This seems like a personal situation for you, but I'll give my general advice anyway. If you don't think you can take care of the property, I'd suggest having someone else take care of it for you, because it could at least be profitable. If you want to put in the time to take care of the land yourself, I think you'll feel more rewarded to be able to handle the responsibility. Never let financial need dictate your emotional responses to things though.
Don't keep the house if the maintenance is going to be too difficult or too costly. If you can get an income by renting it out to someone then that's great, problem solved. If it will end up costing you too much money and time though, I'd think about selling.
If the property has a sentimental value for you and your family and you are torn about selling it or keeping it just because you are broke or need to make some money.. why not USE the property to earn you some income. You can rent it out. If it's an old house with a character, offer it to the film industry as a movie location... or renovate it, divide partitions and rent it out for commercial use if the location is in a busy street. there are a thousand and one ways to make it produce money for you without giving it up. You can also use that as a collateral for a loan and start a business.. just MAKE SURE YOU KNOW THE BUSINESS.. and you are ABLE TO PAY the loan so you don't lose the property.
It all depends on the situation sometimes it is wise to sell and sometimes it is not. It is totally cool if one does not think about selling then in any situation. It usually does not happen though.
Thanks for the advice...but in the topic of using it as collateral for a loan, i tried it and it did not bare fruit, the idea of using/renting it out for filming or movie location, seems ideal...that's a true out of the box idea..i absolutely love it
I like that quote there; 'never let financial need dictate emotional responses' ...that's so true, although sometimes emotions and needs can push one to a corner...that reason and common sense fly out of the window
That is the thinking am tied to but once in awhile i fall off the band-wagon and i want to sell...oh decisions wrecking my mind ...this i need to really think through deeply, wisely and thoroughly before i have bitter regrets
I do not think it is wise to sell but sometime people just do not understand that. I think it is very important that they understand that the property given by parents must be protected.
I guess that is why am not so quick to think in that line of selling, plus on her {my mother} death bed, she really insisted i don't sell the property but to maintain it so that it gives me more { in terms of ROI} in the future...
Well, from what I know, it is never a good idea to sell property that has been handed down to you by your parent, that is inheritance and one day you will also want your children to inherit it, that is if you have children, but from long ago, I know that it is never wise to sale a property that hyas been handed over to you.
