Is your association challenges facing real estate investment with drones? Boards may want to balance use with rules. You know Illinois’ property taxes are sky-high.
But the calculation process might surprise you. Should unmarried couples sign a contract before moving in together? Debating whether to remodel or sell your house? What steps can a community association board take when owners refuse to pay fines?
Q: I am the board president at my association. We have levied fines against owners for various infractions. There are owners who do not pay these fines. You like vintage, your spouse wants modern. Here’s how to settle house-hunting arguments.
If you’ve ever stepped into Ikea, then you’re probably aware of the challenges facing couples searching for the perfect piece of furniture. A new law that seemed like a simple fix has sparked an outcry for a do-over. That’s what is happening with an amendment to Section 19 of the Illinois Condominium Property Act that went into effect Jan. A key policy change by mortgage giant Fannie Mae that offered homeownership to thousands of new buyers — many of them minorities — could face significant cutbacks. The reason: Private mortgage insurers are rethinking their decisions to participate.
Is it smart for parents to buy a house for their college kid, then rent out the rooms? Q: Our daughter just started college and we are seriously considering buying a house near the campus. Our plan: Assuming she stays in college for at least four years, when she finishes her first year, she can move into the house, and we can rent rooms to other college kids. For millennials who are ready to become homeowners, finding an affordable house in a great community can be challenging. With housing inventory historically low, real estate in major metro areas is at a premium. Looking to buy a home in Chicago? Counting your pennies a bit more these days to afford a house?
When Annemarie Kill and her husband, John Duffy, bought their first house in Chicago’s Galewood neighborhood in 2003, the duo knew it needed some cosmetic work — in fact, they were excited to redo the bathrooms and kitchen to make the home their own. Can a condo board make secret legal settlements? Q: Following a dispute between a condominium owner and the condo board, the owner sued the board. A settlement was reached between them, the terms of which are supposedly sealed, so the other condo owners do not know the outcome. Does a condominium board have the authority to make secret settlements? It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax overhaul did not kill all interest deductions on home equity lines of credit, or HELOCs, and equity loans.