Chicago Homes For Sale Home > Condos Chicago

Condos vs Single Family Home

Reasons Why Condos, Chicago Proper or Not May or May Not Be For You

A real estate goes, the gold standard of home ownership for years has been the single family home. Condos came in a distant second due in large part to inconsistent appreciation. And when the local real estate market caught a cold, the condo market got pneumonia.

That may be changing. Chicago condos may be an affordable alternative for those looking for low maintenance living. Or who want to be around neighbors with similar lifestyles.

Still living in condominiums isn't exactly the same as having your own house. Where you typically don't have to answer to a condo board or live by its rules.

Yet each board is different. The one for the complex down the road may be much more activist and come with higher fees. Which is why you need to check out each board to see how they are run?

Governance: How is the condo association board set up? Do members run it through a board of directors or is there a professional manager or management company?

Condominium Fees: How are association fees determined? What is the process for changing them? Is there a ceiling on increases? What do they cover exactly?

Fines: Who's been fined for what in the past 12 months.

Reserve Fund: Is it under funded? Obviously this will be more important with older properties. Sometimes communities of newer condos in Chicago are purposely under-funded to keep monthly fees down. In essence sticking future owners with the bill.

It's also wise to find out if Chicago or the condo association owns the streets? Upkeep on streets and lighting ain't cheap. Neither is salt or snow removal.

Condos Chicago-style may or may not meet your needs. If they do be sure to do your due diligence by asking questions like the ones above. So you know what you're getting into.