Inheriting a property through probate can feel like both an opportunity and a challenge. Probate is the legal process that takes place after someone passes away.
Dealing with the estate, which can include money, belongings, and property, must be managed according to the will or, if there is no will, by the rules of inheritance.
For many families, the property is the most valuable part of the estate. Often it has been lived in for decades, meaning it may need repairs or upgrades before it can be sold or rented. Knowing how to handle this process can make a big difference to both the value of the property and the speed of settling the estate.
Why Fixing Up Makes Sense
A probate property often shows signs of age. The décor may be dated, the heating or wiring may be old, and the layout may no longer suit modern buyers. By fixing it up, you make the home more appealing on the open market.
Fresh paint, new flooring, or a modern kitchen can raise the asking price. In some cases, even simple upgrades can add thousands to the value.
Research shows that updated kitchens alone can increase property value by up to 10%. For heirs who want to maximize the return, investing in upgrades can be a smart choice.
Using Inheritance Advances
One challenge with probate is that the process can take time. On average, probate can last between six months and a year, and in some cases even longer.
This means that while you may inherit the property, you may not yet have access to funds from the estate to pay for repairs.
One option is to use an inheritance advance. This is a service that allows you to receive a portion of your inheritance early, based on what you are due from the estate.
With this money, you can start work on the property right away, rather than waiting for probate to finish. While there is a fee for using this option, it can help you act quickly in a competitive housing market.
Bridging Finance As Another Route
Another common solution is bridging finance. A bridging loan is a short-term loan designed to “bridge” the gap between buying, selling, or completing repairs.
For probate properties, it allows you to borrow money against the value of the home. This gives you immediate funds to renovate or fix problems such as damp, roof damage, or outdated bathrooms.
Once the property is sold, the loan can be repaid. Fast bridging finance is often used by investors, but it can also work for families who inherit a home and want to sell it for the best possible price.
Data shows that around 30% of property sales in the UK that involve probate end up needing some form of financing to move forward, which highlights how common this issue is.
Working With Property Managers
If the idea of organizing builders, decorators, and agents feels overwhelming, working with a property manager can help.
Property management companies can coordinate repairs, upgrades, and even the sale or rental process. They know which upgrades will add value and which are not worth the cost.
For families who live far from the property, having someone on the ground to manage contractors and timelines can save both stress and time.
Property managers also have experience in marketing probate properties once they are ready for sale, helping you reach buyers quickly.
Balancing Costs And Returns
When deciding how much to spend on fixing up a probate property, it is important to balance the cost of improvements with the expected increase in value. Not every repair will give you a strong return.
Cosmetic changes such as painting and replacing carpets often provide a high return for a relatively low cost.
Bigger projects such as extensions or structural changes may not always be worth it unless the property is in a very desirable area. Talking to estate agents or property managers before starting work can give you a clearer idea of what buyers are looking for in your market.
Dealing with a probate property that needs work can be complex, but with the right steps it can also be rewarding.
Probate takes time, but tools such as inheritance advances and bridging finance can give you access to money to start renovations sooner. Property managers can take on the hard work of coordinating improvements, leaving you with less stress.
Fixing up the property not only honors the memory of the person who owned it but also allows you to bring the home up to modern standards and unlock its true value on the open market.
