Real estate property is a very popular inheritance, but it can also be an unwanted item. When family members or close friends pass away, they will leave their property holdings to their next of kin, or people who mean a lot to them. This leaves you, the recipient, responsible for paying taxes on the property as well as being responsible for its upkeep and possible landlord duties if you decide to rent it out.

If this has happened to you and you’re wondering what to do now, keep reading to see what you can do with your unwanted inherited property.

You Might Need To Do A Probate

If you have recently inherited a property that you do not want, there are a few things you should know. Depending on how the property is currently deeded, it may have to go through probate. Make sure to research the local and state laws regarding any inherited property in order to avoid any legal complications down the road.

If the probate has already been completed, you may still have to go through an additional probate process in the county or state where the property is located — especially if it is a different property from your current residence. To learn more about these types of laws, please contact Onyx Homes LLC. We would be happy to discuss potential probate options for your unwanted inherited home in Chicago, IL.

You Could Rent It For A Profit

If you have come into a residential property through inheritance and do not wish to live there, think about renting it out instead. This could give your bank balance an extra boost. You may need to make some refurbishments to appeal to renters, but this will be worth it in the end as you don’t have to buy the property outright like for other income streams. If there are already tenants in place when you inherit the property, then that is even better! This will save you from having to put any money towards fixing up the place or finding new people to fill vacancies.

Did you know that if you inherit commercial property, even if you don’t own a business or plan on starting one, you can still rent it out? That’s right! In Chicago, IL, there are plenty of business owners who would love to lease your property — especially if it is in a great location with high foot traffic. What’s more, these types of properties usually have a pretty decent return.

Being a landlord is definitely not for everyone, as it comes with plenty of responsibilities, such as dealing with broken appliances, repairing roofs and driveways, paying taxes and homeowner association fees, and looking for new tenants when needed. Not to mention that you also have to deal with potential structural issues that may arise.

You Could Sell The Property

Are you struggling about what to do with an unwanted inherited property? If you don’t want the hassle of living in it or finding another tenant, selling may be the best option. Here at Onyx Homes, you can call us for a free consultation so we can help outline steps on how to move forward and get fair market value for your property.

Before meeting with any real estate agent, buyer, or cash home buyer in Chicago IL, research comparable properties in your area to get a ballpark idea of what fair market value is. This way, you won’t be unpleasantly surprised when you’re told the price. It’s important to keep in mind that cash buyers who can close quickly will likely offer below-average market value because doing so saves on real estate fees and commissions down the road. Additionally, they often pay for closing costs themselves.

You Could Give The Property Away

If you do not want the property and did not purchase it, there are still options for what to do with it. You could donate the property to a charity or the municipality in which it exists. Be sure to reach out and learn their process first. Another option would be giving ownership of this property as a gift to someone close to you, like family or friends. In order to give the gifted party full ownership, probate may have to take place locally beforehand, though.

Don’t know what to do with that property you inherited? Let us help. Give Onyx Homes LLC a call at 847-262-9012 , and we’ll figure it out together.