Actual townhouse in Unincorporated Villa Park bought by Direct Property Buyer. The HOA did an inspection prior to closing that required us to fix certain aspects of the exterior and build a new fence in the back. Permits went through DuPage county because it's unincorporated. The county has different requirements than Villa Park would have. If you’re a homeowner or an investor looking to renovate property there are many aspects of the process to consider before deciding to take the project on. The process can be very different for a condo in Chicago than it would be for a single family home in unincorporated DuPage County. Here are some aspects to consider based on areas and building type.
Single Family Homes This is the most popular and common project for investors. Single family homes allow for you to control the majority of the process and because it’s a separate structure you don’t need to rely on neighbors for most improvements you want to implement. That’s all good but homes come with a longer checklist of items to consider than some other building types. You are responsible for everything to make the house a functional, healthy, and aesthetically pleasing structure. If applying for a permit does the city/village require you to check the main sewer line? Water pressure? Is the water line coming in to the house undersized? Does the electric service need to be upgraded? Once you touch certain aspects of the house the governing body can require you to upgrade that part. Condos and Townhouses Most attached structures are part of a homeowners association (HOA). If you have a simple “carpet and paint” job this should be easy. Usually there’s little to no exterior work to be done. What about replacing fixtures where water needs to be turned off? Exterior changes or upgrades will often need HOA approval. Even replacing windows require you to jump through hoops to get that basic item changed. Some townhouse communities require an inspection from the management company where they’ll give you a period of time to correct the items they want fixed or you’ll be fined. Keeping neighbors happy during your project can be an issue especially in elevator buildings. Multi-Unit Buildings Of course renovating a 2-flat for example will require two kitchens and sometimes other parts that are specific to their unit. These could be hot water tanks, furnaces, air condition units, electrical panels, etc. Maintenance on the exterior of these buildings is more expensive usually. Tuck pointing, roof work, back stairwells all cost more than working on smaller structures. Are you renovating the units to live in one and rent the others? Will the entire building be rentals? Think about your strategy when deciding what level of finishes you’ll use. Tear-Downs and Vacant Land If the house you’re buying will need to be torn down be sure you are familiar with the city’s requirements. If you don’t follow the proper steps you can be fined and forced to do unnecessary work. If you don’t move quickly enough to build after razing the structure the city may require you fill in the land, plant grass, and put in a city curb where the driveway previously was. The same goes with buying vacant land that may be sitting for a while. Maintaining it is still important to avoid getting on the wrong side of the city and neighbors while you wait to start building. Other things to consider: soil testing, knowing if caissons are required, and certainly zoning requirements so you can build what you envision.
0 Comments
Leave a Reply. |
AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
Categories |
*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
|