If you're searching for Chicago condos
or lofts for sale, then you've come to the right
place. Our Chicagoland condo and loft search
is among the best around and our agents
are here to assist with your every need.
You have a lot of options when it comes to Chicago
condos and lofts. From new construction, vintage, newly rehabbed,
high-rise buildings with views of Lake
Michigan, or loft style condos, the options are almost endless.
Whether you're a first time homebuyer, or a seasoned investor,
our agents will provide you with knowledge and tools to make your
condo search a positive experience.
What is a Condo?
The easiest way to explain ownership of a condominium
is to look at it as an apartment you own. Ownership is defined
as the area inside your unit. In addition to the area inside your
unit, you're a partner with all of the other owners in the complex,
of the exterior as well as any common areas and amenities like
swimming pools, clubhouses, tennis courts, or workout facilities.
One of the requirements of condominium ownership
is the payment of a monthly condo association fee, which covers
general repairs and maintenance to the common areas as well as
building up a cash reserve for future needs. All exterior maintenance
and repairs are generally the responsibility of the condominium
association. This maintenance is ultimately funded through your
association dues or a special assessment (a one-time charge assessed
to all owners). The normal day-to-day maintenance of the common
areas is also the responsibility of the association. However,
interior maintenance and repairs are the responsibility of the
individual owner.
In some cases a condominium may be the only type
of home you can afford. This is usually because the same square
footage in a condo will cost less than a single family home or
townhouse. This is mainly due to the cost of the land.
Below are some advantages and disadvantages on
condo ownership:
Advantages
- Maintenance-free living
- Having amenities like pools, workout facilities, and basketball
or tennis courts.
-Condos are usually located in areas convenient to public transportation
and shopping.
-Condominiums are available in many different styles and sizes
and are usually one of the more affordable types of home ownership.
Disadvantages
-Payment of Condominium Association fees.
-Lack of privacy when compared to single family homes.
-Ownership is confined to the area inside your unit. Other areas
such as hallways, parking lots, clubhouses, and swimming pools
are common areas in which each condominium owner has an equal
share.
-Unexpected improvements could lead to temporarily higher association
fees, usually known as a special assessment.
Finding the Right Condo
When purchasing a condo for your personal residence
or as an investment, it's important to find the one that's right
for you. This can be accomplished in 4 easy steps.
-Designate the area(s) you're interested in.
-Get pre-approved so you know what you can afford
-Make a list of your “needs” and “wants”
-Contact a Realtor
