Roof deck value-add in Chicago?

[Adam F.]

My wife and I purchased a condo (top floor in an 8 unit building) in Bucktown. Our unit comes with roof rights for our half of the roof (approx 1600sqft). It’s undeveloped and I confirmed with the builder that it can support a deck (building built in 2015). The roof gives you an unobstructed view of the city skyline. There’s already a staircase built up to the roof, through the rear stairwell of the building.

We plan to make this condo our first rental property in a few years, once we’ve saved up enough for the next down payment. Curious to get thoughts on whether a roof deck would actually add value (x% higher rent). We would obviously love to take advantage of the roof while we’re living here too!

[Jonathan Klemm]

What's up @Adam F. - Really good question and worth asking.

For sure, an unobstructed view of the Chicago skyline will add value to the property!  1600 SF is a massive amount of space for a rooftop deck!  I am unsure if it will be a dollar-for-dollar return on the investment, but over time, with some appreciation, that will pay off.

I was notorious early on to hold off on some renovations to my own property til I was going to move, and then I didn't get to take advantage of them - so good call from that perspective.

There are several good rooftop deck companies, but they will be pretty pricey. Happy to provide you with some referrals if you need some. You may be able to do a HELOC to pay for it if you have some equity.