Owning an unwanted house in Chicago can be expensive, frustrating, and burdensome. There isn’t much worse then not liking where you live and feeling as if there is nothing you can do about it. Whether you are living in the house or renting it out, in our latest post, we offer 5 ways to handle your unwanted house in Chicago!
Nobody wants to feel stuck owning a house they don’t want. Every expense feels like a burden but you don’t want to just hand it over to a buyer either. Below, we offer several great ways to handle your unwanted property in Chicago!
Take a look at how much it will cost to renovate and how that will affect the homes overall value. Maybe you have been putting off repairs for years and feel overwhelmed. But maybe, all the property needs is a good facelift to restore it to its old glory. A quick renovation to the house can have a huge impact on the value of the home, turning it into something you may actually want to hold onto!
Find The Right Renter
Maybe you are burdened and looking to sell because you are tired of bad tenants, chasing down your rent, or making repairs. Having the wrong tenants in place can completely negate the benefits of owning a rental property. Tenant turnover will quickly kill your profits if you are struggling to find consistent renters.
Before you give up on your Chicago property, ask yourself if things would be different if you had the right renter in there. Maybe it isn’t the right house for you or maybe the tenants currently living in your house have soured you to the whole situation, causing you to want to throw your hands up in the air and walk away. Don’t walk away until you think about ways to get the right people in there. A great property manager can help you to screen tenants, ensuring you get the right people in the house, making your investment profitable once again.
Sell It Fast, As-Is
Yes, you may not get retail value, but the quicker you can sell it, the more cash you will be able to hold onto. While your property may not be very pretty, there are always investors who choose to purchase properties as-is. By selling it quickly to an investor or private buyer, you’ll be able to end the holding costs, keeping more money in your pocket overall. Selling as-is saves you from the costs and burdens of having to clean, upgrade, and repair the house. You can choose to list the house in this manner, but you will still be subject to commissions. With a direct sale, those can be avoided. A fast and private sale can save you thousands when you consider the homeowner’s insurance, property taxes, monthly utility bills, routine maintenance, repairs, and landscaping costs you will face month after month as compared to a standard listing on the MLS.
Give It Away
In some situations, simply giving the house away can be the best thing you can do with it. You’ll receive some great tax benefits and will be able to benefit someone else in the process. You can choose to give is as a donation to a charity or you can give it to a friend or family member. If you have no interest in holding onto it and you don’t believe you can get much or it, giving it away may be the best thing you can do in your current situation.
How much is the property really costing you? If the answer is nothing, consider holding onto it for a while to see what happens to the property value. If holding onto it for a few months longer has the potential to net you a few thousand more, it might be worth waiting. Take a look at market trends and appreciation rates. What does future development look like in the area? By holding it, you will be able to sell at a time when you will see the greatest profit… maybe once the area has been built up a bit and is in higher demand.
Find A Direct Buyer
A direct buyer will usually be able to purchase your house quickly and as-is. This will save you time and money on repairs and holding costs. You can work with private investors or highly-rated, professional homebuyers such as BAM Home Buyers. If you are looking for a fast and fair way to sell your house in Chicago, we will offer you a no-obligation offer right away! Our process is simple and will give you insight into the true value of your house in Chicago. If you have an unwanted house in Chicago that you would like to sell, get in touch with us today to find out what we can do for you!