Over the weekend, my siblings and I bit the bullet and moved most of the money from our father’s estate account into our own accounts. We set up a joint account to pay for all the expenses we incur from keeping the house.
It cost about $12,000 a year to maintain a house in the Greater Vancouver area. This includes paying property tax, house insurance, alarm monitoring system, lawn maintenance, electricity and gas. Continue reading
I have inherited 1/3 of my parent’s property and my siblings and I are debating what we want to do with it. The house is situated in a sought after neighbourhood on a hill with a park across the back lane (no houses behind our house!). The house was built in the 1960s and has not been renovated much. Everything was original: oak kitchen cabinets, tiled kitchen floors, hardwood floors and copper piping. Our dad just installed a new roof and a new boiler last year.
With the real estate market being so hot in Vancouver now, I am guessing the house could easily sell for $900K even though it needs a bit of updating. After all the real estate fees and etc., I am guessing we would each have about $250K in our pockets, if we were to sell it as is.
Inheriting money and dealing with not having parents around at the age of 30 can be a daunting experience.
Since I have siblings, the money left behind by our parents were split into portions accordingly. Thankfully, they had a will, which made things a lot easier (will blog about the importance of wills and probate costs).
When I had the money deposited into my bank account, I was VERY tempted to just go out to buy a nice second hand sports car (I was seriously thinking about that!). Instead of buying a big ticket item, I did go for a bit of a spending spree.
Though this is really pretty, I would give anything to have my parents back with me.