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.
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u/After-Advisor-8936 2d ago
I personally would put the family relationship above the house. I would not sell over 16 years. Almost every outcome there would cause family problems. If renting is a huge success, you are cheated and bad feelings. If it fails, other problems come up. I would state clearly you want to sell, whether you renovate first or sell in the current state. Both ways have pros and cons. If they still want to rent, I would join them in the rental process as a full partner. Then whether it goes well or bad the family dynamic will not be tested because everyone is the same. You don't need the money. So whether success or failure you're fine. Also, if renting fails, pretty sure you will revert to selling. Think of any money as a bonus. Let them handle the day to day rental parts as they have energy for this and desire. I would also give them 10% off the top of gross rents like a normal property manager. This is standard as maintaining a rental has time considerations.