Chicago Condos, what you need to know

While renting Cheap Chicago Apartments remains a hugely popular option for Chicago’s busy and mobile population, condo prices are so low right now that in many parts of the city a monthly payment is lower than what one would expect to pay on rent for an apartment of smaller size where you can’t put holes in the wall. What exactly does condo life provide that apartment life may lack?

1-Condos are property you own, like a house or land. That means that the money you spend every month does not evaporate but goes towards equity which you should be able to regain at the end of your stay when you sell the condo.

2-Condos come in associations, like neighborhood associations, and this organization has meetings and a code of conduct for those who live in the association. Noise level, pets, renting agreements, and more should be a part of the paperwork you sign when you move in. While this may seem overly restrictive it does protect you from your neighbors violating those same rules, keeping the association clean and appropriately quiet.

3-Condo associations should have maintenance staff just like apartment complexes do. Some repairs will probably be their responsibility, while others may be up to you (though any maintenance man will happily take care of problems that come up if you ask and give them a few bucks).

4-Condos usually come with a lot of extras, whether that means storage space underneath the condo, an outdoor area with a garden, sundeck, grill, or more. A pool, exercise equipment, and more may also be included in the right place. This essentially adds to the value of what you are purchasing—and you don’t have to worry about maintaining any of it.

5-Do expect the condo association to charge a certain amount every year or every month. These assessments or association fees go towards general upkeep and sometimes to special projects that come up. The rate each association pays is set by its own board.

6-When you sell your condo be prepared for your asking prices to be heavily influenced on the prices of the other units in your building and neighborhood. While upgrades and renovations may have an impact Chicago real estate and Chicago Condos are marketed and investigated in tight proximity. Take this into account.

 

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