A dilapidated school in Chicago will soon be transformed into an upscale apartment complex, thanks to the handiwork of an inspired developer. The school, which is 113 years old and is located in the Lincoln Park neighborhood, will be gut-rehabbed into 24 apartment units, and the exterior will be updated as well. The news of updating the building was only just recently announced, so it’s certain that the building will be vacant still for some time.
How to Protect Vacant Properties
While this idea is surely a great one, some people may see the vacant building as a target. Even an old building will have things like wiring that may appeal to thieves, as well as plenty of windows that vandals will have no problem breaking. Additionally, once rehabbing starts on the inside, what is there to stop vagrants from squatting in the unfinished yet uninhabited building? Thankfully, things like a vacant property window screen on every window and a door guard system will help keep unwanted visitors out of the property.
Can a Gut Rehab Improve Neighborhood Property Values?
Of course, a brand new building will boost the prestige of living in a certain area. Gut rehabs are popular for plenty of reasons, but a lot of people specifically think that having new places to live will significantly improve their own property values. While that’s likely true, it takes some time for these rehabbed. The school in question is very old and the company in charge of developing it describes it as a “vintage rehab.” The interior and exterior likely need a lot of work, and not just cosmetic updates, but perhaps structural and code updates. During the time when the developer is working on the empty school, they’ll want to use a door guard system and window security covers to ensure their project isn’t tampered with while no one is there.
