Inheriting a home in Baltimore can feel like the honor of a lifetime, at first. Whether it belonged to a parent, grandparent, or distant relative, you likely have a mixture of emotions tied up with your inheritance. But when the emotional dust settles and you begin to crunch the numbers, you may realize the property is less valuable than you initially thought.
You could be unknowingly draining your time, money, and peace of mind while holding onto an inherited home until it appreciates or you “get to it later.” Before committing to keeping Baltimore property long-term, take a step back and examine what it costs you.
Property Taxes Don’t Stop for Sentiment
It’s not all about the mortgage (if there is one). You’re not off the financial hook even if the house has no mortgage.
Maryland property taxes still apply. Those can add up quickly in Baltimore, especially if the property assessment reflects rising local values. The city’s average tax rate hovers above 2%, higher than the national average. That means you could pay thousands yearly on a modestly valued home to keep it.
And unlike other expenses, taxes are relentless. They don’t care if the house is vacant, in disrepair, or awaiting probate. Penalties and liens can snowball if you fall behind on payments. You’ll risk losing the property altogether.
Utilities and Insurance Pile Up
You still must pay for basic utilities, even if no one’s living in the home. Keeping the heat on during the winter prevents frozen pipes. Running minimal electricity is necessary to avoid moisture or mold buildup. Water bills, security system costs, and waste collection are all monthly charges that can sneak up on you.
Then there’s insurance. Most homeowners’ insurance policies require occupancy, so if the home is vacant or only occasionally visited, you may need a special policy that’s significantly more expensive. Additionally, older homes with outdated systems often trigger higher premiums due to increased risk.
Maintenance Is Ongoing and Often Unexpected
Inherited homes are rarely turnkey. Maybe the roof hasn’t been replaced in decades, the HVAC system is on its last leg, or the basement leaks after every heavy rain. Even seemingly minor issues like peeling paint or a broken fence can lead to bigger problems if left alone.
If you’ve taken on an older Baltimore rowhome, you might inherit decades of deferred maintenance. Plumbing, electrical, windows, foundation, and everything out of sight can also be out of compliance with today’s building codes.
Over time, these problems get more expensive, not less. And while you might plan to fix things “eventually,” issues like mold, water damage, or pest infestations won’t wait for your schedule.
Vacancy Invites Trouble
A vacant home isn’t just a wasted asset; it’s a liability. Baltimore’s vacancy rate is higher than the national average. Abandoned properties here often attract theft, vandalism, and illegal dumping. If it’s unoccupied, it can become a neighborhood target (even if it doesn’t look abandoned).
The city also takes a strong stance on vacant and blighted homes. You could face citations or enforcement actions if your property is deemed a public nuisance. Baltimore has a Vacant Building Notice process that can lead to legal pressure or even demolition, depending on the condition and location of the home.
The Emotional Toll Is Real
While the financial impact is easier to measure, the emotional toll of managing an inherited property often gets overlooked. You may have meant to clean it out for months, or even years. Maybe you feel overwhelmed every time you visit, unsure where to start. Or perhaps it reminds you of a loved one you’re still grieving, making it hard to step foot in the door.
These feelings are valid, and they often lead to delay. But delay adds up. The longer you wait, the harder it becomes to clean, maintain, or make decisions. What started as a sentimental decision becomes a chronic burden.
You May Be Losing Money Without Realizing It
Every month you hold onto the property without generating income from rent or sale is money lost. In fact, keeping an inherited home “just in case” is often a form of silent financial drain.
Consider the opportunity cost. If you sell the home as-is to a cash buyer, you could immediately free up equity, pay down debt, invest elsewhere, or use the funds for your family’s needs. By holding onto it indefinitely, you risk spending more on upkeep than the property is worth, especially if market conditions decline or major repairs are necessary.
Selling As-Is Can Offer Relief
If you’re already feeling the pressure of taxes, maintenance, and time, selling to an as-is home buyer in Baltimore may be the best option. A traditional sale can be complicated, especially if the house isn’t move-in ready. But a direct sale to a reputable cash buyer in Baltimore lets you skip the repairs, inspections, and long waiting periods.
With a cash sale, you avoid realtor commissions, don’t have to clean or stage the home, and can often close within days. It’s a no-hassle way to turn a lingering responsibility into liquid capital, all without pouring more money into a property you’re trying to offload anyway.
How to Know When It’s Time to Let Go
If you’re unsure whether to keep or sell, ask yourself these questions:
- Are you emotionally or financially ready to take full responsibility for the home?
- Can you afford the ongoing costs without disrupting your life?
- Do you have a plan for repairs, tenants, or selling in the next few months?
- Has the property been lived in and well-maintained?
If most of your answers point to “not really,” it’s worth exploring your options before the situation worsens.
Don’t Let Sentiment Sabotage Your Finances
Inheriting a home in Baltimore can be a beautiful gift. Still, it can quickly turn into a costly, time-consuming burden. You’re not alone if you’ve been holding onto a house because you’re unsure what to do or feel guilty letting it go. However, you must weigh the real costs, not just the emotional ones.
Don’t wait for mounting bills or repairs to force your hand. If you’re ready to be free of the costs and stress, there’s a better path waiting. That path starts with letting go. Selling to a reputable buyer can give you peace of mind, financial freedom, and the clarity to move forward.