Managing assets is challenging and stressful. Illustration photo by Pexels
Many people make the mistake of treating house inheritance like a lottery win, selling the property to move further away and spending the remaining money on self-indulgence.
Selling an inherited house to invest in a larger home in a better location with greater potential for value appreciation and better suitability for your daily life can multiply the value of your fortune.
On the other hand, if you sell an inherited house merely to pay off debts or downgrade to a smaller, less desirable property and spend the remaining money on self-indulgence, you may end up regretting the decision later.
There is nothing wrong with using your family’s wealth to invest in assets with better returns. I am not against selling inherited properties for personal use as long as there’s a clear investment plan.
For instance, my brother-in-law recently sold one hectare of farmland in the southern province of Long An, to buy 65 square meters of residential land in Ho Chi Minh City’s Binh Tan District. He is also considering selling two more residential plots in Long An to build a house on the residential land. These moves are driven by the work and educational needs of his children, not by vanity.
Managing assets is challenging and stressful. Given the current rise in property prices and the rate of urbanization, finding an investment strategy that effectively preserves and grows your family’s assets can be difficult.
Many people find success by selling inherited properties to invest in business, but failures are even more common. Often, the main reason for failure is a lack of financial management skills. If you are not equipped to handle large sums of money effectively, it can lead to poor outcomes.
There is a saying that wealth does not last beyond three generations. Make sure your children do not become the fourth generation that has no inheritance due to your poor management. While academic knowledge is valuable, practical skills in managing, investing, and leasing family property are crucial for preserving and accumulating wealth.
What would you do if you inherited a house?
*This opinion was translated into English with the assistance of AI. Readers’ views are personal and do not necessarily match VnExpress’ viewpoints.
