Big Potential For Chicago Property Owners
Last December the City of Chicago loosened restrictions on the building of accessory dwelling units in the hopes of opening up more opportunities within the city limits. Beginning May 1st, of this year, Chicago residence are finally allowed to start building in specific zones. For a complete list of eligible areas of the city, property owners can reference the Assisted Dwelling Unit page at the City of Chicago website. This new ordinance means big business for property owners looking to expand on their rental portfolio or earn income on their home. The City is even offering forgivable building loans for households that qualify.
We at Airoom are experts at navigating these city zoning laws as well as the ADU Neighborhood Lending Program. With our FREE in-home consultation, we can help you fully realize your property's potential using Chicago’s new regulations. Airoom can even refinance your property to cover the cost of your remodel and put you on the fast track to earning income from your home.
Read on to learn more about the new real estate opportunity available to Chicago property owners.
Coach house development
Property owners are now allowed to develop part of their home to earn rental income. This new ordinance allows for a second story addition over an existing garage, garage conversion, basement or attic conversion and if there is room, develop a stand-alone unit in the yard.
This new opportunity does come without some stipulations. A few are listed below.
1. No more than 4 units per household. Anymore and a portion must be afforded to low income housing.
2. No transient renters. So basically, these zoning regulations do not allow for services such as Airbnb or VRBO.
3. Renters must have a lease no less than 1 -year long.
The regulations that may affect you depend on the scope of your project. Your Airoom Project Development Manager can go over in detail what you might expect to get from your project and review how the new zoning code may work for you.
If this opportunity is of interest to you, Airoom can help. For over 60 years Airoom Architects Builders & Remodelers has been designing and building home remodeling and custom home projects throughout Chicagoland. With over 20,000 projects under our belt, including remodeling thousands of historic homes in the City of Chicago, we provide one point of responsibility. Combining design expertise, product selection, supervised construction, along with service and warranty…all under one roof.
Regardless of the type of project, we are here to help guide you through the process. To learn about the possibilities in your Chicago property, call Airoom today at (773) 839-50101 or visit Airoom.com to set up your free design consultation, which includes complimentary 3-D renderings to help you visualize your projects potential.