My grandmother died and left me her home but I only make $36K/year and struggle to afford the mortgage. I want to sell but I’m afraid this is my one chance to ever own a home — what do I do?

Understand your legal rights and obligations

When you inherit a house, the first thing to do is find out how to take legal ownership. If you were already on the mortgage and a co-owner of the home, or if the homeowner set up the property to transfer on death, there may not be much you have to do.

However, if you weren't on the deed but inherited the property in a will, you may need to go through the probate process to formally transfer ownership. This can take time, and in the meantime, the estate remains the legal owner. Either you can pay the mortgage, or it can be paid out of estate assets in this situation.

If you're the legal owner, or once you become the legal owner, you have the right to take over the existing mortgage. You could also get a new mortgage in just your name, but with mortgage rates being pretty high right now, that's likely not your best bet.

You may want to talk to an attorney about all this to make sure the home will definitely become yours -- and to get advice on things like whether you'll owe taxes on an inherited home, as those taxes could make keeping the property impossible if you're already struggling.

On the other hand, if you were also left money as part of your inheritance, these funds could be used to pay off the mortgage and set up a fund that makes staying in the home affordable.

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Figure out the true costs of ownership

Once you've dealt with the legal technicalities, it's time to figure out the true cost of ownership and whether you can afford to stay.

If the monthly payments eat up half your income, remaining in the home will be tough unless you can find a way to cut those costs or increase the money you have coming in.

You could look into refinancing to a longer-term loan to lower payments, but with today's high mortgage rates, that's unlikely. You could also talk with your lender about modifying the terms of the loan, but they may have little reason to work with you if there's enough equity in the house that they'd be fully repaid if you had to sell.

Some states do offer property tax relief options if you're struggling, so look into whether your area does. If you itemize when you file your taxes, you should also know that mortgage interest is tax-deductible, which effectively lowers your costs. However, many people claim the standard deduction, so that may not help you.

You also have to think about other costs beyond routine bills for the mortgage and utilities. If you need a new roof or HVAC system, those can total tens of thousands of dollars. Even basic maintenance can usually cost around 1% of the value of the house each year, so do you have the budget for that?

If the costs are simply too high and you can't lower them, selling may be your only choice.

Look into increasing income

Finding ways to bring in extra money could also allow you to keep the house. If you have the space, for example, you might find a roommate to help you pay the mortgage — especially if you have only a few years left on the loan. Living communally may not be fun, but if you can do it for a few years and own the house free and clear, it may be well worth it.

Renting the house out entirely would be another option until the loan is paid off, provided you could get enough to cover the costs. Being a landlord is a hassle, though, and you risk renters damaging the property and diminishing its value.

You could pick up a side job or work extra hours too, especially if you only have a short time of making payments left. It's up to you if the tradeoff is worth it.

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Consider whether living in the home is really right for you

If you can find ways to afford the property, it's also worth asking if it's what you really want. Sure, owning a home is nice, but is it in a good location? Does it meet your needs? Can you see yourself living there over the long haul?

If you can't see yourself staying put, it may be better to sell sooner rather than later, instead of struggling to make payments, potentially deferring repairs you can't afford, and seeing the home's value decline because of it.

This may not be your only chance at homeownership

While it may feel like an inherited home is your only chance at homeownership, especially if you don't have a lot of money, remember that's not necessarily the case. You could always sell the home, invest the money, and use it to save for a property of your own that's more affordable and a better fit.

The important thing is to consider all of your options carefully, weigh the pros and cons, understand the full financial implications of your choice, and make the decision that's best for your finances in the long-term rather than acting based on the excitement of finally getting the chance at a home of your own.