All Forum Posts by: Seb Ko
Seb Ko has started 17 posts and replied 47 times.
What's your opportunity cost for waiting? ADU zone expansion is not certain, and even then who knows what the rules will be (owner-occupied requirement, etc). If you are comfortable with the rezone process I would look at this, and perhaps you can still ADU in future after the rezone. My 2 cents.
Post: Remitting hotel tax for direct STR stays
- Posts 51
- Votes 27
Hi does anyone have experience with providing direct STR stays (so not through Airbnb or VRBO) and charging, collecting, and remitting the local Chicago hotel tax? What does that process look like? How often are remittances, where does one remit, etc?
Post: New residence requirements for Airbnb listing
- Posts 51
- Votes 27
Anyone familar with listing an Airbnb listing in last few months? Are there additional primary residence requirements such as homeowners exemption required, or anyone know if this is coming down the line?
Post: Experience with getting ADU approval for already completed unit
- Posts 51
- Votes 27
Hi everyone, does anyone have experience putting through an ADU for an already completed unit. I've read that this is allowable, but that city will check to see if all work has been done correctly, pull permits, etc. Does anyone have first hand experience with this?
Post: Legalizing a non-conforming in Chicago ADU Zone
- Posts 51
- Votes 27
Quote from @Reed Meyer:
Hold off on legalizing the non-conforming unit until you are exploring a sale or refinancing. If you legalize it now the only result will be an increased assessed value and Real Estate Taxes.
Hi Reed, isn't the risk always on the insurance side? Where they would not cover a claim if there is an illegal unit?
Post: Legalizing a non-conforming in Chicago ADU Zone
- Posts 51
- Votes 27
Quote from @Noah Lomax:
A very late update on this post! It was a massive headache to go through the permitting process as it was designed for things that weren't built. So the requirements for plans to be written as if they don't exist coupled with asking contractors, electricians, and plumbers to sign on and give their license number for a project that likely won't bring any business ended up in months of chasing and asking. That said, we have our application in finally. In the end, the cash flow is there without this unit being legalized. However, getting it legalized should be a huge benefit when we go to re-sell one day! I'll keep you posted.
Hi Noah, any further update to this? Did you end up finalizing and getting it legal?
Hi there, does anyone have experience going through the ADU pilot process end-to-end? Does the City inspect the entire property to make sure it is up to code or just the ADU area of the building?
Illinois
Hi everyone, wanted to see what your experience has been with home insurance costs. I own a 2-unit primary residence in Lakeview and premiums have doubled in 1 year from ~3200 to ~6500. I have 0 claims - this is strictly due to "inflation protection and rate revisions in IL". My bundled auto insurance went up 60% to 1600 (0 claims, same reasons). Wondering what others here are seeing and if anyone has recommendations for home insurance companies covered 2 units.
Post: Cost & process for water line expansion replacement?
- Posts 51
- Votes 27
Thank you both for the responses!