"My mother owns it, and there's no plan to sell it - the value of the home isn't very high, in fairness. It's a two-bedroom, one-bathroom. It's not worth much at all; maybe $80,000 CAD. I don't think the money would go very far in Canada. Also, selling it would require a lot of renovations. It's very old school and needs a lot of TLC, and my mother doesn't live in Slovakia, she lives in England."
"The reality is, I'm going to own this foreign property when she passes. My husband is also waiting to inherit. His mother inherited a property in Barbados from her parents, though she never lived in Barbados. His mother had to wait to take over the Barbados property, and by the time she took it over, it had declined a little bit and there are always complications with it."
Katarina Polonska will inherit her two-bedroom, one-bath childhood home in Slovakia currently owned by her mother. The property is mostly a family holiday home and is valued at roughly CAD 80,000. The house is old and needs substantial renovations estimated at €30,000–€50,000, which seem impractical given infrequent use and the owner living in England. Selling from abroad poses logistical challenges including arranging viewings and trusting realtors. Managing renovations or a sale from Canada may not be worth the cost and complexity. Her husband faces a similar inheritance situation with a declining property in Barbados.
Read at Business Insider
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