Although purchasing commercial real estate has its risks, entrepreneurs and business owners in various industries in Illinois can benefit from buying commercial space. However, buying commercial property is not the right fit for every situation and is a decision that should be approached carefully by business owners. Buying versus leasing In many cases, business owners are forced to pay higher rental costs when the real estate market slows down. Purchasing commercial property eliminates … [Read more...]
Buying a commercial property for your business can be a good investment
Banks accused of violating property owners’ rights over illegal break-ins
According to Illinois law, homeowners who default on their mortgage payments are allowed to stay in their homes until the foreclosure process is completed. If the occupant moves out before the foreclosure process is over, it is up to the bank to maintain the property. In many cases, the bank turns over these responsibilities to another company. In Illinois, Safeguard, a company that contracts with mortgage lending services, allegedly abused their responsibilities and had a case filed against … [Read more...]
Prepare before buying real estate as an investment
Investing in real estate can be a highly profitable venture. However, before purchasing a piece of residential property, those interested in making this type of investment should carefully prepare to ensure it benefits them. Understand the property and the location After finding a piece of real estate, future investors should check the condition of everything before signing a contract. For example, investors should turn on all of the appliances, check all of the light fixtures, and … [Read more...]
Choosing the right house to buy
Buying a home represents one of the largest financial commitments most people in Chicago, Illinois, will ever make. Choosing the right home is crucial, but many first-time buyers do not know exactly what to consider before making a final decision. Buyers can reduce the risk of making a mistake when purchasing residential real estate by taking time to appraise the following variables. Financial factors First, evaluating the full cost of a home is critical. Homeowners should be realistic … [Read more...]
Regulations present challenges for commercial real estate
Anyone with experience in commercial real estate development knows the extensive regulations imposed by every level of government can be burdensome. In the present regulatory environment, keeping up with current requirements and ongoing changes can be especially difficult. Most developers in Chicago, Illinois, can benefit from working with an attorney experienced in real estate law to ensure legal compliance and mitigate the risk of costly mistakes. Regulatory concerns Before commercial … [Read more...]
How to finance commercial real estate
Buying commercial real estate represents a smart investment for many business owners in Chicago, Illinois. However, obtaining financing for these purchases can be difficult, and choosing the wrong form of financing can place a significant burden on owners and their businesses. Business owners should make sure they understand the variables that influence loan offers and the available sources of funding before they begin looking for commercial real estate financing. Factors affecting … [Read more...]
Home inspections in Illinois – how do they work?
Although a home may look relatively perfect during a walkthrough, it could be hiding potential problems. Unlike home appraisals, which only indicate a home’s monetary value, home inspections provide information about the home’s exterior and interior condition. An inspection should include an analysis of the home’s major components like the furnace and air conditioner, plumbing and electrical systems and an overall inspection of the roof. The main goal of a home inspection is to alert the … [Read more...]
Common mistakes real estate buyers in Illinois make
Buying a piece of property is a large transaction. For many purchasing real estate, whether it be a new home, piece of land or commercial location, this is one of the biggest purchases they will ever make. When purchasing real estate, buyers should beware of these common mistakes in order to ensure that the process resolves smoothly and in their favor. Preparing for purchase Many buyers mistakenly begin browsing through online listings, determining how many bathrooms they want and … [Read more...]
Is there a mechanic’s lien on the property you’re purchasing?
A number of unexpected difficulties may come up while purchasing property. One little-known problem that affects some buyers is the possibility of facing a mechanic’s lien. According to Illinois Legal Aid, more than 800 of these liens were filed last year in the Chicago area alone. This kind of lien can take many years to settle, creating serious legal difficulties for new property owners. What is a mechanic’s lien? When a construction company builds a home or business property, … [Read more...]
Illinois legislation seeks to amend property tax code for tool and manufacturing business property
Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. The tax abatement will eliminate property taxes for the manufacturer over the next 10 years, providing the company with a yearly relief of around $200,000. Property tax incentives are commonly used by states to attract more … [Read more...]