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Home Ownership in Chicago : Real Estate Advice

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  • Home Selling264
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Activity 14
Mon Nov 21, 2016
Tabgask16 answered:
I'm renting with my section 8 vocher I live in Florida I want to know how to get on the rent to own program with my section 8 voucher would really like to learn more so I can get started thank you ... more
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Tue Jun 21, 2016
Jeff Nobleza answered:
Call Dan Huschen at 773 593 6088 as he is a contractor that can help you.

Jeff Nobleza
@ Properties
0 votes 2 answers Share Flag
Fri Jun 3, 2016
Jennieharned asked:
Hi! I am thinking about building a single family dwelling in Chicago and a lot of the land I am looking at does not have utilities already established on site. I am wondering how much this…
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Tue Apr 28, 2015
Matt Laricy answered:
I would talk to an attorney to see what is and is not on there. You can then talk to some credit repair people as well.
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Wed Apr 15, 2015
Noah Seidenberg answered:
No they are considered square footage but not rooms. IN the MLS in the field that says room total says A room is defined as improved, heated living space with the exception of bathrooms and utility space ... more
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Wed Nov 5, 2014
Mark Zatz answered:
Public records are available for this property. You may want to look at the cook county recorder of deeds website for public chain of title information.
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Fri Oct 31, 2014
Katrina Dobrovolny answered:
You should strongly consider the choice and get in touch with an eviction attorney, if your lender lets you close with this condition. I am curious of the current status of the situation, since some time has pasted, where you able to close on this deal? Give me a call to discuss, ... more
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Tue Sep 23, 2014
Nicholas Conteduca answered:
On an appraisal, the only rooms that are considered in the "Total Room Count" are as follows : Kitchen, Bedrooms, Living Room, Dining, Family Room, Office, Den. The rooms are only counted if they are ABOVE GRADE. If they are BELOW GRADE (Basement), they are not included.

Bathrooms are NOT included in the room count.

For example:

A two story home has 4 Bedrooms and 2 full baths on the second floor.
Kitchen, Dining, Half Bath, Living room on the First Floor.
Full Bath, Living Room, Bedroom in the Basement.

The Room count would be: 7 - 4 - 2.1. 7 Rooms, 4 Beds, 2.1 Baths.

- Nick Conteduca

I have been a Broker/Appraiser in Chicago for 10+ Years. Please give me a call or email with all your real estate needs. Visit my website for my contact info.

www.ChicagoStyleRealEstate.com
www.Facebook.com/ChicagoStyleRealEstate
www.topchicagoagent.blogspot.com/


Thank you!
... more
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Fri Sep 19, 2014
Accurate Inspections & Consulting answered:
No closet requirement in the City of Chicago or most municipal codes that I am aware of
A closet is however required under some Federal Housing subsidy programs
0 votes 8 answers Share Flag
Fri Mar 14, 2014
Dan Tabit answered:
Personal touches, improvements that fit your lifestyle and preferences, cosmetic changes, fences, lawn or landscaping equipment.
1 vote 2 answers Share Flag
Tue Feb 11, 2014
Bill J Deligiannis answered:
Talk to your current bank and talk to your Loan Officer. They will be able to explain as to why there is a shortage in your escrow account. Your taxes may have increased, but your contribution has remained the same, therefore explaing the shortage over time. ... more
0 votes 13 answers Share Flag
Wed Feb 5, 2014
John Walin answered:
Sam is right, if you go 50% down and 50% loan could work. Does it make sense to go all in in cash? maybe...
If you have the money and assume that the unit will appreciate 4-6% per year.

My wife and I are thinking the same thing for us when she retires in 8-12 years. Let a tenant pay the bulk of the monthly cost including the hefty HOA. Even if you are $500 under per month on a rental, that's $6k per year, if you think they go up by more that much per year you come out ahead. Plus you can depreciate the investment and offset the loss on your taxes plus property taxes and HOA and proerty improvements, As long as they allow rentals you are good. better than waiting until you are ready and find the prices 30% higher 3 years hence.

If you like my answer, thumbs up and best answer me, thanks!!!
... more
1 vote 11 answers Share Flag
Thu May 16, 2013
Manuel Brown answered:
Dear Trulia Chicago,

Here is another one of those interesting questions posed by you and can be answered a variety of ways.

In any case her is what I think. A homeowner can first reach out to websites like Trulia to get a basic idea of what his or her home value is. The downside is Trulia does not scrub their data as diligently as MRED does for Realtors. Depending on the homeowner’s goal, I would reach out to a broker in the area and ask him or her to run CMA (based on similar properties) giving the average list price, sold price, and average time on the market. The data provided to Realtor from MRED is the most reliable data and is updated on a daily basis. ... more
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Mon Apr 29, 2013
JIM Michaels answered:
http://www.cookcountytreasurer.com/services.aspx?ntopicid=24

Exemptions
Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.

1. Homeowner Exemption

Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.

The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.

In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate).

This program is administered by the Cook County Assessor's Office. New owners should apply to:

Cook County Assessor's Office
118 North Clark Street, Room 320
Chicago, IL 60602
312.443.7550

You may find applications and additional information at: www.cookcountyassessor.com


2. Senior Citizen Homestead Exemption

Seniors can save up to $250 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. For the 2012 tax year, the applicant must have owned and occupied the property as of January 1, 2012 and must have been 65 years of age or older during the year for which you are applying.

3. Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular reassessment increases that may occur every three years.

For the 2012 tax year, the applicant must have owned and occupied the home on January 1, 2011 and January 1, 2012 and have been responsible for the 2011 and 2012 taxes.

4. Home Improvement Exemption

Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located.

There are also several state and city programs now available.

Senior Citizen Tax Deferral
The household income limit to participate in this program has increased to $55,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all (up to $5,000 per year) of the tax may be deferred until the house is sold or until the death of the taxpayer. To apply, contact the Cook County Treasurer's Office at 312.443.5100.

Disabled Veteran Homestead Exemption
Administered through the Illinois Department of Veteran's Affairs. Call 312.814.2460
... more
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