If you read my first two posts you would know how I feel about brick two flats here in the Chicago area. ( I love them! ) I talked about what you need to do to make sure you buy the right building and not a severe headache. If you haven't read them, I urge to to read them now.
I left off at the electrical panel. When you open up the electrical panel make a note of whether the box has circuit breakers or fuses. Fuses aren't necessarily bad, but circuit breakers are general better. ( Unless the home has the "Stab-Lok" brand made by the Federal Pacific Electric Company. If you do, plan on replacing the whole thing. If you don't believe me, Google it and decide for yourself. )
You should lookout for worn or exposed electrical wiring. Are the electrical mains from the outside encased in metal conduit? Is there a main breaker to the electrical panel? How many amps are coming into the box? Many old buildings have only 60 amps. With all the electrical toys we have today, we really need 150 amp service or more. I've only scratched the surface when it comes to the electrical box. If you feel that you can't handle it, hire a professional to inspect it. Now let's go upstairs.
Check out the paint job. Is the paint blistering or peeling? This could be water damage. Flush the toilets. Turn on the faucets. How is the water pressure? Are the drains clogged? Check outlets and light switches to find out if they're grounded and if they are wired correctly. Do the windows open smoothly? Check out the glazing and the wood frames. What condition are they in? There's a whole lot more, but I think you get the idea.
One last thing, a good home inspector is worth his weight in gold. Always hire a pro to do the job. You won't be disappointed.
Monday
Chicago 2 Flats - part 2
Yesterday, I started talking about what a great value I thought 2 Flats in Chicago are nowadays. Picking the right 2 flat is very important. If you pick the wrong one, you'll regret it. I covered the exterior yesterday and today I'll cover the interior.
Start in the basement and work your way upstairs. I start with the foundation walls. I'm looking for evidence of water seepage and flooding. Other tell tale signs are water logged cardboard boxes, rotted wood in storage lockers, and discolored paint. Look for cracks, and bowing in the foundation walls. One of the biggest problems people encounter are wet basements. You need to look for water stains on the walls and the floor. Look for Efflorescence. Efflorescence caused by salt deposits left behind by evaporating water. Sometimes it "sparkles".
Next, check the furnace and the hot water tanks. You're looking for corrosion around unit and at any connections. If the home is a REO, these systems are probably turned off. If the water is on, turn on the faucets and leave them on for a moment, flush the toilets. You want to check for water pressure, clogs and leaks.
Aw, that's enough for now. I don't want you falling asleep. Tomorrow we'll talk about the electrical system and so much more.
Start in the basement and work your way upstairs. I start with the foundation walls. I'm looking for evidence of water seepage and flooding. Other tell tale signs are water logged cardboard boxes, rotted wood in storage lockers, and discolored paint. Look for cracks, and bowing in the foundation walls. One of the biggest problems people encounter are wet basements. You need to look for water stains on the walls and the floor. Look for Efflorescence. Efflorescence caused by salt deposits left behind by evaporating water. Sometimes it "sparkles".
Next, check the furnace and the hot water tanks. You're looking for corrosion around unit and at any connections. If the home is a REO, these systems are probably turned off. If the water is on, turn on the faucets and leave them on for a moment, flush the toilets. You want to check for water pressure, clogs and leaks.
Aw, that's enough for now. I don't want you falling asleep. Tomorrow we'll talk about the electrical system and so much more.
Interest rates fall again!
Mortgage interest rates are now 4.625% for a 15 year loan with no points. Of course these terms are based on a few assumptions.
These terms may or may not apply to you but regardless, if you're in the market to buy a home, now is the time to act! These rates are being quoted from Chase Bank. Go look for yourself.http://mortgage.chase.com/pages/other/todays_rates_all.jsp
- Excellent credit scores
- 20% down payment
- Single family residence
- Conforming loan amounts from $215,000 to $300,000
- Purchase loan
These terms may or may not apply to you but regardless, if you're in the market to buy a home, now is the time to act! These rates are being quoted from Chase Bank. Go look for yourself.http://mortgage.chase.com/pages/other/todays_rates_all.jsp
Sunday
Chicago 2 flats in 60641
The real estate market has jumped into action. With interest rates still near 5%, and down payments as low as 3.5%, Are 2-flats properties still a great buy? The answer is yes.
The traditional Chicago brick two flat is making a comeback all over the city. With prices ranging from $90,000 all the way up to $250,000, these buildings are a wonderful value. Don't get me wrong, you still need to buy the right building. What do you need?
The traditional Chicago brick two flat is making a comeback all over the city. With prices ranging from $90,000 all the way up to $250,000, these buildings are a wonderful value. Don't get me wrong, you still need to buy the right building. What should you look for?
Today we'll check the exterior. A good roof is a must. I feel that this is the number one thing you must check. If the roof is in good shape, the rest of the building might be okay. With a bad roof, you can be sure you have a whole host of other problems. Check the tuck pointing. Is it loose? Look at the windows. Are the sills rotted? Check along the building perimeter. Is there a gap between the building and any concrete walkway or patio? Water is your biggest enemy and those gaps are letting water into your basement. What about the vegetation? Is there a big tree right next to the house? I know how wonderful the shade can be, but that tree's root ball can crack your foundation. All these things should tip you off as you inspect the basement. There are other things you should look for, but I digress. Tomorrow, I talk about what to look for on the inside. Later I'll talk about financing.
You need someone to show you the right building. As a Realtor with 15 years of construction experience, I can show what to look for and what to avoid.
The traditional Chicago brick two flat is making a comeback all over the city. With prices ranging from $90,000 all the way up to $250,000, these buildings are a wonderful value. Don't get me wrong, you still need to buy the right building. What do you need?
The traditional Chicago brick two flat is making a comeback all over the city. With prices ranging from $90,000 all the way up to $250,000, these buildings are a wonderful value. Don't get me wrong, you still need to buy the right building. What should you look for?
Today we'll check the exterior. A good roof is a must. I feel that this is the number one thing you must check. If the roof is in good shape, the rest of the building might be okay. With a bad roof, you can be sure you have a whole host of other problems. Check the tuck pointing. Is it loose? Look at the windows. Are the sills rotted? Check along the building perimeter. Is there a gap between the building and any concrete walkway or patio? Water is your biggest enemy and those gaps are letting water into your basement. What about the vegetation? Is there a big tree right next to the house? I know how wonderful the shade can be, but that tree's root ball can crack your foundation. All these things should tip you off as you inspect the basement. There are other things you should look for, but I digress. Tomorrow, I talk about what to look for on the inside. Later I'll talk about financing.
You need someone to show you the right building. As a Realtor with 15 years of construction experience, I can show what to look for and what to avoid.
Friday
Open House 60657
Hi everyone. I'll be hosting an open house this Sunday, October 4 th, from 12 to 3pm at 522 W Oakdale #2W. This lovely 2 bedroom /2 bathroom condo nestled in East Lakeview has everything you've been looking for. Hardwood floors, washer and dryer, crown molding, Roof top central air, Master bath, walk-in closet, granite counter tops, SS appliances, maple cabinets, shared outside deck, Huge basement storage, and so much more! Did I forget the parking? Parking is so important in this neighborhood. The price has been reduced again to $389,000 So come on by this Sunday and say hello. As always, neighbors are always welcome. Don't be shy! Come on by!http://www.thomasjreid.com/property/5702682/
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