Inheriting a house can be very challenging for many reasons. You might be thinking, “What should I do with my loved one’s house? How will I manage cleaning it out and what do I do with all the contents, anyway? I don’t think I can afford to pay utilities and property taxes on this house AND my own house at the same time …. and what about all the maintenance involved! Should I keep my house and try to rent it out, or should I Sell My House?” The responsibility of dealing with property ownership is tough even at the best of times, let alone if you inherited a house unexpectedly.
Every day we get calls from people who have inherited a house and are trying to determine what they will do next. They ask us, “Should I rent it out or should I sell my house?” They have a lot of questions for us. Often they want to honor the person who left the home to them while making a wise decision on whether or not to keep the property, rent it out, or sell it.
Steps to Take After Inheriting a House
Before you make a decision on what to do with the house you’ve inherited, make sure you know some basic information to avoid unexpected events down the road. Always consult an attorney and accountant for professional advice on your specific situation, but here’s a few important things to take into consideration:
Make sure the mortgage is paid!
This is probably obvious, but if the person who left you the property also had a mortgage, that mortgage still has to be paid. If you plan on keeping the property for a period of time, speak with the bank and see if you will be allowed to assume the loan, or if they require you to refinance the mortgage into a new loan in your name. Unless there was no mortgage and it was paid off, or unless the person who passed left you with a way to pay off the mortgage and other debts associated with the house, you will most likely have to pay on those outstanding debts.
Property ownership will cost money.
It’s rare to see a house or building that has been perfectly maintained over the years. Most inherited houses need major improvements, up to and including bringing the property ‘up to code’. In recent years, many cities and municipalities in Illinois have adopted building codes which require homeowners to upgrade windows, electrical and plumbing systems, install drain tiles or overhead sewer devices in the basement, or get permits and approvals for work even as simple as replacing countertops and cabinets. Consider hiring a professional property inspector who has experience working with your local building department and can write up a detailed list of what repairs or upgrades you’ll need to make, along with estimated costs.
Property taxes will still accrue.
Property taxes in Illinois are also expensive, and they are paid in arrears. For example, this means that in 2020 you will be pay property taxes which accrued in 2019 — those taxes are still due even though you didn’t own the property in 2019. Make sure to look at the county tax assessor’s website online for any property taxes that may be due soon, and to confirm that the past years’ property taxes are paid in full. You can also look online at the county recorder of deeds website to check for liens or judgements recorded against the property. You may be surprised to know that taxes which are unpaid can be sold to a third party who may have a right to the title. Surprises of the above kinds, whether due to needed repairs, updates, or taxes, are all very expensive.
Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of keeping or selling your newly inherited real estate investment! Again, you don’t want to be taken by surprise.
Sell My House – Is It Better To Rent It or Sell It?
Some people who inherit homes decide to keep the house, clean it out, fix it up a bit and then rent it out for ‘extra income’. That’s a great strategy for sure, and hiring a property manager or agent can help you with the ins and outs of being a landlord. There is a lot that goes in to being a landlord, and there’s a lot of legal liability as well. Unless you plan on paying a maintenance person and a property manager though, you need to be ready to manage the hassles that can go along with tenants and toilets. And you may or may not end of making enough money each month to make the time, hassle and liability worth it.
If you don’t want to deal with finding and keeping good tenants, making emergency repairs when tenants have maintenance requests, tracking down rent, legal liabilities of holding non-paying tenants to their leases, and all the other challenges landlords face on a daily basis, then you may decide you want to sell your inherited house and move on. Many landlords have decided it’s time to Sell My House in order to take back the time they put into finding qualified tenants, maintaining rental properties, and tracking down rent.
Sell My House Fast For Cash, As-Is
Cleaning out a house, updating kitchens, bringing the property ‘up to code,’ improving landscaping, and keeping up with utilities, taxes, and property management costs don’t have to be things you add to your already busy life. We know that owning and maintaining a house is a lot of work. We know that selling it the traditional way requires cleaning it out, fixing it up, making it look pretty and finding the right real estate agent to work with you. Even after all that, it can sit on the market for a long time — while you still have to pay the taxes and utilities, and make sure it’s secure even though it’s sitting vacant. Maybe you’re like a lot of other people who have decided it’s time to Sell My House For Cash, As-Is, and quickly.
If you’re ready to sell your house for cash and fast in Chicago and surrounding areas, we’re ready to talk to you and see if we’re a good fit for your real estate problems. We are professional home buyers, we’ve been buying houses in Chicagoland since 2007, and we buy houses for cash regardless of condition. We’re different than other ‘Cash Homebuyers’ out there – WE DO NOT WHOLESALE! Our contract with you does NOT depend on us finding a third party to step in and buy your house. We actually buy your house with cash and take title to the property. There’s no need to stress about the deal actually going through, because once we may an offer on your house, we intend to make the purchase and we have the ability to perform on the contract! If you’ve decided it’s time to Sell My House, we can help! We buy houses for cash, fast, as-is. Give us a call at (630) 389-8232 or submit your information below, and we’ll have a short conversation about your unique real estate problem. We can have a cash offer to you in 24 hours.