3 Factors to Consider When Buying a Condo
Photo by Roman Boed Owning a condo means never having to shovel snow, mow the lawn or rake the leaves. These community residences offer plenty of plusses along with some drawbacks that are unique to condo living. Before you sign the paperwork to own your own unit, here are four things to consider while deciding between a condo, a house or an apartment.
Don’t Purchase a Condo Without Considering These 3 Things
1. The Association
Owning a condo means being part of an association. This residence management program is run by a board of directors who will handle things like landscaping, snow removal, common area maintenance and addressing issues between condo owners. It’s essential to learn about the association before buying a condo, so you’re aware of what they offer. For example, by purchasing a unit, you’ll have to pay monthly association fees to pay for tasks like lighting shared outdoor spaces and mowing the lawn. Factor this cost into your utilities budget to ensure you’re prepared for this fee.
Condominium owners must adhere to association rules. A board of directors sets these regulations that control issues like who makes repairs to the property, what color you can paint the exterior of the condo and how many pets each resident can have. Get a copy of these standards before making an offer to ensure you’re ready to adhere to the list.
Moving into a condo often offers increased living space. However, these residences don’t always provide more storage. Be sure to look into the in-unit closets to see if they’ll be able to host all your clothing, shoes and mementos. It’s also a good idea to ask the realtor about extra storage options. Some condos have individual garages for each owner while others have storage areas in shared spaces where you can place items like off-season decor, bikes and strollers. Additionally, many condos feature parking garages with alotted spaces for each resident to ensure you can park off the street in a secure facility.
Many people move into a condo because it’s a mix between a house and an apartment - You own the unit but have access to shared amenities that would not be available if you purchased a regular house. Some condos offer outdoor patios, play spaces for kids, on-site dog parks, community pools and sports fields or courts. Consider which of these are the most important to you, and look for condos that offer these options. Your family will enjoy these features, and they will appeal to potential buyers if the time comes to move elsewhere.
If you’re looking for an experienced team to help find a dream condo in Chicago, contact the KlopasStratton team. They’ll know which building will fit your budget, best rooftop pools and closest access to great schools and local dining and shopping experiences. Call the team today to set up showings and start the journey to find your new Chicago home.