Apartment Renter Tips for Chicago Winters

From some basic quality of life for city winters as well as how to save money on utilities during cold spells, these are some essential apartment renter tips on how to thrive in your Chicago Winters rental.

We always recommended checking with your landlord or property manager to ensure any sort of "improvements" or "alterations" you do are performed properly. There may be a professional vendor that your property owner may prefer to any DIY repairs.

Re-caulk or Wrap Windows

One way cold seeps into your apartment during Chicago winters (especially in older buildings) is cracks & gaps in your windows forming over time. An easy fix is to purchase from caulk to re-seal any cold breezes coming through window gaps. Another method that is quite effective, but less visually pleasing/functional is to use a Shrink Film Insulator Kit. This can be particularly useful in some older homes that do not have modern energy-efficient windows. Making sure your landlord is okay with you sealing the windows is always a good idea, as they may have a professional(s) to perform the task.

Door Draft Stopper

Threading the same needle as window leaks, gaps in your doors can cause your heating bill to be larger by allowing heat to escape. This is much easier to determine compared to window leaks but has extremely similar solutions - to seal the gap. Draft stoppers are popular fixes and come in many styles whether they be plastic strips that stick to your door or weighted cloth insulators. It will take you longer to order than it will to install - a no-brainer energy-saving method.

Use Carpet or Rugs for Insulation

Many older apartments (especially two and four flats) in the city will primarily have wood flooring, which tends to retain the cold temperatures. Buying runner and area rugs go a long way in providing simple insulation for your apartment's overall temperature. You will find the heater running less and less when you have things like rugs that can retain a bit of 'heat'. This is will also insulate any noise you make (to a degree) so this is a great cheap, simple, no-brainer quality of life improvement for any apartment renter. 

Check out the full list of apartment renter tips for Chicago winters HERE!

A Property Manager's Tips Before Closing on an Investment Property

Closing on your first investment property but not sure what to review during due diligence period and before closing? Stay calm, we have interviewed a property manager to get an expert's tips on how to facilitate a smooth closing. 

Ask For A Tenant Estoppel 

Asking for tenant estoppel is a great way to cover your tracks, and avoid future dilemmas over a tenant's lease. One thing an estoppel does is provide proof of cash flow. More importantly, estoppel prohibits a tenant from going back on their lease and making an argument that their lease should be changed. Also, this will bring to light any issues or promises that the seller has with the tenant and make sure that you as the buyer are made aware before closing. 

Ask Seller For Actual Expenses

Many times the "projected" numbers are far off from the actual expenses that a property may have. Obviously, an owner may not be forthcoming with the actual numbers, however, it is still worth a shot. You never know the actual costs until you do thorough research. It may be wise to get to know the owner and figure out if you can trust him or not. This can help confirm if your initial underwriting (or investment analysis) is in-line

Complete a plumbing inspection 

Plumbing issues can be costly. Typically, an inspector's process does not include an inspection of the underground sewer system. One thing to ask your inspector is if they can complete any underground plumbing camera inspection. If not, no worries! We always recommend getting a specialist out there to make sure the entire sewer is not caved in, has breaks major clogs that could cause issues in the near future. 

Have Your Future Property Manager Go to the Property Before Closing 

Having a reliable property manager is a necessary investment, and figuring out who it is going to be is a very wise thing to do before closing. A solid property manager will know exactly what to look for in a property. They will find costs that will be incurred in the future, that you may not have realized on your own. Generally, an experienced property manager will have a great perspective on what can and can't be done to a building, and what problems will occur in the future.  Here at Pearson, we have excellent property management, and more information on this can be found here.

City of Chicago Side Walk Repair Program

If you are a Chicago property owner or Chicago property manager and want to take advantage of free assistance to help alleviate the costs of your concrete sidewalk repairs, there is a program you need to sign up for this upcoming week. The Shared Cost Sidewalk Program is a great benefit to owners who want to share the cost of their sidewalk repairs with the City of Chicago.  Over thousands of Chicagoans have previously been a part of this great program and the city expects similar numbers this year as well.

Chicago property owners will have 24 hours to apply for the 2020 shared cost sidewalk program starting at 6 A.M. on Tuesday, January 7th and ending at 5:59 A.M. on Wednesday, January 8th.  This program highly benefits owners who have sidewalks that are within the public right of way and are not vaulted or custom. The cost per square foot that will be charged to the property owners is well below the price of a private contractor. Senior citizens and persons with disabilities are also eligible for a 50% discount when using the program.

According to the city, costs for sidewalk repairs can range anywhere from $600-$1,500 for a standard job. This program will be a great service for owners who are wanting to cut those prices in half this year.

The number of participants the city will accept is based on the availability of funds. It is also a first-come, first served basis, so owners need to act quickly!

To submit an application for this beneficial program, you can apply online at 311.chicago.gov. All applicants should specify that they want to participate in the Shared Cost Sidewalk Program, if they are a senior or have a disability, and they need to provide the property owner’s full name, contact number, email, and the property’s full address. There are also other items you can ask for such as wanting a courtesy walk or landing step installed or if you are interested in removing and replacing your driveway apron (if applicable).

You can also apply by calling 311 or 312-744-5000. The city is expecting a high interest in this program and will have extra 311 operators on hand to field calls. Contact your Chicago property manager or contact our office if you would be interested in having our team submit the request on your behalf.

The city has put together a useful list of frequently asked questions and some more information on the program that you can view by going here: https://www.chicago.gov/content/dam/city/depts/cdot/sdwlk/sharedcost/SCSP_FAQ_2019.pdf