Many people dream of inheriting a second property but in reality, it's not always as great as it sounds. Once you've formally inherited a home, the responsibility is all yours – including all the bill payments. That's why people with inherited homes often find themselves in financial difficulty.

Why do you need debt advice?

Imagine you've got your own home and financial life sorted out. You can meet the mortgage and bill payments, and you have enough left over at the end of the month to put towards holidays and treats. All of a sudden, however, you inherit a second property. There was no life insurance on the mortgage, the council tax needs paying and you have bills to cover. How do you pay for it all? If an inherited home has sentimental value, you'll want to keep it on, but you're slipping into debt because you simply don't have enough income to run two households.

There are solutions that may help you to plan your finances and prevent your money problems from getting any worse. Solutions for inherited property could include:

• Renting out – if you can rent out the property, you can often charge enough rent to more than cover the mortgage and maintenance costs. If the property is at a distance from you, use an agent to manage the tenants. They will take a fee, but you are still able to make money. This is a good solution, as long as you can afford for the property to be empty when there are no tenants available.

• Moving in – if the inherited property is close to where you currently live and it would be better for you and your family to live there, you could sell your current house and move into the other property. This means that you still only have one house to run, but there will be no buying costs associated with moving.

• Selling up – you could just choose to sell the property outright. Don't be worried about spending money on new bathrooms or kitchens – companies, like Discount Property Auction can help to sell houses in any condition. You can realise a cash sum, get the house off your hands and settle the estate in just a few weeks.

If you need help to get a faster sale for your inherited property, contact us at Discount Property Auction. We're committed to helping you, whatever your circumstances. If you want to sell your home, you can use our dedicated online auction facility, which allows you to upload your property yourself and put it in front of genuine, interested buyers. Call us now on 0800 1313 999 or email admin@discountpropertyauction.co.uk to arrange a valuation today.