What to Do With an Inherited House in Denver

Name: Colorado Property Help
Address: Castle Rock, CO, 80104, US
Telephone: (720) 819-5667
Price range: $$

You've inherited a property in Denver. Now what? This guide walks you through your options — keep it, rent it, or sell it — and helps you decide what's best for your situation.

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Option 3: Sell the Inherited House

Selling is the most common choice for inherited properties, especially when heirs live out of state, need to divide proceeds, or don't want ongoing property responsibilities. Denver's strong market means inherited properties can command good prices even when they need work.

Pros of Selling:

Immediate cash — convert property to liquid assets
No ongoing maintenance, taxes, or insurance costs
Fair, easy division among multiple heirs
Eliminates property management responsibilities
Can sell as-is without making repairs
Denver market supports strong valuations

Cons of Selling:

Potential capital gains tax (though stepped-up basis minimizes this)
Emotional difficulty of letting go of family property
Transaction costs if selling traditionally (agent commission, etc.)

Your Selling Options:

Traditional Sale (Agent)

• 3-6 month timeline
• 5-6% agent commission
• May need repairs/staging
• Potentially higher price

Direct Sale (Cash Buyer)

• Close in 7-14 days
• No commissions or fees
• Sell as-is, no repairs
• Certain, fast closing

Best for: Out-of-state heirs, multiple heirs needing to divide assets, properties needing significant repairs, those who need cash quickly, or anyone who wants to avoid ongoing property responsibilities.

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Questions to Help You Decide

Do you live in Colorado or out of state?

Out-of-state heirs often find selling easier than managing Denver property remotely.

Are there multiple heirs?

Selling and dividing proceeds is typically easier than shared ownership or one heir buying out others.

What condition is the property in?

Properties needing significant repairs are often better to sell as-is rather than invest in renovations.

Do you need the money for other purposes?

If cash is needed for estate expenses, other investments, or personal needs, selling provides liquidity.

Can you handle being a landlord?

Renting requires ongoing involvement or 8-10% of rent for property management. Denver's regulations add complexity.

Denver Inherited Property Options FAQs

Denver has strong rental demand with average rents around $1,800-2,500/month for single-family homes. However, Denver requires a rental license and has strict habitability requirements. Factor in property management costs (8-10% of rent), vacancies, and maintenance. Renting works best if the property is in good condition and you can manage it effectively.

Expect $600-$1,500+ monthly depending on the property. This includes Denver property taxes (around 0.5% of value annually), homeowner's insurance ($100-200/month), utilities if vacant ($150-300/month), and maintenance. Older Denver homes may have higher repair costs for things like aging plumbing or electrical.

When heirs disagree, selling and dividing the proceeds often becomes the most practical solution. If one heir wants to keep the property, they can buy out the others' shares. If agreement cannot be reached, a partition action through the courts may be necessary, though this is time-consuming and expensive.

With a traditional sale through an agent, expect 3-6 months from listing to closing. Selling to a cash buyer like us, you can close in as little as 7-14 days once you have authority to sell. The timeline depends partly on whether the estate is still in probate.

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Your Options for Inherited Property in Denver

Inheriting a house in Denver comes with both opportunity and responsibility. As Colorado's largest city and a major metropolitan hub, Denver real estate holds significant value — but it also means ongoing costs and decisions that need to be made. Most heirs face three main options: keep the property, rent it out, or sell it.

The right choice depends on your personal situation, financial needs, where you live, and what other heirs want (if applicable). Let's examine each option in detail.

Option 1: Keep the Inherited Denver Home

Keeping the property makes sense if you want to live in Denver or use it as a second home. Denver offers excellent access to outdoor recreation, a strong job market, cultural amenities, and urban living with mountain access.

Pros of Keeping:

Preserve family memories and connection to the property
Benefit from Denver's long-term real estate appreciation
No immediate capital gains tax (stepped-up basis applies)
Access to one of Colorado's most desirable cities
Potential rental income in the future if plans change

Cons of Keeping:

Ongoing costs: taxes, insurance, maintenance, utilities
May need to buy out other heirs' shares
Older Denver homes often need significant updates
Ties up capital that could be used elsewhere
Responsibility for property even if you live elsewhere

Best for: Heirs who want to relocate to Denver, can afford the ongoing costs, have strong emotional attachment, or see long-term investment value.

Option 2: Rent the Inherited Property

Denver has strong rental demand due to its growing population, job market, and desirability. Renting can provide monthly income while you decide what to do long-term or wait for market conditions to change.

Denver Rental Market Considerations:

Average rent for 3BR homes: $2,000-$3,000/month depending on neighborhood
Denver requires rental license registration
City has habitability and inspection requirements
Tenant protection laws affect eviction procedures
Property management typically costs 8-10% of rent

Pros of Renting:

Monthly income from the property
Continue benefiting from property appreciation
Time to decide without rushing a sale
Tax benefits of rental property ownership
Keep the property in the family

Cons of Renting:

Landlord responsibilities (or property management costs)
Risk of problem tenants, vacancies, property damage
May need updates to meet rental standards
Complicated if multiple heirs are involved
Denver's regulations add compliance burden
Still responsible for major repairs and maintenance

Best for: Heirs who don't need immediate cash, have a property in good condition, are comfortable being landlords (or hiring management), and all heirs agree to this approach.

Ongoing Costs of Keeping vs. Selling

Cost Category	Monthly Estimate	Annual Total
Denver Property Taxes	$200-$500	$2,400-$6,000
Homeowner's Insurance	$100-$200	$1,200-$2,400
Utilities (if vacant)	$150-$300	$1,800-$3,600
Basic Maintenance	$100-$300	$1,200-$3,600
HOA (if applicable)	$0-$400	$0-$4,800
Total Carrying Cost	$550-$1,700	$6,600-$20,400

The Cost of Waiting

While you decide what to do, the property costs money every month. On a typical Denver home, carrying costs of $800-$1,500/month add up quickly. Six months of indecision could cost $5,000-$9,000 in carrying costs alone — not counting any emergency repairs that might arise.