First, we want to say that we’re truly sorry for your loss. Inheriting a house can bring up a mix of emotions—grief, responsibility, pressure, and uncertainty. On top of managing personal matters, suddenly having to take care of a property can feel overwhelming. You’re not alone in this. Many homeowners in Chicago reach out to us with the exact same question:
“I inherited a house—what should I do now?”
Should you rent it out? Should you sell it? If you sell it, what’s the best way to do it? And what steps should you take before making the decision?
There are a lot of options available to you, but the good news is that you don’t have to figure it out all at once. With years of experience helping people through this exact situation, we’ve put together a simple guide to help you evaluate your choices and move forward confidently.
As seasoned investors in the Chicago, IL real estate market, we buy several houses each month from homeowners who inherited a property and need an easier way to sell. The tips below will help you understand what to consider before deciding what to do next.
I Inherited a House—What Should I Do Now?
Here are some of the most important things to think about as you weigh your options.
1) Check the Mortgage Status
This might sound like a basic step, but it’s one of the most important ones to confirm early.
If the property still has a mortgage:
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Someone needs to continue making payments
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The lender may allow you to assume the mortgage
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OR the lender may require a refinance into your name
If you don’t qualify for a refinance, then holding onto the property as a rental may not be feasible. On the other hand, if the home is paid off, you have more flexibility—whether that’s selling, renting, or living in the property yourself.
2) Understand That the Investment Is Only as Good as Its Manager
Many people inherit a house and immediately think, “Maybe I should rent it out.” And in some cases, renting can be a great long-term strategy. However, becoming a landlord is not the right fit for everyone.
Here’s what property management really involves:
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Finding qualified tenants
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Handling repairs and maintenance
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Collecting rent
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Managing lease agreements
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Dealing with vacancies
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Handling emergencies (yes—even late-night ones)
If this sounds stressful or time-consuming, hiring a property manager might be a good option. But management comes with its own cost, often 8–12% of the monthly rent. If that doesn’t make financial sense—or if you simply don’t want the responsibility—selling might be the easier option.
3) Factor in Ongoing Costs of Ownership
Even properties that look “fine” usually need some degree of work. Inherited homes—especially those that have been lived in for many years—often come with deferred maintenance or outdated systems.
Common expenses include:
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Roof repairs or replacement
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HVAC updates
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Plumbing issues
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Electrical updates
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Cosmetic upgrades
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Deep cleaning and junk removal
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Landscaping and curb appeal improvements
Before making any decisions, consider hiring a professional home inspector to give you a clear, unbiased report. Knowing what’s ahead can save you from unexpected (and costly) surprises.
4) Understand That Selling for Top Dollar Requires Investment
If your goal is to get the highest possible price on the open market, be prepared to spend time and money on updates. In many cases, that includes:
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Repairs
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Kitchen or bath updates
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Painting
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Landscaping
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Staging
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Cleaning
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Professional photography
Not everyone has the time, money, or desire to go this route—which is totally understandable. If you prefer to avoid the hassle of repairs, listing, showings, and waiting months for a buyer, we offer another option:
We buy houses in Chicago as-is, for cash. No repairs required.
5) Compare Your Financial Options
Before you decide whether to sell or rent, ask yourself:
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Will the rental income exceed the monthly expenses?
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Will the property continue to appreciate in value?
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Does the neighborhood seem stable or improving?
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Do you have better investment opportunities elsewhere?
Real estate can be an excellent long-term investment, but it’s not always the best choice for everyone. If the market is appreciating faster than your other investment options, holding onto the property could make sense.
If not, selling might be the smarter move.
We can help you compare:
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Today’s “as-is” value
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Potential “top of market” value after repairs
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Projected rental income
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Long-term appreciation opportunities
This gives you a full picture before making a decision.
6) Don’t Forget About Taxes and Legal Considerations
When you inherit a property, there are legal and tax implications that can affect your bottom line. Always speak with a qualified tax professional or attorney before taking action.
They can help you understand:
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Capital gains implications
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Property tax responsibilities
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Step-up in basis rules
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Inheritance tax (if applicable)
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Trust or probate requirements
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Title and ownership transfer issues
Taking care of these details early can save you future headaches.
7) Know That You Have Multiple Options—Not Just One
Depending on your situation, you may have more choices than you think:
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Sell directly for cash
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List it with an agent
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Rent it out long-term
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Offer it as a lease-option
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Move into the property
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Fix it up and flip it
Every situation is different. For example, some homeowners choose a lease-option arrangement that allows them to rent the property for a period while giving the tenant the option to buy later. This can maximize profits, but it also adds complexity—something we can guide you through if needed.
8) Run the Numbers With a Few Scenarios
Before making a final decision, compare your options side-by-side:
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What would you net if you sold it today, as-is?
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What could you sell it for after repairs?
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What would it earn as a rental after expenses?
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What long-term equity could it generate?
We can help you estimate all of these values for your inherited home in Chicago so you can make an informed choice you feel confident about.
If You Want to Sell Your Inherited Chicago House, We Can Help
Whether the house needs repairs, hasn’t been updated in years, or is still full of belongings, you don’t have to deal with it alone.
We buy inherited properties in any condition, and we make the process simple:
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No cleaning
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No repairs
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No showings
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No agents
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No fees
If you need a fair, fast, no-obligation offer for your inherited house in Chicago, IL, give us a call or fill out the form on this page. We’re here to help you move forward with clarity and peace of mind.