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When someone passes away, his or her house is generally left to a family member. Figuring out what to do after inheriting a house can be confusing and overwhelming, particularly when it is unexpected or when siblings become joint owners. People sometimes rush to make decisions, and sometimes, they put off making important choices. Either can lead to more financial costs and stress.

Find and Prevent Damage
If you’ve inherited a house, you should first assess its current condition. Have the house inspected by a professional so that you know what needs work and so you can make any necessary repairs. Next, contact the utility companies to have the accounts switched to your name. It’s also important to keep the heat and water turned on to avoid problems such as frozen pipes. In addition, keep the electricity working and have the yard maintained in order to avoid making it obvious that the house is unoccupied.

Clean Out the House
Invite family members to the house to take any items they want, provided they weren’t left to specific individuals in the will. Start with immediate family members, then branch out to allow others to choose things they would like. This can be an emotionally difficult task, but putting it off will prevent you from moving forward and deciding what to do with the house.

Move in, Sell or Rent?
If you want to move into the house, find out how much the mortgage (if any) and property taxes would be. If you and your siblings are joint owners of the house and one of you wants to live in the space, the future resident can buy out the others, pay them rent, or work out another arrangement.

If you decide to sell the house, you will need to pay taxes on any increase in value between the time of inheritance and the time of sale.

Renting is another option to consider. While you might be able to make money by renting out the property, you need to consider the potential costs that come with this option. In addition to being responsible for taxes and insurance, you would also be personally responsible for maintenance and repairs, unless you hired a property manager. Hiring someone to handle these tasks would cut into your profits, but it could also make renting the house less stressful. If you choose to rent the space, be prepared to thoroughly vet prospective tenants to avoid dealing with missed rent payments, damage and possible eviction proceedings.

Think Things Over Carefully
The death of a loved one is an emotionally painful experience that can leave people feeling overwhelmed and struggling to make decisions. If you’ve inherited a house, it has likely created a host of financial and emotional issues that you weren’t anticipating. Talk to your family and ask professionals for advice so that you can make the right choices.

Published with permission from RISMedia.

Published with permission from RISMedia.

Are you relocating for a new job? Have you chosen to move in with a significant other? If youre a renter who needs to break a lease to move out of an apartment, youre not alone”but it could cost you.

A lease is a legally binding contract between you and your landlord, and if you decide to terminate that agreement early without legal grounds, your landlord can impose penalties. Although every lease is different, you might be subject to fees, have to pay for the remaining months of your lease, or forfeit your security deposit. Even worse, not paying a required penalty could destroy your credit and lead to a lawsuit.

Check Your Lease
If youre considering breaking your lease, find and thoroughly read the rental agreement you signed. Look for an early termination or opt-out clause that specifies rules and penalties. If your lease doesnt have an opt-out clause, you could be responsible for paying rent for the rest of your lease period.

Know Your Rights
There are legitimate reasons for breaking a lease that protect you from penalties. The laws vary by state, but legal reasons might include an uninhabitable property, military duty, a serious illness or domestic abuse. Research your local laws, and if you believe your landlord isnt honoring your rights, consult a tenant union or seek legal advice. Unfortunately, getting married, finding a new job and buying a home arent legitimate reasons to break a lease.

Talk to Your Landlord
One of the best ways to avoid penalties is to be upfront and appeal to your landlords softer side. If you explain your reason for breaking the lease, a landlord might be sympathetic and decide to waive or lessen penalties, especially if youve been a good tenant. Most importantly, make sure to give your landlord as much notice as possible”no one likes being caught off guard. Plus, the longer the notice period, the more time a landlord will have to find a new tenant before you move out.

Help Find a Replacement
In many states, the landlord is required to make reasonable efforts to find a new tenant if you break a lease. However, you could still be on the hook for rent for the remainder of your lease term until a replacement is found, or you might have to pay the entire balance if the landlord doesnt re-rent the apartment in time. Offer to help your landlord find a replacement. In addition to saving you some money, the gesture could make the landlord feel better about the situation and more open to working out a solution with you.

One option is to sublet your apartment to someone whos willing to take over the remainder of your lease. Keep in mind that you could still be held accountable for any damage caused by the subtenant or missed rent payments. Discuss the option with your landlord, and make sure to find a responsible subtenant you can trust, such as a friend or family member.

You could also take steps to find a new renter. Advertise a listing on websites like Craigslist, and ask people in your social media network whether theyre looking for a new place to live. The landlord will need to sign off on the potential tenant, though, and might require background and credit checks.

Get It in Writing
Regardless of what you and your landlord agree on, make sure to get the deal in writing. Include details such as payments, refunds, timelines and any other important terms of the agreement. This could help protect you later on if your landlord has a change of heart and the matter ends up in court.

Breaking a lease isnt optimal, but if new circumstances make you decide to move out of an apartment early, be honest with your landlord and explore your options to avoid or lessen penalties. In the end, though, you might need to accept the fact that you need to pay up.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.

If youre looking to buy a new home and hope to stay there for the rest of your life, look ahead to what you might want in it as you age. Thinking of and paying for features that make a house more accessible now can be a lot easier than having to make modifications later.

Here are five home features to look for in a forever home that can make age-related disabilities easier to deal with:

Few steps. A no-step entry that can accommodate a wheelchair is preferable – and is the first thing to look for in a home that you may want to spend retirement in. The entryway should be wide and deep enough for a wheelchair to easily turn around, ideally 36 inches wide or more. It’s also a good idea to look for a home without stairs. A one-story home can help with knee or other health issues that make walking difficult. If your home has a second floor, you may one day need to install an elevator or chairlift.

Accessible bedroom and bathroom. Most homes have one-floor living spaces, meaning that even if your home has a second story, you can convert a first-floor living or dining room into a bedroom. Look for a home that has a first-floor bedroom with an attached bathroom, preferably both of which are wheelchair accessible.

Slip-proof bathroom. Falls in the bathroom are a major cause of injuries for the elderly. Make sure the bathroom, bath and shower have grab bars to help avoid accidents. These dont have to be the huge grab bars you see in nursing homes, but rather, towel racks or other functional bars that are properly anchored.

Kitchen you can still cook in. If you still plan on cooking later in life, look for a kitchen that’s easy to get around in, with areas that are easily reachable. Counters, storage areas, drawers and dishwashers should be at heights that you can get to comfortably without bending over.

High tech. A home equipped with the latest technology can allow homeowners to do things from their couches that used to require getting up. With a smartphone or tablet, you can adjust the thermostat, close the blinds, turn off the lights and lock the doors if theyre all set up with the right technology.

Published with permission from RISMedia.

Homeowners insurance is an important financial safeguard to protect you, your home and other assets from potential disasters or accidents. Its also an added expense homeowners need to budget for. Depending on the size and location of your home, as well as which insurance provider you choose, policy prices can vary widely. To help you save money while maintaining quality coverage, the Insurance Information Institute offers the following tips:

Shop Around
To secure the best deal, do some comparison shopping by getting quotes from at least three insurance providers. Don’t consider price alone, though. Because you’d be dealing with a company after an accident or other emergency, test an insurers customer service while you’re shopping, and choose a company whose representatives take the time to address your questions and concerns.

Raise Your Deductible
A deductible is the amount of money youre responsible for paying toward an insured loss. The higher your deductible, the more money you can save on your premium; therefore, if you can pay above the minimum $500 or $1,000 deductible, for example, you may reduce the cost of your homeowners policy. If you live in a disaster-prone area, your insurance policy may have a separate deductible to cover major disasters, so take this into account when considering whether to raise your standard homeowners deductible.

Bundle Policies
Many companies that sell homeowners insurance also sell auto insurance and umbrella liability policies. If you buy two or more insurance policies from the same provider, you may be able to reduce your premium. To ensure you’re getting the best price, make certain any combined price from one insurer is lower than buying the coverages separately from different companies.

Make Home Improvements
If you live in a disaster-prone area, youll have more insurance options to choose from if you take certain preparedness steps, such as installing storm shutters and shatterproof glass or reinforcing your roof. Also consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage. These precautions may prevent excessive damage and the related work and stress involved in rebuilding.

Ask About Discounts
Consult your insurance professional about available discounts, which vary from company to company and state to state. For example, most insurers provide discounts for home security devices, such as smoke detectors, dead-bolt locks or burglar alarms, but be aware that some of these measures aren’t cheap and not every system qualifies for a discount. You may also be eligible for a discount if youve been a long-term policyholder with the same company.

Review Coverage Annually
Review your home inventory and any upgrades to your house. Make sure your homeowners policy covers any major purchases or additions to your home, and also check that you’re not spending money for coverage you don’t need. For example, if an expensive piece of jewelry or painting is no longer worth what you paid for it, you’ll want to reduce or cancel that items floater insurance and pocket the difference.

Every dollar saved on your homeowners insurance policy is a dollar you can use elsewhere, but that doesnt mean you should skimp on protection. Use these tips and consult a professional to help ensure youll have proper coverage at the best price.

Published with permission from RISMedia.