If you have never purchased property in a big city, you may not have heard the terms “air rights” or “vertical development.” However, in dense areas like Chicago and New York, these terms are familiar to all real estate buyers and developers. Even if you are familiar with air rights, you may not think these rights have anything to do with residential real estate.
This is where you might be wrong. Property values in crowded cities depend on more than square footage – they can also hinge on what is above your roofline. Air rights encompass the ability to use or sell the space above your property and are often overlooked in Illinois real estate deals. Depending on the context, air rights can bring significant value or result in major headaches.
Even as a homeowner concerned about losing your skyline view, understanding how air rights work is important. If you are considering purchasing residential real estate in a crowded city area, it is always best to have an experienced North Chicago, IL real estate lawyer to help ensure you do not encounter any glitches.