Evaluating It

One of the first steps in finding a property is to evaluate how well it suits your needs. Pull out the Space Layout Requirement Worksheet and the Space Assessment Worksheet you completed in Chapter 1: Getting Ready. If you haven’t completed these worksheets, then you may want to do so before proceeding with this section, especially if you are still trying to figure out what type of space you need.

If you've identified your needs, ask yourself the following questions as you assess the space:

• What fixtures, appliances and/or equipment are included in the price: mirrors for dance studios, welding tables, vent hoods, refrigerator, stoves, lighting, etc.?
• Have there been any problems with the property in the last 2-5 years? If so, what? The Department of Buildings can provide you information on reported code violations.You can also check with the Center for Neighborhood Technology's property information site, which covers housing court notices, code violations, property tax payment information, etc. Even if there are no code violations, that doesn’t mean that the property is in tip-top shape.
• What were the heating and utility expenses during the last year?
• How much are property taxes and insurance costs for the space? If you are buying, this information is often contained in the agent’s listing information. If you are leasing, ask the building owner/manager. The Cook County Assessor’s Office can provide you with the previous year’s property taxes.
• Has the seller removed lead paint and pipes from the property? If so, is there a de-leading certificate from a government agency?
• How much does the current tenant pay for the space, and what costs are included/excluded in their lease?
• How long has the property been on the market and/or vacant?
• How long has the current owner owned the property?
• How long has the current tenant leased the property?
• What have other spaces of comparable size and character in the neighborhood sold/rented for?
• What major repairs or improvements have been made in recent years? Is there a warranty for the products or materials? If so, what does the warranty cover, and for how long?
• When do major repairs (i.e. replacement of the roof, new boiler, etc.) need to occur?
• Get a Multiple Listing Services (MLS) printout of the property (residential).
• If you have children, visit the area schools.
• If you have other needs, special requirements or concerns, ask about them.
• For artists with disabilities, the Illinois Fair Housing Network and the Mayor’s Office for People with Disabilities offers extensive resources to aid you in locating space and housing that fits your needs.
  
  • Illinois Fair Housing Network
  • Mayor’s Office for People with Disabilities

Now that you have found and assessed the property, you have two choices:

1. Keep looking, or
2. Make a move to claim the space as your own.

If you are purchasing a space, you’ll write an offer and complete the Purchase and Sale Agreement. If you are leasing, let the negotiations begin.

Whatever route you decide to take . . . good luck!

TIP: The Illinois Fair Housing Network and the Mayor’s Office for People with Disabilities offer extensive resources to aid you in locating space and housing that fits your needs.