Frequently Asked Questions
Question about selling
At Harkness Properties, serving homeowners across Illinois, we understand that while real estate is often a solid investment, certain factors can cause a home’s value to decline. Property depreciation can occur due to local economic changes, shifts in Illinois job markets, neighborhood decline, rising property taxes, severe weather, or deferred maintenance. Even factors like school district ratings and zoning changes can impact home values in Illinois communities. The good news is that many of these risks can be reduced through proper home care, smart upgrades, and by staying informed about current Illinois real estate market trends. Our team at Harkness Properties is here to guide buyers and homeowners with expert advice and local market knowledge to help protect property values and build long-term equity.
Older homes in Illinois can offer excellent value, depending on a buyer’s needs and preferences. Many older properties feature unique craftsmanship, character, and larger lot sizes that can be hard to find in newer developments. In established neighborhoods, older homes may also benefit from mature landscaping, stable property values, and close proximity to schools, parks, and local amenities. However, buyers should also consider potential maintenance costs, energy efficiency, and the need for updates or repairs. At Harkness Properties, we help buyers carefully evaluate both older and new homes, weighing the pros and cons to ensure they find the property that best fits their lifestyle, budget, and long-term goals.
A real estate broker is a licensed professional who helps clients buy, sell, or lease properties while providing expert guidance throughout the entire transaction process. In Illinois, brokers are required to complete specialized training and pass state licensing exams to ensure they understand contracts, property laws, market trends, and negotiation strategies. Unlike basic agents, brokers may have additional experience and can manage their own real estate offices or oversee other agents. At Harkness Properties, our brokers combine deep market knowledge with personalized service to help our clients navigate the complex Illinois real estate market with confidence and success.
In many cases, homeowners can choose to pay their own property taxes and homeowner’s insurance directly, rather than having them included in a mortgage escrow account. This option may be available if your lender allows it, often depending on the size of your down payment and your loan terms. Paying taxes and insurance on your own gives you more control over payment timing and can simplify budgeting for some homeowners. However, it also means staying organized and making sure payments are made on time to avoid penalties or lapses in coverage. At Harkness Properties, we help guide buyers through these decisions so they fully understand their options and financial responsibilities.
The mortgage loan process typically takes anywhere from 30 to 45 days from the time you apply until closing, though timelines can vary based on several factors. The process includes pre-approval, submitting financial documents, home appraisal, underwriting, and final approval. Delays can occur if additional documentation is needed or if there are issues with the appraisal or credit review. Working with an experienced lender and staying responsive throughout the process can help keep things moving smoothly. At Harkness Properties, we work closely with trusted lenders to help guide our clients through every step, ensuring a faster, more efficient path to homeownership.
Question about renting
While Illinois law does not require renters insurance, many landlords — including properties managed by Harkness Properties — may include it as part of the lease agreement. Renters insurance helps protect your personal belongings in case of theft, fire, water damage, or other unexpected events. It can also provide liability coverage if someone is injured while visiting your rental home. The cost of renters insurance is typically very affordable and offers peace of mind knowing your possessions and finances are protected. Even if not required, having renters insurance is highly recommended for all tenants.
If something breaks or stops working in your rental home, it’s important to notify your landlord or property manager as soon as possible. At Harkness Properties, we handle repair requests promptly to keep your home safe and comfortable. In most cases, the landlord is responsible for fixing issues related to plumbing, electrical systems, appliances provided with the rental, heating and cooling, and general wear and tear. However, tenants may be responsible for damages caused by neglect or misuse. Open communication helps ensure repairs are addressed quickly, so you can continue enjoying your home without unnecessary inconvenience.
Life happens, and sometimes tenants need to move before their lease term is up. If you find yourself needing to break your lease, it’s important to review your lease agreement and contact Harkness Properties as soon as possible. Many leases include specific terms outlining any penalties, notice periods, or fees associated with early termination. In some cases, we may be able to help find a new tenant to take over the lease, which can reduce your financial responsibility. Open communication and early notice help us work together to find the best solution while minimizing any impact for both you and the property owner.
Before moving out of your rental, it’s important to give proper notice as outlined in your lease agreement. In most Illinois leases, tenants are required to provide at least 30 days’ written notice prior to the end of the lease term or before vacating a month-to-month rental. This allows time for the landlord to schedule inspections, plan for turnover, and prepare the property for new tenants. At Harkness Properties, we encourage open communication and will guide you through the move-out process to ensure a smooth transition and help you meet all lease obligations.
Your security deposit is held to cover any unpaid rent, damages beyond normal wear and tear, or other lease violations at the end of your tenancy. Once you move out and return the keys, Harkness Properties will conduct a thorough inspection of the rental. If the property is left in good condition, your security deposit will be refunded within the time frame required by Illinois law, typically within 30 days (or 45 days if deductions are made). Any deductions will be itemized in writing. Our goal is to make the process fair and transparent, helping you receive as much of your deposit back as possible.