Chicago Condos – when you buy one you’re buying the building as much as the unit.
Yes, you live IN the home, but you use the common areas, and you’re one of several owners who agree to abide by the condominium rules and regulations. The assessment you pay is controlled by the condo board (with a management company’s advice), so you are therefore not the only king of your castle.
- Share in building maintenance costs (roof, windows…),
- Share in building amenities (pool, fitness, doorman…)
- Obtain support in maintaining systems (plumbing, heat/air, hot water…)
- Enjoy more free time, since you don’t have to do the maintenance, snow shoveling, etc…
- Gain security and privacy (with doorman, valet parking…)
- Enjoy easy access to services (often dry cleaners, mini-marts, package
Chicago Condo Lifestyle…
For those who work long hours, condominiums are a terrific choice.
After 12 hours at the office, you pull in to the building garage, thereby avoiding the sleet that’s raining down on the pedestrians outside. You’re greeted by a friendly doorman who makes sure you safely enter the building and elevator. You see the note which was tucked under your door, describing the leak that the building engineer fixed in your absence. You set down the package that the receiving room that came while you were away, then you open fresh hot soup, purchased in the building’s mini-mart. Click on the TV, whose cable was discounted in a building group-buy, and you gaze out at the restful twinkling city lights. Serenity in your sky-high crib!
Yes, it’s a nice picture.
HOWEVER… A Different Scenario Could Await You…
(Hear the Psycho theme song in the background?)… Eek Eek Eek Eek….
Potential pitfalls to look out for…
- surprise special assessments ($10,000… $20,000 +) because the condo building didn’t have enough money in reserves to fix (roof, windows, facade, heat…)
- too many investor-owners – making it difficult to a) get condo financing, b) spend for needed building improvements, c) keep elevators for passengers-the throng of tenants moving in/out can seem never-ending!
- litigation against the building (condo owners)
- too many condo owners in arrears for paying their assessments
- rules and regulations that affect your sale – can you rent your unit out in case you lose your job? Can Fido move in?
- Extra costs – do the pool/fitness area cost extra? How much to move in?
These are just some of the possible problems. Having an experienced real estate agent is an important part of making sure you enjoy the positive lifestyle described above.
When shopping for condos, keep this list of
10 Questions to Ask the Condo Board
I always recommend that buyers learn the answers to the
Illinois 22.1 Questionnaire
BEFORE writing an offer.
Download a copy of the 22.1 Letter here:
Make sure you get the best help in finding the Chicago Condo that’s right for you —
both the BUILDING and the unit itself.
Call Anne Rossley of Baird & Warner today!