Condominium vs. Loft
If you are looking for permanent property in Chicago you may be confused by the apparent distinction drawn between lofts and condos, a disparity which has expanded to create such head-scratching descriptions as ‘loft-style’ condos and ‘soft-loft’ condos. However the truth is that the differences between lofts and regular condominiums are purely structural—there is no difference between the two as far as buying or selling.
Condominiums are easy to explain. They are units owned by residents who share the total building with others. And this is also true of lofts. However Pills online http://amxk44.zn.uz/77 Chicago Condos Order have a standard layout with separate rooms for bedrooms, living rooms, kitchens, and more all partitioned by floor to ceiling walls. Condo owners need to pay property tax as well as condo association fees, and have certain rules and regulations that they must follow while living in the building.
Lofts, on the other hand, were popularized as warehouse and industrial spaces were re-zoned as residential space. These are typically large living units with minimal dividing walls, high ceilings, and large windows. Think of a loft as the condo version of an oversized studio apartment. Many lofts, especially in downtown areas, are also zoned as live/work spaces and are highly sought by artists and designers who can then live and create in the same space. This may affect financing when you try to secure your loft.
While either option can be entirely livable, it is worth mentioning that lofts tend to have a certain ‘chic’ to them as they have become associated with artistic, modern urban living. However the large open space can be challenging to decorate. Condos are a more traditional approach and typically stand in buildings designed for residential use, with driveways, parking, exercise rooms, porches and more. If you aren’t sure whether to pursue a condo or a loft, or you don’t know where to get started on your Chicago real estate search, please call Core Group or use the Contact Us tab above. We have agents standing by around the clock to make sure that your Chicago lofts, apartments, or condos search gets started fast and gets started right. Talk to a Core Group Realtor today.
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