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Must Read Q&A About Chicago Condos For Sale Reveals Ideas That Often Get Overlooked

Before You Buy Any Condo in Chicago It's Important To Have the Facts

Admittedly it's easy to get swept up in the excitement of shopping the Chicago condos for sale. Sure you want to fall in love with the place but that can be a recipe for disaster if you aren't careful and don't do your homework.

So let's play a fun little game of Chicago Condos - Question and Answer:

Q. Homeowner association dues cover snow removal and all upkeep of common areas right?
A. Don't assume. Find out exactly what your homeowner association dues cover or don't cover.

For example one thing condo association fees typically cover is insurance for common areas of the complex. Obviously you would still need insurance to cover the interior of your unit.

In Chicago you'd think snow removal would be covered too - but not always.

Also find out about special assessments made in the past 18 months.

There was one complex that included heat as part of the HOA fees. No big deal right? Well, the problem was as the price of natural gas skyrocketed owners wouldn't approve a fee increase to cover the bill. It was only after the utility threatened to cut them off that a special assessment was approved to cover the shortfall.

Also keep in mind that if you own a single family home you may be able to put off a new roof until next year. But the HOA can put a new roof in whether you're financially ready for it or not. That to me is the big difference.

Q. My unit won't feel much different inside than your typical house, right?
A. Take note of the entry ways. Do you have access from a garage? Is landscaping used to cordon off the entrance. How many walls (ceilings and floors count too) are shared with another unit? By the way, this is why corner units are more coveted than middle units.

Q. At least I won't have to worry about replacing the roof?
A. To cover this a portion of each months fees should be set aside in a reserve fund. Yes you'd rather have a low monthly fee. That's a selling point to be sure. But if it is too low and not setting aside needed funds for future big ticket expenses you will pay in the end. An d probably when you can least afford it.

But on the plus side in Chicago you don't have to worry about skyrocketing insurance rates due to hurricanes like condo owners in Florida do.

Q. Should I decide to move, if need be, I can rent my unit out no problem, correct?
A. Maybe. Maybe not. Some condo association bylaws restrict or completely ban the renting of units. With good reason. Absentee owners may band together and vote against fees to maintain the common areas. They may balk at the cost of replacing the parking lot. But if such upkeep is neglected the complex suffers and with it overall values. So if you're planning on renting out your condo in Chicago it's wise to see if you've even be able to BEFORE buying it.