If you’ve inherited a property and you’re planning to sell it, make sure you read this blog post for 3 practical tips about how to price your inherited home in Chicago for sale—especially if dealing with older homes or code violations…
Did you inherit a property that you’re now thinking about selling? While an inherited property can be a wonderful gift from a loved one who has passed on, it can quickly become a financial burden, especially with older Chicago homes that may have maintenance issues or code violations. Selling allows you to transform this gift into usable equity for other purposes. But if you haven’t sold property recently—or ever—the process might feel overwhelming. Here’s our straightforward guide on how to price your inherited home in Chicago for sale:
Tip #1: Price Competitively To Sell Quickly
Many people initially price their inherited property based on what they believe the market might pay. However, several critical factors affect this price—with timing being perhaps the most important consideration. How quickly do you need to sell? The traditional route of selling through a real estate agent can take months, especially for older homes with unique challenges. During this time, you’ll be responsible for mortgage payments, property taxes, utilities, maintenance, and possibly addressing city code violations. These carrying costs can quickly eat into any higher sale price you might eventually receive.
Many property owners discover that pricing slightly lower for a faster sale often makes better financial sense. While you might receive less for the house upfront, you’ll also pay significantly less on repairs, carrying costs, effort, and time—especially important if you’re dealing with Chicago’s strict building codes or violations that need resolution. This trade-off frequently results in similar net proceeds while eliminating months of stress and financial obligation.
Tip #2: Avoid Pricing Based On Fond Memories Or Emotion
One of the biggest pricing challenges for inherited property owners is separating emotional value from market value. Your property might be worth a certain amount to buyers, but the fond memories of growing up there or happy family gatherings can unconsciously inflate your perception of its worth. This emotional pricing is extremely common and completely understandable, but it can significantly delay your sale, especially in neighborhoods with older homes that savvy buyers evaluate primarily on structural condition and location.
A more practical approach is working with a specialized real estate solutions company like ours that understands Chicago’s unique property challenges. Get a transparent cash offer and recognize that while it might be lower than expected, it’s not because your home lacks value—it’s because emotional connections and memories may have unconsciously influenced your price expectations. Our bilingual team ensures clear communication throughout this sometimes difficult realization.
Tip #3: Build In Discounts For Repairs
If your inherited property belonged to someone who lived there many years, it likely needs repairs—potentially significant ones if there are city code violations involved. You could tackle these renovations yourself and ask for a higher price, but why invest the time, money, and stress? Instead, consider accepting a fair offer that includes a “repair discount.” This approach helps you avoid contractor headaches, permit complications, and unexpected renovation surprises while still achieving similar financial outcomes. Our team specializes in resolving these exact challenges that many traditional buyers avoid.
Summary
An inherited house—especially one with age-related issues or in neighborhoods with strict code enforcement—can become overwhelming quickly. If you’re considering selling, you’re making a smart financial decision that many others in your position also choose. These straightforward pricing tips should help guide you on how to price your inherited home in Chicago for sale while avoiding common pitfalls specific to our local market.
Why not bypass all the work, code violation headaches, and costs of selling through an agent? Instead, get a transparent, no-surprise offer from us at CVG Properties LLC—Chicago’s bilingual property specialists who understand the unique challenges of older homes in our neighborhoods. Just call us at 312-625-6506 or click here and enter your information in the form.