What to Do With an Unwanted House? Here Are 5 Smart Options
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!
Owning a property you no longer want or need can be stressful, especially in Chicago’s ever-evolving real estate market. Whether it’s an inherited home, a rental property that’s become a headache, or a house that requires costly repairs, you have several options to offload it efficiently.
Here are five strategic ways to handle your unwanted house while maximizing value and minimizing hassle.
1. Sell Your House for Cash to a Chicago Real Estate Investor
If speed and convenience are your top priorities, selling your house for cash to a local real estate investor is one of the fastest and most hassle-free solutions. Cash buyers can sometimes close in as little as seven days (or offer a flexible closing timeline according to your needs), purchase homes as-is, and eliminate the need for realtor commissions and fees. Many homeowners in Chicago choose this route to avoid the lengthy listing process and costly repairs.
2. Rent It Out for Passive Income
If selling isn’t urgent, renting your property in high-demand areas can generate steady income. However, being a landlord comes with property management, tenant screening, and maintenance responsibilities. Hiring a property management company can help handle the day-to-day tasks if you prefer a hands-off approach.
3. Offer It on a Lease-to-Own Agreement
A lease-to-own agreement allows a tenant to rent your home with the option to buy it later. This strategy is useful in areas where buyers struggle to secure financing but still want to own a home. It provides steady rental income and a higher likelihood of a future sale, though it does require careful contract drafting to protect both parties.
4. Donate It for a Tax Deduction
Donating your unwanted house to a non-profit organization can provide significant tax benefits while helping a good cause. Organizations like Habitat for Humanity Chicago and the Cook County Land Bank Authority accept property donations. Be sure to obtain a professional appraisal and consult a tax professional to maximize deductions.
5. Sell Through an Owner-Financing Agreement
Owner financing allows you to act as the lender, letting a buyer purchase your home in installments rather than securing a traditional mortgage. This method can attract buyers who may not qualify for bank loans and provide you with long-term income. However, it comes with risks, so working with a real estate attorney is crucial to ensure a secure agreement.
Final Thoughts
Handling an unwanted house in Chicago doesn’t have to be stressful. Whether you sell it for cash, rent it out, or explore alternative selling methods like lease-to-own or owner financing, there are plenty of solutions to fit your financial and personal needs. If you’re looking for the fastest and most convenient option, Property People specializes in buying unwanted houses in any condition across Chicago with zero hassle. Contact us today!