Month: June 2020

Dogs Living in Condos: Here’s What You Should Know

Posted on by LLCR Staff

Are you in the process of finding a condo with your furry friend?

As dogs living in condos becomes more popular, it’s helpful to know how to make your condo compatible for you, your canine, and those around you.

Overview of What it’s Like for a Dog Living in a Condo

Transitioning pups to condo living doesn’t have to be a challenge, as long as you prepare properly.

While dogs don’t necessarily need a backyard of their own, they do require adequate exercise and outdoor space. It’s ideal to find a condo that provides easy access to a park or green space for exercising and playing with your pooch.

You also want to make sure that your condo is fully stocked with toys for your four-legged friend to enjoy, especially if you have a puppy in the house. This way, your pet has plenty of things to keep his or her attention.

While many condos are pet-friendly, pet owners should be prepared for the policies that come with having an animal in their unit. Condo buildings may enforce policies that involve screening pets or limiting the types of animals allowed to live in the building.

With condo living, it’s also important to remember that you share walls with your neighbors. Out of respect for those around you, training your pup beforehand will make the living experience better for you and others.

What Amenities may be Available for your Pet

You may be surprised by all of the dog-friendly amenities out there. 

While it’s common for condos to offer green space for you and your pup, some buildings even offer dog-specific parks just for the pets. These dog parks make an excellent way for dogs and their owners to befriend other neighbors.

Pet spas have also become a growing trend at luxury condo buildings. It’s not uncommon to find dog washing and grooming stations in your building to keep your pup squeaky clean.

LLCR Pet-Friendly Condo Offerings

Luxury Living Chicago Realty boasts an impressive portfolio of premier pet-friendly properties. We offer luxury condos throughout Chicago that offer high-end finishes and outstanding amenities for pets and owners alike.

With a better understanding of what it’s like for dogs living in condos, begin your search for the dream pet-friendly condo today.

You can browse our current listings online or connect with one of our experienced brokers to streamline the search!

What Chicago Condo Appreciation Means for You

Posted on by LLCR Staff

There are quite a few factors that go into purchasing a condo. 

If you’re considering pulling the trigger on a condo in the Windy City, it’s essential that you feel confident moving forward with such a significant investment. 

Understanding Chicago condo appreciation is one way to put your mind at ease before committing to the big purchase.

What is Condo Appreciation?

As a homebuyer, you want to know that your potential property will appreciate, meaning an increase in value over time.

Ideally, if and when you ever re-sell your condo in the future, you would hope that you can profit and get more than what you paid for.

Condos can appreciate for a number of reasons, but the most significant factor is demand. Generally, the greater demand in a market, the greater the value of the property.

When it comes to finding a condo that will appreciate, you want to first start by looking at a promising real estate market. The state of the market directly impacts a property’s appreciation.

How the Chicago Market is Changing

When it comes to real estate, appreciation is local. While national trends can impact local markets, it’s important to understand the specific market that you’re considering buying in.

If you’re browsing the Chicago market, the good news is that the Windy City is considered a good spot for a real estate investment. The market is expected to continue heating up, thanks to its large population, diverse economy, and stable market.

The real estate appreciation rate in Chicago in the latest quarter was around 1.29%, which equates to an annual appreciation forecast of roughly 5% to 6%. While this percentage may seem small, even slight changes in the appreciation rate can change the long-term value of buying considerably.

The affordability and projected appreciation of Chicago homes are promising factors for prospective condo buyers.

What LLCR Condos Have to Offer

Luxury Living Chicago Realty boasts an impressive portfolio of Chicago condos throughout the downtown and surrounding areas.

Our luxury condos make a wise investment for any potential homebuyer. All of our properties offer a competitive location and top-notch features and amenities.

Additionally, Luxury Living team members can help you through the entire buying purchase to ensure you make a wise investment and take advantage of Chicago condo appreciation.

If you’re ready to find your Chicago condo, connect with one of our experienced brokers today!

 

What to Expect in Your First Year of Home Ownership

Posted on by Katie Dickemann

There are a lot of unknowns in your first year of owning a home. It’s hard to plan for every possible situation that may happen. The team here at Luxury Living Chicago outlined a few common events that they have seen over the years. Check out things to expect in your first ear of homeownership below:

Expect Ongoing Costs

Something is inevitably going to break. A good strategy is to build a rainy-day fund into your initial homebuying budget. Try to save around 2–5% of your purchase price per year to use for ongoing maintenance and upkeep.

Expect a Leak

Many homeowners face a costly, unexpected water-related repair in their first year. Blocked pipes, clogged drains, and damaged roofs and gutters are all commonly faced issues.

Expect To Do a Little DIY

If you have the time, tools, and talent, DIY projects will cut costs and add value. Prioritize projects that improve your home’s functionality and fit your personal style. Painting, installing new light fixtures, and lawn care are all simple ways to add personal touches to your new place.

Expect a New Disposable Income

The hidden costs of owning a home could affect how much money you have left each month after your bills are paid. Distinguish between your wants and needs early on so you can better adjust your spending plan.

Expect an Adjustment Period

Many first-time homebuyers experience a number of lifestyle changes. Whether you’re living on your own or with a partner, owning a home introduces new challenges and opportunities for growth. Give yourself time to get to know your new home and set realistic expectations.

Expect a Full Mailbox

Between the U.S.P.S. change of address package and local businesses, you can expect to get a number of coupons and catalogues for the first few months in your new home.

Expect To Make New Friends

Getting acquainted with your new neighbors is a good way to keep up-to-date with neighborhood news and expand your social circle.

Luxury Living Chicago is here every step of the way to help with your home buying process and new transition. Connect with the team today to start your search!

10 Steps to Buying Your First Home

Posted on by Katie Dickemann

Buying a home, either in Chicago or elsewhere, is a big step that involves a lot of financial and market research. There’s a whole new vocabulary of words and acronyms to learn. For mortgages alone, there are endless resources dedicated to the many details and varying types.

If you are just beginning the process, here is an overview of 10 steps to buying your first home.

  1. Ask yourself: are you ready to buy?
    • Be realistic about your long-term financial and personal goals to see if buying makes sense for you.
    • Start researching early, and take your time.
    • Get a sense of housing trends in specific areas.
    • Check your credit report and score
  2. Check your credit report and score
    • By law, you can get one free credit report annually. You can expect a good mortgage rate with a credit score at or above 720.
  3. Start gathering for a down payment
    • Historically, 20% was the benchmark for most individuals, but currently, down payments as low as 3% are common.
    • Determine how much you can afford before you start your home search, and remember to consider how much your monthly payments will be.
    • Start shopping for a home
  4. Find the right partners
    • Your real estate broker will be your lifeline. Take your time to find the right fit, and ask a lot of questions.
    • Finding the right lender is also important, so make sure to shop around before making your choice.
  5. Get pre-approved by a lender
    • A mortgage pre-approval means that a lender has looked into your credit history, income stability, and current finances, and is tentatively prepared to loan you money for a house.
    • A mortgage pre-approval is usually good for up to 90 days.
  6. Start shopping for a home
    • It’s important to not only be informed about new listings but to be able to see listings as soon as possible.
    • Our experienced brokers recommend seeing between three to five listings in one day.
    • If you see too many at once, specific properties may start to blend together.
  7. Make the offer
    • Every property is different, and therefore, every offer is different. A trusted agent will help guide you in the right direction based on the present market.
    • When making the offer, it’s a good idea to include all signed disclosures and your pre-approval letter.
  8. Get a home inspection and appraisal
    • A home inspection determines if there is any damage or issues with the home in need of fixing, while a home appraisal determines if the home is a good investment.
  9. Close on your new home
    • At closing, you sign all of the paperwork required to complete the purchase, including your loan documents.
    • It’s important to have a good mortgage broker and attorney who can advise you on what you need to bring and how much your closing costs will be.
  10. Move-in & consider various post-closing tasks
    • As you settle in, it’s helpful to think about tasks such as changing the locks, updating your address, and informing the necessary parties of your move.
    • Maintain an emergency savings fund to give yourself a comfortable cushion for any unexpected expenses.

Looking for a more in-depth guide? Click the button below for our First Time Homebuyer Guide!

Get the First Time Homebuyer Guide

Top 6 Benefits of Living in a Condo

Posted on by LLCR Staff

Condo living comes with its own unique set of perks. 

Whether you’re considering buying a condo, or you’ve already begun the search process, discover some of the benefits of living in a condo:

    1. Maintenance– One of the most incentivizing aspects of condo living, is the low maintenance associated with this type of housing. As a condo owner, you don’t need to worry about major maintenance projects, including mowing the grass, shoveling the snow, or keeping up with the exterior. The condo association takes responsibility for these tasks, alleviating time and stress for condo owners. Additionally, the association takes care of major repair issues within the units.
    2. Convenience– Many condos offer a central location with proximity to city living. Condo residents find themselves within walking distance of parks, grocery stores, retail shops, and restaurants. While much of what condo residents may need can be accessed by foot, plenty of condo buildings also offer parking and nearby transit options.
    3. Affordability- Condos are generally priced lower than single-family homes, which means you can get more bang for your buck, or you can keep more in your pocket. It is often easier to qualify for a condo. Condo insurance also runs resident less than those who own a single-family house. This is because the condo association’s master policy usually covers games to the building itself, including outdoor and common areas. 
    4. Amenities– Shared amenities attract many potential condo buyers. Why wouldn’t you want a pool, gym, and community clubhouse all just a few steps away from your home? Through association fees, condos are able to fund an assortment of these shared amenities.  While amenities vary depending on the condo, you can choose which amenities are non-negotiable during the browsing process.
    5. Community- Condo living helps create a tight-knit community. With residents living close to one another, tt’s easy for neighbors to connect simply by crossing paths or when using shared amenities. Many families especially appreciate this sense of community that condos offer.
    6. Security– It’s not uncommon for a condo building to provide impressive security measures. While surveillance cameras are often a basic safety measure, many condos staff 24/7 security guards or doormen to keep an eye on the people coming and going. Living in close proximity to others also means that if there were an emergency, you’d have plenty of people to turn to.

There are clearly plenty of benefits of living in a condo. If you’re ready to find your dream condo, connect with one of our experienced brokers today!

 

Work with Luxury Living
 

Tips for Condo Safety

Posted on by LLCR Staff

With urban living constantly attracting more people, many find themselves asking ‘are condos safe?”, 

This housing choice enables families to embrace the convenience and adventure of city living. 

Condos come with less maintenance and costs than traditional single-family homes and open the door to tight-knit communities, incredible amenities, and easy access to anything your family may need.

General Safety Information for Condos

Safety is naturally one of the utmost concerns when it comes to choosing where to raise a family.

When it comes to condo safety, there are many measures condo developers set in place to provide residents security and peace of mind.

Regardless of the condo you’re considering you can expect basic safety features, including controlled access to all exterior doors and common areas, adequate lighting and landscape maintenance, a well-thought-out disaster plan, and appropriate door and window locks in all units.

Many luxury condo buildings also boast increased security offerings for residents. It is not uncommon for buildings to invest in trained security guards or an on-site building manager to track security issues and ensure timely repair to building issues.

You can also find many condo buildings complete with pre-wired burglar alarms to monitor common areas and individual units at all times.

Knowing Your Neighbors

The tight-knit community that condos create draws many families to this style of home. 

Living close to your neighbors makes it easier to get to know one another and look out for each other’s children and families. 

Sharing amenities and common space, such as parks and pools, provides even more opportunities to connect with other families living around you.

LLCR Security and Community Offerings

Luxury Living Chicago Realty boasts a diverse portfolio of luxury, family-friendly condos throughout the Chicago area.

All of our condos prioritize resident safety through various safety measures, including 24-hour surveillance, security guards, and the latest in-unit security features. 

The Lincoln Park neighborhood is a family-favorite, with easy access to plenty of green space, grocery stores, boutique shopping, and downtown access. 

West Loop has also become a hot spot for young families, with some of the best dining in the city. The trendy neighborhood has also recently welcomed plenty of new condo living with impressive tech-savvy security measures.

With a better understanding of condo living, we hope you no longer need to ask ‘are condos good for families?’

To learn more about the Chicago neighborhoods, or to find your family-friendly condo, connect with one of our team members today!

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Get in touch with Luxury Living's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.