Costs of Holding Onto An Inherited House in York

If you inherited a home, it may initially seem exciting but the reality is often less enjoyable. In addition to the house itself, there are also expenses that come along with it. Unfortunately, well-intentioned loved ones sometimes leave properties to beneficiaries who are already struggling to cover their monthly bills. These ongoing costs, known as holding costs, include insurance, property taxes, utilities, and general maintenance.

Perhaps you already have your dream home and have no intention of living in the inherited property, but you still feel a sentimental attachment to it. While this sentimentality is understandable, it’s important to remember that sentimental value won’t cover the actual cost of maintaining an inherited house.

It’s easy for sellers to overlook these expenses while they focus on selling the property. However, the holding costs will continue to accumulate, potentially leading to various troubles down the road.

To provide you with a starting point, we have compiled a list of typical monthly payments associated with holding onto an inherited house in York. Read on to gain a better understanding of all the costs involved.

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When you inherit a house in York, it’s important to note that property taxes still apply. Depending on your location, you may be subject to an interest rate of up to 6% per year or even higher within the City of York. These tax payments may or may not be included in your monthly mortgage payment. Even if the mortgage is fully paid off, annual property taxes will always be due. It’s worth mentioning that these taxes are likely to increase significantly as tax collectors reassess the rate based on the current market value.


Every month, there are certain utilities that you’ll likely need to take care of financially. These may include electricity, gas, and garbage services. In York, PA, the average electric bill amounts to $217 per month, while the median gas bill is $115 and the standard water bill sits around $35. If you’re also subscribed to cable or internet services, your total utility payments could easily exceed $300 per month!


Depending on the amount remaining on your mortgage, you may find yourself responsible for both mortgage insurance and property insurance when you hold onto a property. It’s worth noting that while home insurance costs in York are generally affordable, it is still an additional bill that you will need to pay on a monthly basis. This added financial obligation is important to consider when budgeting for the overall cost of homeownership.

Assumption of Mortgage

In many cases, when you inherit a house, you have the option to assume the mortgage. However, whether or not you can assume the mortgage depends on the specific terms outlined in the original contract. For instance, if the original contract included a reverse mortgage, you would need to repay the loan in order to retain ownership of the property. It’s important to carefully review the details of the mortgage agreement to understand your options and obligations as the new owner of the inherited house.


If you are considering keeping the property, it is advisable to arrange a professional inspection to fully understand what you are getting into. Maintaining an inherited house in York can be quite expensive, especially if it has been vacant for a long time or is in need of significant repairs. York is an old city with many homes dating back to the mid-1900s. Monthly repair expenses for older properties can easily surpass mortgage payments. This is why it is common to see properties in York being sold “as-is” rather than being listed on the open market. For more information, you can check out this blog post.


Identifying vacant homes is often easy, as neglected and unkempt yards contribute to their distressed appearance. Unless you have spare time, it is crucial to ensure proper maintenance of the yard.

If you’re not sure what to do with an inherited house in York, holding onto it could be draining your finances. At Awakened Home Buyers, we offer a great price and flexible closing options to help you move forward.We understand that dealing with the emotional process of cleaning out a loved one’s possessions can be overwhelming, so you have the choice to leave everything in place or take what you want. Let Awakened Home Buyers take care of the rest for you! Reach out to us today by calling 717-690-1055 or sending us a message through our website. Don’t let the burden of an inherited house weigh you down any longer.

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