Be sure to know the rules before you buy
There is an amazingly rich and diverse market for condos in Chicago with more than enough options to suite anyone’s taste for space. But owning a Chicago Condominium comes with certain rules and obligations, so make sure that you are up to date with all the regulations before you buy. Here are some of the finer points that Core Group recommends checking out before you finish signing your lease:
What are the extras available in your apartment complex and are there extra costs associated with them? Even if you don’t need the exercise room, storage space in the basement, or access to the roof right now, there may be times when you do and knowing if it will cost you an extra fee on top of your regular condo association payments can save you a headache when those situations come up.
What are the regulations as far as renting your condo to others? If you need to leave the city for a while offering your space to someone else for temporary living arrangements can save you from paying double on housing. However not all associations allow residents to rent out space to non residents. Know the rules before that situation comes up.
What is the pet policy? If you like animals or you can’t stand them, if you plan on having kids who will want a puppy someday or you have deathly cat allergies, finding an association which has the appropriate regulations in place can work to your advantage, or it can not. Check for the size or species rules and if someone down the hall violates those rules, perhaps setting off your allergies, you can do something about it.
While real estate regulations can be a pain they actually work to your advantage—after all, unlike homes in the country or a subdivision when you live in a condo you will be sharing walls, ceiling, floor, driveway, and more with your neighbors. What keeps you in check also keeps them in check and helps to create a better atmosphere for the entire condo association and everyone living there.