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Demystifying Chicago Condos

How to Find the Hidden Gems Among the Condos in Chicago For Sale

Moving into one of the Chicago condos doesn't have to be a compromise or second best choice. If you go in with your eyes open you can easily find the cherries among the pits.

Condominium maintenance fees are not always insignificant and can't be written off on your taxes. Expect to see them range from $100 to $400 a month. Find out if there is a limit on increases. Also ask about the dreaded special assessments to cover any large, unplanned for major expense that all owners chip in to cover. When was the last of those?

While condos in Chicago can be cheaper than comparable single family real estate they are often more per square foot.

Find out how old the complex is. That can affect upcoming expenditures since it logically costs more to maintain older properties.

Does the association put out a newsletter? See what you can glean from it about life in the complex.

You want to see a limit on condominium rentals. Not that renters are always bad, but you know how renters can be sometimes.

If buying a new complex, see if you can't stop by other condominiums the builder has put up. Are they aging gracefully or do they look like they are falling apart before their time?

Did You Know? The National Association of Realtors reported the median price of condos was up about 13% in 2005. Just keep in mind all real estate markets are local. And overbuilding can change the appreciation picture in your part of Chicago quicker than you'd imagine.

Ask about who lives in the complex. See if a "resident profile" is available. Will you be living with mostly on-the-go single professionals or retirees? It's also smart to visit on the weekends and observe what's going on. And it can't hurt to chat with some of the residents. Remember, noise is one of the bigger issues with Chicago condo living.

Some find the lock it and leave it lifestyle Chicago condos offer hard to beat. No raking leaves. No shoveling snow. No cleaning gutters. With a bit of sleuthing, you can find out if the units you're looking at will let you enjoy that lifestyle or regret it.