Need to sell your house in Chicago that you’ve recently inherited from a loved one? Chances are the property may not be in the best condition. Maybe you live in another city, or state, and don’t have the time or money (or desire) to invest in bringing the house up to par. When you’re grieving the loss of someone special, the last thing you want to deal with is inspections, appraisals, renovations, listing, and waiting and hoping for a house to sell. The good news is you do have options! So before you break out the tools (or more likely the phone to call a contractor), let’s examine whether or not it will be worth it to you to make those repairs. Or perhaps it would benefit you to sell your house As-Is.

The passing of someone we’re close with is never easy and we are so incredibly sorry for your loss. We’ve been in your shoes. Your mom or dad, or grandparents, work diligently their entire life. They save their hard earned money to raise their family well, nurture their loved ones, and provide a beautiful, safe space for everyone to call home. And now you’re the beneficiary of this legacy. Technically, this should be cause for a celebration, right? That depends on your goals, of course. However, the cost of holding on to a house that you don’t want–or need–can end up leading to more headache than happiness.

Below Are Some Common Problems With Inherited Houses

Expensive Repairs

Today’s buyer wants a home that is move-in ready. Mechanicals (plumbing, electrical, ventilation (HVAC)), bad roofs, damaged windows, foundation problems, water leaks, mold, and general disrepair are expensive and time consuming to fix. Unless you are a contractor–or have qualified contractors at your disposal–you need to consider the cost and time involved to repair these high ticket items. Determine whether or not it’s worth pursuing. Or maybe consider passing the burden on to someone who buys houses specifically with these types of problems.

Mortgage Payments

Just because your loved one has passed doesn’t mean the mortgage goes away. In an ideal world, you inherit a house that is completely paid off. If there is a mortgage on the property, however, you are now responsible for making those payments. You will need to factor those payments into your new monthly budget.

Taxes

They say only two things in life are certain, death and taxes. Property taxes in Chicago are due twice a year and are paid in arrears. So, for example, you will pay 2020s taxes in 2021. If there’s one thing we know about Illinois, it’s that taxes continue to rise, and the cost of living isn’t getting any cheaper.

Utility Bills

Electric, gas, water, sewer, garbage–unless your inherited house has solar panels or has gone off the grid, you may find yourself with several hundreds (if not thousands) of dollars each month in utilities. Older houses typically lack the insulation of modern day homes. Add to that common items in disrepair–such as a leaking roof, damaged windows, or rotten siding–and it’s even harder to keep the house heated or cooled efficiently. This puts added strain on your mechanicals, which increases the price of your monthly bills.

Maintenance & Upkeep

Should you decide to keep the house (either to rent or renovate yourself and sell), that’s great! One of the first things you’ll want to do is make sure the exterior of your house matches the neighborhood. That doesn’t mean you need to go all out and redo the entire structure or facade of the house. Start by hiring a professional landscaper to clean up your grass, trim any overgrown trees or bushes, and install some plants and flower beds to increase the curb appeal. You only have one chance to make a great first impression!

Legal Ramifications

Uncle Sam always wants a piece of every pie. Before you decide to renovate, rent, or sell your inherited house, consult with both your tax advisor and an attorney. Before taking any action discuss all of your options–weigh the pros and cons–so that you know exactly what you’ll be responsible for financially.

Almost all home transactions will involve an inspection. Inspections are commonplace during the home selling process. Inspectors are paid to come to the house and uncover issues. It’s best to be upfront with your buyers from the start, rather than letting an inspector find issues.

IMPORTANT: Any known repairs that are needed must be disclosed in writing to a buyer. Making quick cosmetic repairs without proper remediation with the intent of concealing the needed repairs for the purpose of selling your house in Chicago will result in a lawsuit and your liability for all repairs when eventually discovered by the buyer.

Based on the results of the inspection, buyers will often request a price reduction to account for the needed repairs. They could also negotiate for the repairs to be made prior to closing on the house. They may even back out of the deal entirely. Some of the above repairs are quite extensive. As the seller, you’ll most likely need to spend money on repairs in order to get your house sold, or you’ll need to lower your asking price.

Property People is a local home buying company in Chicago IL. We buy houses all over Chicagoland 100% As-Is, in Cash. We can buy your inherited home (even with the extensive repairs needed) and handle all the hard work so you don’t have to. If you are dealing with damage in your home and want to sell without having to make any repairs, get your No-Obligation All-Cash Offer today.

Our selling process is 100% free. Even if you are unsure of what you want to do, I encourage you to reach out for a free offer on your house. You have nothing to lose. 😉