
By State Rep. Jeanne Ives (R-Wheaton) -
Imagine you’re driving down a winding, tree-lined street. You come to the end of the street and there it is – a home which by all appearances is your dream house. The historical marker reads founded in 1818. Presidents, generals, movie stars and leaders of industry have resided at this address.
Walking up the path you trip over a sidewalk in disrepair, but consider it of little importance. Moving forward, up the creaky porch stairs, your excitement grows as you realize you are standing on the threshold of the place you’d always dreamed of calling home- a classic that evokes the memories of yesteryear.
As you push open a door rusted on its hinges, you are taken aback by the state of the dwelling: the wall paper is peeling, dust covers every surface and a stench of mildew fills the air. The realization that perhaps this is not the home you’d hoped for begins to overtake you. Yet, it sits on a prime piece of property, next to a lake, with easy access to rail, air and highway networks - seems perfect for work and pleasure.
Your wife leans over and says, “Honey, I’m not sure this is the place for us. It seems like a money pit.” You reply, “Well, I’ve heard there may be some tax credits available for buyers.” “No,” she replies, “I’ve heard they’re not open to everybody.” You gently insist that this place has so much potential. Your business partner wife maintains, instead, that the underlying fundamentals belie the hallmarks of a sound investment.