Inheriting a home in Barrington, IL, or the surrounding communities of Lake County and Cook County, can be both a blessing and a challenge. Whether the property is a cherished family estate or an unexpected asset, understanding your options is key to making the best decision—emotionally, financially, and legally.
At Helen Oliveri Real Estate, we’ve helped many families navigate the complexities of inherited properties. Here’s what you should know if you’ve recently inherited a home in Barrington or nearby suburbs like North Barrington, Lake Barrington, or Inverness.
1. Understand the Financial Implications
Inheriting a home isn’t “free” in the long run. There are a few financial factors to keep in mind:
✔ Property Taxes & Ongoing Maintenance
You’ll be responsible for all property-related costs, including:
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Annual property taxes
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Utility bills
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Homeowners insurance
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Maintenance and repairs
Barrington homes often feature larger lots or custom features that may require more upkeep than a typical suburban property.
✔ Potential Tax Liability
Depending on the situation, you may owe:
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Capital gains tax if you sell the home and it’s appreciated in value
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Inheritance tax, though Illinois does not have one—federal rules may apply in high-value estates
It’s wise to consult with a financial advisor or CPA to fully understand the tax implications.
2. Decide: Keep, Rent, or Sell?
Once the home is legally yours, it’s time to decide what to do next.
➤ Keep the Home
If the property is meaningful to you or located in a prime area of Barrington, you might choose to live in it or use it as a second home.
➤ Rent the Property
Turning the home into a rental can provide passive income—but be prepared to manage tenants and maintenance. Make sure the home complies with local rental laws and zoning codes.
➤ Sell the Property
Many heirs opt to sell the home, especially if they don’t live nearby or want to avoid long-term costs. Selling allows you to convert the inheritance into liquid assets—and potentially avoid some capital gains taxes if sold soon after inheriting.
3. Legal Considerations & Probate
If the home wasn’t transferred via a living trust or will, it may have to go through probate court, which can take months and involve attorney fees. You’ll also need to:
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Clear the title
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Review the mortgage (if any)
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Ensure all heirs are in agreement before proceeding with a sale
Helen Oliveri works closely with probate attorneys and title professionals to help make this process seamless.
4. Prepare the Home for Sale
If you decide to sell, our team can help with:
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Home staging and repairs
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Estate sale and cleanout coordination
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Pricing the property based on current Barrington real estate market trends
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Listing, marketing, and negotiation to ensure top dollar
5. You Don’t Have to Navigate This Alone
Inheriting a property can be overwhelming—but you don’t have to do it on your own. At Helen Oliveri Real Estate, we specialize in helping families transition through difficult times with care, transparency, and a strong strategy. Whether you need help understanding the market, selling the home, or evaluating options, we’re here for you every step of the way.
📍 Based in Hawthorn Woods and Serving All of Lake & Cook County
Including Barrington, North Barrington, Lake Barrington, Inverness, Deer Park, and beyond.
📞 Text “sold” to get started 🏠👇
847-967-0022 📲
@helenoliveri 👈
Helen Oliveri 🏠
Designated Managing Broker Owner
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