no one to do any work on her house for 25years(!!) so there are a lot of major, expensive things wrong. It is 1100sqft 3/2/1
The bad: ( no particular order )
VHCOL (beach side Daytona Beach)
Huge mold and cat stains in the living room, likely ruined or damaged wood flooring under carpet.
100% original 1962 house, with zero upgrades.
The kitchen and back rooms have asbestos flooring. Kitchen is wrecked with 1962 press board cabinets disintegrating badly. Needs a total kitchen replaced.
Roof had a large leak while she was in hospice and it stained the ceiling. A smaller leak also hit garage ceiling. Repaired
Critters got in and tore the hoses up feeding the AC. 8k quote for that, and only done in winter here.
Ruined attic insulation needs removal, rat waste removal, re insulation.
Critter entrance blocking and exclusions.
The lawn is dead with mostly sand as the lot is downhill and erosion has taken its toll over time ignored.
Special consideration is access to the home as it is raised up 3 concrete stairs. I am 61 with limited life left from medical issues. A big one is my mobility, which I've already lost twice in recent past from my kidney failure. Chances are high that if I were to live a few more years, I will be in a wheelchair. The property has an odd downhill that would make a big ramp impossible and that would be the only way to get in.
Insurance was 8k.
Mold in attic.
Water drainage issues running next to building wall.
4k property taxes without homestead
The good: Solid concrete block home, paid off.
Big deep lot (9500sqft)
4 houses from A1A and about 1000 feet from Atlantic
Legal nice external workshop and second shed. Both were hurricane rated.
1100 for taxes
Zillow value 210k
Heck, just listing this all out scares me. Let me add some demographics. 61m with terminal illness likely to get me within a couple years. I've been (barely) self employed and now have zero income at all.
My 56f wife was a manager with 100k income and decades at her company but was let go. Desperate to keep the insurance keeping me alive with dialysis, she took a job at the lowest end, a customer service rep. Total household Income is now 40k, big drop that has us barely covering our way under market home rental. Unfortunately, I don't know where we would ever rent again now as places here demand 3x or 4x income, for each person on a lease. We have a couple parrots, so apartments are out, lol.
Thoughts appreciated.
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1rx7rxt/advice_on_complicated_inheritance/
Comments
Post a Comment