Chicago Real Estate Condos

Chicago- also called as the ‘Windy City’, is located in Illinois along the southwestern coast of Lake Michigan. This city has the third-largest population in the United States, which is also a major inland city in the country. It has a temperate climate, distinctive of the U.S. Midwest, with hot summers and icy winters. This city is a birthplace of urban blues and it is a home to world-championship sports teams. Additionally, it has a globally acclaimed symphony orchestra, and has a world-renowned diverse collection of museums. The cost of living will be lower than New York, San Francisco, Boston, Los Angeles, Washington DC, and many other major cities. In addition to have the foremost league sports teams, this has a plenty of live music in both major venues and neighborhood bars. Chicago was also acknowledged as ‘one of the finest walking cities’.

About Condos

Condos, have become an progressively more attractive home ownership choice for singles, young couples, families and for the retired couples. Generally, a condo is a feasible option for anyone who wants to own a home without worrying about the repairs, maintenance and the dreaded tasks like snow shoveling.

Usually, the condominiums will be located in a well-established, proven locality. This will give you a chance to see everything before you decide to buy. Some condos will be of the same size as houses as far as the square footage is concerned. Additionally, you will be having people closer to your condominiums, so there will be a chance that someone can keep an eye on your home while you are away.

Chicago Condos

Condominiums form a major part of the real estate market in the metropolitan Chicago area. In the year 2004, 51,662 condominiums were sold when compared to 47,212 condos in 2003 indicating a 9.43% increase in condo auction in just one year. Median condo price has also increased by 9% due to increase in demand.

Moreover, the additional legal and economic responsibilities are attached to a condominium through your obligation to the condominium associations. These associations are a division of the condominiums life, starting from the beginning approval of the homebuyer, to the amount of condo assessment fees. These fees will be used to maintain and refurbish the common areas and the overall construction. The purchase costs to be considered when buying a condo are the down payment, lawyer fees, condo scrutiny fees, condo warranty and condo indemnity fees.

Buying a condo in the city of Chicago is a well worth investment as the prices would probably increase. Furthermore, nearly all the part of your mortgage payments and real estate taxes will be income tax deductible. You can build the equity rather to throw away the rent fees.

Advantages of a Condominium

• Condominiums would offer a low-maintenance house for the people who dosen’t want to cut grass or spade up the snow.
• Often they will have recreation conveniences on site and at times have social activities and community events.
• Condominiums will share the tax advantages of homeownership and they are often priced to be within the reach of the first-time homebuyers.
• These condominiums will increase your buying power.
• Usually condos would sell for 20 to 30 percent less than similar isolated homes.
• You will have all the luxury of having your own home, but will be able to divide the cost of maintenance on the building, roof, and foundation.
• For most buyers, the option is to purchase a condominium to meet up their living.
• This would usually cost less for the maintenance than the detached homes.
• Condominiums have facilities that you could not otherwise afford, such as swimming pools, tennis courts, community center with exercise rooms and many more.
• Condominiums are perfect for the people without children or some with a very small family.

Choosing a Condo

Choosing a condominium will be a pleasant place to live in. However, a buyer should examine the condominium community as carefully as the living area itself. Concerning the

lifestyle, buyers should be aware of the difference between a home and a condo. Further, the condo buyer must remember that the market price of a condominium lies not only in how nice the living spaces are, but also in what the condominium is like.

A condominium association will provide services such as garbage collection, landscape gardening and a usual maintenance. This can make rules governing the use of common areas and aesthetics of the society. The management of the community can be the crucial thing to decide whether that community is a nicer place to live.

Analyze the rules and regulations of the community

A condo community will have rules about the size and the type of pets that are permitted, the type of holiday decorations that can be exhibited, or the performances that are acceptable in common areas etc. A buyer should make sure of the rules of a community in agreement with the lifestyle and further it should not affect the resale value of the home.

Ask regarding the organization of the community

The community of a condominium should be managed by a professional management company. This should collect the monthly fees, must see the regular maintenance and services and should oversee the major repairs and enhancements. A homebuyer should ask some of the residents what they think of the day-to-day administration of the society. If it is still managed by a developer, they can ask about the plans that have been made to transfer the administration to community association.

Ask about the financial management of the society

Investments of a condominium community should be managed by a professional management company. The monthly maintenance fee would not only cover the routine expenses but also should provide for a reserve fund for emergencies and major repairs.

Buying a Condominium

Generally, when you choose to purchase a condo you in reality, will buy two things that is, your personal unit and a portion in the condominium corporation that owns and keeps the land. Additionally, you can have all of the common elements such as elevators, outside grounds, security, parking etc.

When you look for the condominiums, you should first look at the building. Selection of the building has a big impact on your 'lifestyle'. The lifestyle of the building is determined by three factors such as facilities, locality and mix of owners etc.