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ear Pay Dirt,

    My parents passed away in 2023, and my brother and I inherited our childhood home. We're hesitant to sell it because of the emotional attachment we have to the place where we grew up. My husband is adamant that we should sell as soon as possible to avoid maintenance costs and potential losses. He also thinks I'm not responsible enough to manage the financial and administrative aspects of renting out the property.

    I believe my brother and I can make a good team, and I'd like the opportunity to learn and prove myself capable of handling these tasks. We have money from our inheritances to fund an LLC and have hired professionals for legal and accounting services. While selling might be the easier option, I'm concerned about regretting it later.

    Is this decision financially sound? Is it a fight worth having with my husband?

    —Being an Heiress Isn't All It's Cracked Up to Be

    Dear Being an Heiress,

    Your husband has valid concerns, but you shouldn't need to prove yourself to him. Ask him about the maintenance and repairs the property needs, and what he estimates it would cost. Give yourselves space to sort things out.

    Consider the investment perspective: not everyone is suited for being a landlord. It can be hard work, especially with an old house that requires significant upkeep. However, the returns can be excellent – rental income plus price appreciation, depreciation, and tax benefits. If you could get $3,000 per month in rent, after expenses, you might end up with $10,000 to $15,000 each.

    But is there a better way to invest those proceeds? You could sell the property for top dollar, potentially tax-free, and use that money to invest elsewhere – perhaps in the stock market or treasuries. This option might be more profitable and time-efficient with less risk.

    Meet with your tax preparer and financial advisor to explore your options. When you have the final numbers, you might find that investing in a CD or municipal bond yields similar returns at lower risk.

    In short, do the work to figure this out, and then make a decision together. If selling is the right choice for you and your family, it may be what your parents would want for you.

    —Pay Dirt

    Dear Pay Dirt,

    My neighbor, a realtor, wants to help his son buy my home in about a year. He says he can handle the title transfer and paperwork without charging realty fees. How do I assess the value of these savings and apply them to the price? Also, how do I establish a sales price, considering the house needs work?

    —For Sale By Owner

    Dear For Sale by Owner,

    Your neighbor is likely trying to lowball you. To get top dollar, educate yourself about the local market: look at homes for sale in your neighborhood or town, and see how fast they're selling. Talk to other real estate agents, give them a tour of your home, and ask for a comparative market analysis.

    This will help you determine a fair price for your property. You'll also need to consider the costs of hiring a settlement agent, providing documentation to the buyer, and negotiating yourself – or hiring an attorney to handle these tasks. Visit local open houses to compare your home's condition and features with others in the area. This will give you a better understanding of what buyers are looking for.

    With this information, decide on a market list price, subtract the agent's fee (if you choose not to hire one), and set a minimum acceptable price. If homes in your neighborhood are selling quickly and at high prices, consider listing the property yourself or hiring an agent. Good luck!