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Please forgive me if this comes across as rude or tasteless it's not meant to be.
My wife & I have moved down South to help take care of my mom. She's has a house which is paid for which will become mine when she passes. We don't plan in staying here we miss the mountains too much.
It's nothing fancy but it's clean & nice here. It's on one acre & then there is a lot next door which is also one acre. Being that the market is bad all over it's going to be a tough sell. Even more so because of where the house is. We had thought about renting it out & taking a loan out against it & travel some. Let whoever rents it pay the loan for us. OR stay here until the market comes back around & try to sell it then. I know this might sound like it's in bad taste but we've had people who tell us we need to be thinking about what to do with the house & land.
If it were me, I'd sell it when my mother passed and travel with the proceeds. Since it will be a gift, anything you get from the sale of the house will be profit to you. Make sure the house is in a trust or the deed has your name on it so you don't pay inheritance taxes. Don't keep it & rent it out in the hopes it will yield greater profit later. Being a landlord isn't easy if you don't have the experience or stomach for it, and renters can trash the property, costing you thousands in rapairs. I don't mean to sound crass about this, but when your mom is gone, take the money & run.
ETA: Taking a loan on it is a bad idea since you'd HAVE to rent it out to repay the loan. Just sell it free and clear, which is the same thing as pulling out the equity that a loan allows only without the debt burden. You'll also get more money by selling it then the bank would necessarily give you in a loan.
If it were me, I'd sell it when my mother passed and travel with the proceeds. Since it will be a gift, anything you get from the sale of the house will be profit to you. Make sure the house is in a trust or the deed has your name on it so you don't pay inheritance taxes. Don't keep it & rent it out in the hopes it will yield greater profit later. Being a landlord isn't easy if you don't have the experience or stomach for it, and renters can trash the property, costing you thousands in rapairs. I don't mean to sound crass about this, but when your mom is gone, take the money & run.
ETA: Taking a loan on it is a bad idea since you'd HAVE to rent it out to repay the loan. Just sell it free and clear, which is the same thing as pulling out the equity that a loan allows only without the debt burden. You'll also get more money by selling it then the bank would necessarily give you in a loan.
The house is in a trust already. IF we did rent it I understand that going though a real estate agent would be best. The house is going to be a hard sell because of it's location we plan to use the sell of the house buy some land & put a tiny home on it cash.
I dunno about others, but I pay my medicare premiums along with my supplemental. There had better not be any insurance company (medicare or otherwise) putting a lien on my property. Methinks the poster is misinformed.
Sell, the house. As others have said, being a long distance landlord is not easy, and your return on investment on a paid for house with no debt leverage will not be high. Invest the proceeds in a reasonably safe investment, for example, a professionally managed R/E Investment Trust (REIT). Decent REITs are paying 3.5% - 5% these days, they do the management for you, and they have upside appreciation potential in a way that a bond does not.
Your chances of getting ensnared with inheritance taxes are low, but you haven't revealed the value of the house to us.
Don't blow the cash on something ephemeral.
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The house is going to be a hard sell because of it's location we plan to use the sell of the house buy some land & put a tiny home on it cash.
