Chicago Condos

Chicago Condos

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

Search Chicago Condos and Lofts

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Chicago Condos

Chicago condos come in all shapes, sizes, amenities, locations and the list goes on and on. The best way for you to stay on top of all the hottest condos in Chicagoland is to work with a Realtor that has direct access to the MLS. Searching for Chicago condos by setting up automated searches based on your specific criteria is the most efficient method. You’ll be notified daily of any new matches for the parameters you’ve set. The MLS interface will allow you to mark favorites and leave comments about the Chicago condos that interest you.