Chicago Real Estate and Community News

There’s no point in sugarcoating it: deciding what to do with a home during a divorce can quickly become stressful and complex. A home is not only one of the biggest financial assets that have to be divided between you and your spouse in a divorce but an emotional asset as well: one that you both have most likely spent part of your life in and worked hard to pay for over the years. 

Divorce is complicated enough; deciding what to do with the home on top of the divorce can be a messy process if you’re unsure how to proceed. Here we’ll break down your best options in this scenario and some ways to begin the process of selling a home in a divorce.

What happens to a home in a divorce?

There are several different ways a home can be handled in a divorce. Legally, a house is considered a marital asset, which means that its value will be divided between the divorcing parties depending on what state the divorce takes place in and how each person contributed financially to the mortgage. If you have children, considering the home as a way to maintain stability for them can also impact what happens to the home. 

A home inspection gives buyers the opportunity to examine every inch of a prospective property. Here’s how home inspections work, why they’re so important, and how you can use your inspection to help you make the critical decision on whether or not to buy a home.

The Importance of a Home Inspection

In addition to finding a reasonable mortgage rate and negotiating a sale price, the home-buying process entails a home inspection. A home inspection is conducted by a certified professional who inspects and assesses the physical aspects of a home, including every element from the foundation and walls to conditions of the plumbing and electric systems. 

Home inspections can be stressful because they determine any underlying issues with the property that either take it out of consideration or can be used to negotiate a lower sale price. Because this is the last chance before closing to examine a property from top to bottom, it’s essential not only to find a good inspector but to make sure that any concerns you have are addressed. 

In a city full of old properties like Chicago, inspections are especially important. It’s crucial that you find an inspector you trust to give you a thorough report of the property’s condition.

If you’re looking to buy or sell a home, you’ve probably considered working with a real estate company or platform that offers a discounted rate or cash back at closing. Discount agencies offer helpful tools and deals that you can access from your own computer and promise to save you money (and when it comes to real estate, that’s always a good thing to hear). 

But while these agencies offer today’s online customers efficiency and a chance to save money, there are some disadvantages to the process as well. Depending on what market you are selling in and how knowledgeable you are about buying or selling a home already, it might be wise to work with a traditional brokerage instead. 

Here we’ll cover some of the pros and cons that come with working with discount realtors so that you have full disclosure of what will work in your favor as a buyer or seller and what won’t.

What are cap rates and how do they work? How can I use cap rates to help me find a good real estate investment? Here we’ll discuss the role cap rates play in real estate investing and what other factors are important to consider.

Buying a home using a 203k rehab loan

Have you ever turned down a near-perfect house because the renovations look too big to handle? There’s a loan option that not many buyers know about that can change their search for a home or investment property: the FHA 203k rehab loan. The FHA 203k loan allows buyers to roll renovation costs into their mortgage loan instead of paying for the grand total of repairs in cash, streamlining costs and minimizing upfront expenses. 

How important is a buyer’s agent, and why do you need one to help with your home buying process? A designated buyer’s agent actually offers some distinct advantages that can help you make smart decisions in the search for your next property. Finding a committed realtor before you start looking for a property can save you time and money and streamline the process to work for you.

Selling your multi-family property can be a complicated process. It requires knowledge of the property’s zoning history and of how to list and show units occupied by tenants. Without guided expertise, a seller can suffer financial loss and delays in the sale of their property or can even become subject to liability. 

Throughout our years of experience, we’ve seen a lot of mistakes made when selling residential multi-family properties. Thankfully, you can easily avoid these pitfalls by working with an experienced agent and making careful decisions. Here are the three top issues to watch out for when selling your multi-family home.

Buying a house is intimidating. For many, buying a property with multiple units seems even more complicated. But investing in a multi-family home is actually a solid, low-risk investment opportunity that can give you financial stability and a lot of potential to build property value! Whether you’re ready to invest in your first multi-family or are a first-time buyer who wants to make a smart financial decision, this unique market provides you with the opportunity to make passive income, build equity, and access unique tax benefits as well.  

There are many different ways to invest in real estate. Properties with two, three, or four units, otherwise known as residential multi-family, are a great form of investment because they bring in additional rental income that you won’t get from a single-family without falling under the category of commercial real estate (buildings with five units or more). Even though residential multi-family can provide additional income, the government treats them very similarly to single-family homes and provides incentives to homeowners to pursue these investments through low down payment mortgages and tax deductions.

East Water Place is one of the best kept secrets in Streeterville.  Tucked away along the south border of Ogden slip, sits a 56 unit townhome complex that offers residents a unique lifestyle in an urban setting.

Waterfront Urban Oasis - 408 E North Water Street Unit C

This waterfront four-level town home with 3 bedrooms and 3 bathrooms, features open floor plan with 12 foot ceilings, floor-to-ceiling bay windows, and hardwood floors on the main level.  Beautifully renovated in 2016, the kitchen boasts high-end stainless steel appliances, custom cabinetry, quartz counters, glass and stainless back splash, and outdoor deck overlooking Ogden Slip. 

If you’re interested in buying a multi-family home in Chicago, a fixer-upper is an ideal investment. A fixer-upper is a home that needs repairs and will require renovation work. 

There are many reasons to buy a fixer-upper in Chicago. If you’re picky about interior design or want a property in a specific neighborhood, buying a home and renovating it allows for flexibility. It is also an excellent way to build equity. Many buyers will only buy a property that is finished, so it’s possible to find hidden gems if you’re willing to put in the work.

Some homes may only need minor repairs, while others will be a full rehabilitation project. It’s important to have the right real estate agent, contractors, and inspectors on your team to help analyze and complete the project effectively. The key to buying a fixer-upper is choosing the right property, working with the right people, and understanding the necessary repairs.

Buying a fixer-upper in Chicago is a smart business decision and a great way to find a long-term home for your family. If you’re looking to purchase a multi-family home and are comfortable with the renovation process, take a look at our home repair costs chart to get an idea of the costs involved.