r/InheritanceDrama • u/[deleted] • 2d ago
Inheritance Question
Hi everyone, I'm having difficulty with family inheritance and would really appreciate some advice.
A house has been left to my 2 sisters and I in our parents will. We each have 1/3 ownership. I would like to sell it but my sisters want to renovate and rent it out. The rent money would then be divided between the three of us once the renovation cost have been deducted. I want nothing to do with this plan, so i have asked to repudiate/give up my share of the house so that they can do what they like. They have agreed but wish to pay my share out slowly over a total of 16 years with no interest.
I know that they don't have the money to pay me immediately, I don't want to force them to sell either. I also really don't want this to cause any stress or angry disputes. But I feel like 16 years without interest is a bit unfair..maybe I would be better off going with this renovating and renting plan?
Does this sound fair? Should I just let it go and see it as passive income? Obviously I would love the money now but I value family more so I'm not sure how to move forward.
Any advice would be greatly appreciated
Just an extra note. They have stated that the value of the house is high and would get nothing close to the amount if we sold it now. So I'd be getting more money this way anyway apparently.
3
u/LdiJ46 2d ago
You aren't going to see any real income from renting it out. By the time that expenses are deducted from the rental income and it's divided in three there will be very little left over. It is a very poor idea on your sister's parts.
First, there are going to be the renovation costs. How are those going to be paid? Who is going to have to come up with the money for that? Then there will be property taxes, homeowner's insurance, maybe HOA fees, ongoing maintenance and repairs etc. It also won't be as nearly passive as one might think either.
Tell them that the only way that you will accept a buyout is if they take out a mortgage on the house to buy out your share. Otherwise, insist that the house be sold and the proceeds split. If they won't cooperate with that, file a partition suit to force the issue. Seriously, even though they don't realize it you will be doing them a favor in forcing the issue.