Best approach for estate

Profile picture for UpsideOfDetroit
Hello,
A family member recently passed on and I have inherited his home estate, consisting of 150 acres of land, a 1500 sq ft residence and a pole barn.  I'm trying to decide if I should rent or sell it as is, or renovate and sell/rent.  The home is outside of the main part of town; too far for a bike ride, but only a few minutes by car.  The home hasn't really seen an update in 20-30 years, but all the systems are in tact and haven't ever had a problem (knock on wood).
I realize that I'll probably have to renovate a bit to bring it up to a rentable/saleable condition, but since I live in the Detroit area (I have construction-career family that live in the area so I'm not concerned about performing the work remotely), I don't have a good idea of what makes sense as far as bang for the buck, and they're not real estate agents so they don't either.  It's worth noting that I won't "use" my family to provide free or discounted labor for this particular endeavor, so "full price" reno is the only option.
At a minimum, I think adding Air Con, new roof shingles, windows, and carpets is a necessity.  Beyond that, I'm not sure what renovations would be worth the cost.  Some thoughts I have are update the kitchen (basic stuff, not granite) and/or finish the basement (would add 2 bedrooms and 1 bath).  I could also close in a screened in porch on the main floor and turn it into a bedroom fairly easily, and I could screen in an outdoor porch in the front of the house an turn it into a Florida room. 
 
I'm also at a major loss as to what to do with 150 acres and the polebarn.  Any tips?  I'm really struggling.
Thanks for your help!
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February 20 2011 - Otsego
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Answers (3)

Profile picture for Dublinguy
Usually with an estate, the IRS requires an apprasial, value at time of death. Obiviously this is for tax purposes. Many times I have found that this value is conservative, imagine that. In any event I would review that value with several area Realtors to confirm the number or adjust it accordingly to a true market value. Also discuss with the same Realtors the scope of changes, repairs, updates, etc. Get a before and after market value. Then you have to determine if the price difference is in line with your financial abilities. If you explore differnet options of retaining the property with some type of passive or active income potential, ask yourself, "do I want to be a landlord". The answers to most of the questions usually depend on your personal abities and interests, so whats best for you may be different from what others may think. Its good to get input from others, but at the end of the day, what works for one person may not work for another.
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February 22 2011
Profile picture for therealtorguy
Sorry to hear of your loss.

I suggest that you contact a realtor (or two) in the area and find out what the total package would be worth in its current condition. It might be ideal for a guy (or group) to purcahse as a hunting camp. Also get price opinions for the house alone, house renovated, and the acerage with the pole barn.

If you plan on keeping the property, you might want to consider leasing the mineral rights (if you have them). My brother did that with a small lot he has in The Gaylord area and it pays the taxes.

Good luck ... tough decisions.
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February 21 2011
Profile picture for jbone108
depending on the area you may could lease the land as a hunting lease
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February 20 2011
 

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