Chicago Living - Relocation Guide 2008 - (Page 16)

➡ types of housing Rehabbing: Right for you? Whether the hands-on satisfaction of turning that modest fixer-upper into modernized perfection is your goal, or the promise of an ample profit is what you’re after, the reality of rehabbing could turn your dream home into a nightmare project. Below are a few tips from national awardwinning builder/remodeler and syndicated columnist Tim Carter to help you consider whether or not rehabbing is the best move for you. • Do you have enough funds (financing can be in the form of savings and loans) to finish the project? Don’t make this big of a purchase without having written commitments from all parties involved in the funding. • Make a list of every item needed to fix the property. Go room by room, calculating everything from the number of sheets of drywall you’ll need to new doors, flooring, hardware, windows, fixtures, extras, etc. • Consider the amount of time you have to Town & Country Homes at Providence, Elgin commit to the project. Would you be able to renovate full-time, or in addition to a fulltime job?This will have a big effect on how long the project ultimately will take. • Think realistically about what you can do (painting, refinishing, fixtures) and what projects will require the help of a professional (structural damage, asbestos problems, etc.) This will help keep your overall cost in perspective. • Towns and cities have different restrictions on what projects property owners can undertake on their own. Be sure to contact your city offices to find out what renovations (additions, plumbing, electrical, etc.) will require a licensed professional in your new neighborhood. Excerpted with permission from “Rehabbing: Home Restoration, a Q&A with Tim Carter, ” www.AsktheBuilder.com. Home Sweet Home Finding the home style that’s right for you. In some other metropolitan areas, housing stock is divided into two categories: urban lots, small on space, big on amenities; and suburban tracts with lots of land, but less character. Such divisions aren’t the case in Chicago. City dwellers can enjoy single-family homes with ample yards. Suburbanites can own lofts near public transportation, restaurants and entertainment. From studio condos to mansions on sprawling estates, there is something for everyone in all parts of the Windy City and its suburbs. Not only is there something for everyone, but after years of price increases and bidding wars, Realtors say it is officially a buyer’s market. “Inventory is high, says Tina Burr, a Realtor with Keller Williams Realty ” who focuses on the North Side of the city. “There were twice as many properties on the market in September 2007, as compared with September 2005. ” That abundance of homes, both single-family and condo, combined with low interest rates and slower sales—the Illinois Association of Realtors (IAR) found the number of single-family home sales in Chicago was down 17 per.2 16 chicagol i v i ngmag.com C h i c a g o L i v in g 2008 http://www.AsktheBuilder.com http://www.chicagolivingmag.com

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Chicago Living - Relocation Guide 2008

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