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Convert your Chicago home into a Condo
If you want rental income from your existing home and have some 'equity' why not consider converting your Chicago home into a duplex or a condo. Of course, all this is subject to the county and state laws and all the permissions required as well as the particular law in you county.
Before making any plans or talking to any builders regarding building of Chicago condominiums it is advisable to establish and determine a budget for the project. Keep in mind that the actual costs can exceed the original estimated price by 10%. Also, make sure that you allow for any extra expenses during or at the end of construction.
The first step towards constructing Chicago condominiums is selecting a builder, preferably between at least three different potential companies. Start with referrals from architects, realtors and clients who have worked with various builders.
The next step is to meet with and interview the various builders. Personal chemistry between you and your builder is extremely important. While interviewing him or her look for signs of his or her attentiveness to you and your needs. A background check on the potential builder is also very important. It is better to check financial references as to whether this person ever entered bankruptcy or has left any properties uncompleted. Does he/she have any liens on any property or have any history of not paying creditors on time? Be sure to clarify what fees may be incurred by any changes or delays on your part. It is better to clarify planning and proposal fees of Chicago condominiums before hand.
After selecting the builder establish a meeting schedule that works for both you and the builder. Determine budget allowances for all of the components for your home conversion into a Chicago condominium. The following is a partial list of things to be taken into consideration; architectural fees, kitchen and bathroom cabinets budget, lighting fixture allowance, wood trim packages like crown molding, base boards, audio visual components, wiring, landscaping, brick, flooring like carpet, limestone, wood, etc, appliance packages which include stove, washer, dryer, etc, plumbing finishes like faucets, shower head, and so forth as well as counter tops, and painting allowance. Be sure to obtain warranties for all appliances and products used in the new Chicago condominiums home.
The process of building a home or converting your home into a condo in the city of Chicago can be very rewarding. People who live here are always in for a good bargain!
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