Month: June 2021

A Guide to Homeownership Grants and Programs

Posted on by LLCR Staff

At Luxury Living Chicago Realty, we want any potential homeowner to walk through the buying process as informed and confident as possible. That is why we have put together a guide to homeownership grants and programs.

Here are different Illinois and Chicago homeownership grants to consider or be aware of:

  • 1st Home of Illinois- The Illinois Housing Development Authority introduced this financial assistance program to help first-time home buyers purchase the home of their dreams. It helps with down payment or closing cost assistance for first-time homeowners and veterans purchasing existing homes.
  • Federal Home Loan Bank of Chicago Downpayment Plus & Plus Advantage- The Downpayment Plus Programs offer its members easy-to-access down payment and closing costs assistance programs for very low-, low- and moderate-income home buyers to help them afford upfront costs associated with purchasing a home. These expenses are either paid in a forgivable grant or offered by a nonprofit organization.
  • IHDAccess Forgiven- This mortgage program provides 4% of the purchase price up to $6,000 in assistance for the down payment and closing costs. This money is considered a gift and is forgiven monthly over ten years. First-time and repeat homebuyers across Illinois are eligible for this program.
  • IHDAcess Deferred– This financial assistance program provides 5% of the purchase price up to $7,5000 for the down payment and closing costs. The funds are offered as an interest-free loan and deferred through the life of the mortgage.  First-time homebuyers and repeat buyers are eligible for this mortgage. The borrower must have a minimum credit score of 640.
  • IHDAccess Repayable– Those who qualify for this mortgage receive 10% of the purchase price up to $10,000 in financial assistance for the down payment and closing costs. The funds provided are considered an interest-free loan and repaid monthly over ten years. 

Illinois and the city of Chicago also offers a variety of programs and initiatives for homebuyers:

The homeownership grants and programs offered in Illinois and Chicago have helped ensure that more people can make securing their dream home a reality. If you are looking to find your very own place to call home, connect with one of our real estate experts today!

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National Homeownership Month

Posted on by Lindsay Smith

June is National Homeownership Month!

Homeownership is a big step and is one that requires a lot of preparation and work. If you’re ready to start your home buying journey, we have a few homeownership tips and tricks to share with you.

Benefits of Owning a Home

Owning a home comes with many benefits, from building your credit to just having a space to call your own. Here are just a few additional benefits to homeownership:

  • Building equity: Equity is the difference between what you owe on your mortgage and what your home is currently worth, according to Quicken Loans. The more equity you build, the more borrowing and purchasing power you have, which is helpful if you’re looking to buy a second home or take out a home equity line of credit.
  • Price appreciation: Homes tend to go up in value over time. The national average for home appreciation is 3.5-3.8% per year. This may not seem like a lot, but if you multiply that by 30 years, you’ve earned a substantial amount just through appreciation.
  • Tax benefits: Buying a home is a great way to reduce your final taxes because the IRS automatically qualifies homeowners for various tax breaks. This is one of the ways that the government has promoted Americans to purchase homes.

These are just a few of the many benefits of homeownership. If you’re interested in learning more about some additional benefits of owning a home, connect with one of our experienced team members today.

Preparing to Purchase Your First Home

If you’re a first time homebuyer and are not sure where to start, you came to the right place.

When preparing to purchase a home, there are a few steps you should take before starting your house hunt:

  1. Connect with your real estate agent and conduct a buyer’s consultation
  2. Get pre-approved by a lender
  3. Start gathering for a down payment
  4. Find the right partners
  5. Consider your timeline

For more in-depth information on these 5 steps to prepare to purchase your first home, click here.

The 10 Steps to Buying a Home

When you’re ready to embark on your home buying journey, it’s important to get an idea of what the actual home buying process entails.

Buying a home is a big step that involves a lot of financial and market research, as there’s a whole new vocabulary of words and acronyms to learn. 

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?
  2. Check your credit report and score
  3. Start gathering for a down payment
  4. Find the right partners
  5. Get pre-approved by a lender
  6. Start shopping for a home
  7. Make the offer
  8. Get a home inspection and appraisal
  9. Close on your new home
  10. Move-in & consider various post-closing tasks

Ready to dive deeper into these 10 steps to buying a home? Click here.

From your first buyer consultation to many years down the road of homeownership, the Luxury Living team is here to help you at every step of the way.

If you’re ready to start the home buying conversation, connect with us today!

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Consider These Pros and Cons of Buying a Condo

Posted on by Lindsay Smith

If you find yourself asking “Why buy a condo?”, we’re here to help answer your question. There are many pros and cons to consider if you’re planning on buying a condo; and it’s important to do your homework before deciding on which style of home to go with.

Pros and Cons of Buying a Condo

Condos are a great option for those looking to buy their first home or even for those that are just looking to simplify things a little bit. Whether you’re a first-time homebuyer or an experienced homeowner, many agree that living in a condo has tons of positives:

  • Location: One of the biggest upsides to buying a condo, especially in the city, is the proximity to all the things the city has to offer. Since there aren’t many single-family homes for sale in downtown Chicago, a condo is a great way to achieve homeownership while still being within walking or short driving distance to many of the city’s top restaurants, nightlife, and attractions.
  • More Options: Living in the city means there are many more condo options available than there are single-family homes. This means you can be choosier in your home search with things like location, amenities offered, square footage, and more.
  • Amenities: Another great plus to living in a condo is that the building comes with added amenities. These amenities can include a fitness center, pool, and outdoor lounge areas.
  • Less Maintenance: While you are still in charge of any maintenance within the inside walls of your condo, you are generally not responsible for the exterior upkeep and landscaping at your condo building. Whether you’re a first-time homebuyer or just looking for a little less upkeep, this is a great plus to condo living.
  • More Affordable: In larger cities, condos tend to be more cost-efficient than single family homes or even townhomes. Not only are the price points a lot less, but condo-owners tend to get cheaper insurance as well, making your monthly payment significantly lower than single-family home owners.

It’s important to not only look at the positive side of things with condo-ownership, but also some of the negatives:

  • Rules and Regulations: One of the most important factors you have to consider before moving into a condo are that there are a few condo rules and regulations set by your condo’s HOA that you have to follow. These rules can limit what you’re able to do inside and/or outside your unit, like tearing down any walls in your condo or keeping in mind a few rules when using the common areas.
  • More Fees: With condo-ownership comes additional condo HOA fees. This amount ranges depending on the building you choose to live in, but the HOA fee typically covers routine building maintenance, amenity upkeep, landscaping, garbage removal, and more.
  • Less Privacy: Living in a condo means you share walls with other condo-owners, which also means a bit less privacy for you. For those moving from renting an apartment to owning a condo, this won’t be too noticeable for you. But for those looking to move from a single-family home to a condo, this is an important factor to keep in mind.
  • Less Space: Typically, owning a condo comes with a little less space. When living in the city, the location and amenities within your building come at a cost, and that cost typically is the lack of space. With those just starting out on their home buying journey or those that live with minimal stuff, this isn’t a huge problem for many city dwellers.

If condo living sounds like the perfect fit for you, it’s time to start exploring your condo options in the Chicago area! Get in touch with the Luxury Living team today to assist you in your search and answer any other additional questions you may have about buying a condo or home buying in general.

Still weighing the pros and cons of buying a condo vs. a single-family home? Follow the link below for everything you need to know before deciding whether a condo or a single-family home is best for you.

Condo Vs. House

Is a Condo a Good First Home? Why to Consider a Condo Before Buying a House

Posted on by Lindsay Smith

There are so many questions when it comes time to buy your first home, and deciding whether to buy a condo vs. a house is one of them. Keep reading to uncover a few reasons as to why a condo is a good first home.

Is a Condo a Good First Home?

The short answer is… yes.

If you’re on the hunt for a new home in Chicago, here are a few tips as to why condos can serve as good first homes:

  • First and foremost, condos tend to come at a cheaper price point than most single family homes do. You can typically save anywhere between 10-15% when opting for a condo over a house.
  • With the cheaper price point comes a lower amount of money needed to put down on a condo. Since you can now put anywhere between 3-5% down with a good credit score, owning a condo is much more attainable than you may think.
  • Another great advantage of owning a condo as a first-time homebuyer in Chicago is that there are many more condos on the market than single family homes. Choosing a condo vs. a house means you get to be choosier with your new home, including the location, amenities, interior finishes, etc.
  • One of the other key points to purchasing a condo as your first home is the minimal amount of effort needed to maintain it. In most condo buildings, there will be an HOA that covers things like exterior repairs, landscaping, some utilities, and amenities. There will be additional monthly HOA fees involved in this upkeep for everyone in the building, but it’s a lot less stress on you. This is a huge advantage, especially when navigating your first homeownership experience.
  • Another plus of owning a condo in Chicago is a shorter commute. Since reasonably priced single family homes are few and far between in the heart of the city, condos are a fantastic option for those looking to stay in the hustle and bustle.
  • Amenities are also a great addition to owning condos over single family homes. In some condos, you can enjoy shared pools, outdoor patios, fitness centers, parking garages, and more.

Overall, condos check off many of the boxes for those looking for a first-time homebuyer experience. Condos typically tend to be just the right size, they have great resale value especially in the city, it allows you to build some equity, and there are less headaches to run into thanks to the additional help from your HOA.

First-time homebuying can be stressful, but we are here to help make the process as seamless and stress-free as possible. If you’re looking to buy your first home, the compassionate experts at LLCR can help answer any questions you have, as well as lead you through the process in finding your new home. Contact us today to start your search.

Looking to dive deeper into the pros and cons of buying a condo vs. a house? Follow the button below!

Condo Vs. House Pros and Cons

Condo Vs. House — The Pros and Cons

Posted on by LLCR Staff

Are you ready to purchase a home but not sure what property type will best suit your needs? We are here to help you make the decision that is best for you!

Check out the pros and cons of buying a condo vs. a house in Chicago.

Pros and Cons of Buying a Home

Purchasing a single-family home is a big financial move. It is one that many people plan and save up for, but is buying a home the right move for you? It is an investment that requires weighing both the pros and cons. 

So what are the benefits of owning a detached home?

  • Space: A home usually provides more space than a condo or apartment. You can expect more square footage inside, possibly more floors and a backyard or garden outdoors. 
  • Privacy: Along with more space, not sharing a wall and having your own yard guarantees some added privacy, further from neighbors. This can bring an added level of peace and quiet.
  • More Freedom: When you don’t co-own a space, you have a lot more control over what you do with your property and how you take care of it. There are more possibilities for renovation and expansion.

While many people enjoy homeownership, it is important also to be aware of the disadvantages to purchasing this property type:

  • A Higher Purchase Price: While detached homes provide more space and freedom, homeowners pay for these perks. The asking price for single-family homes is typically higher than that of condos.
  • More maintenance: Unless you decide to hire someone to maintain the appearance of your home, that is a cost and job that’s on the homeowner shoulders.
  • Housing taxes: Single-family home taxes tend to run higher than condos because the value of these properties is also higher. So be sure your bank account is prepared for these additional expenses if you are considering buying a home.

Condo as a First Home

There are plenty of reasons why a condo makes an ideal first home. First and foremost, you will find that most condos are more affordable than single-family homes. In fact, condos tend to be priced 10 to 15 percent lower than single-family homes.

Because condominiums tend to cost less, the amount of money needed to put down on a condo is also lower than what is required to purchase a single-family home. With a good credit score, you can typically put just three to five percent down. This can make buying your first home much more attainable.

If you have never owned a home before, a condo makes a fantastic first purchase because it requires less home maintenance than a stand-alone home, which can alleviate extra work and stress. HOAs manage condos and typically take care of a lot of the outside work and maintain amenities or community spaces.

Pros and Cons of Buying a Condo

Along with being more cost-effective and less maintenance, condo ownership comes with additional perks:

  • Convenience: Many condos, especially in downtown Chicago, offer a central location with proximity to city living. Condo residents often find themselves within walking distance of parks, grocery stores, retail shops, and public transit.
  • 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? While amenities vary depending on the condo, you can choose which amenities are non-negotiable during the browsing process.
  • Community: Condo living can help create a tight-knit community. With residents living close to one another, it’s easy for neighbors to connect simply by crossing paths or when using shared amenities. 
  • Security: It is not rare for Chicago condo buildings to provide security measures. Some buildings offer surveillance cameras or 24/7 security guards 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 would have plenty of people to turn to.

While condo living comes with many benefits, there are also some downsides to keep in mind:

  • Shared walls: Living in a condo means you are bound to share at least a few walls or floors with neighbors. That is why corner units or units with soundproof walls are favorable.
  • Lack of privacy: While condos open up opportunities for a great sense of community, if you prefer distance between your neighbors, then condo living may not be for you. 
  • More rules: Condo owners have to abide by the rules and regulations set by the HOA. This may limit what they can do inside and outside their unit, including painting or adding exterior features.
  • More fees: HOA membership also comes with monthly dues that owners are obligated to pay. While these expenses fund extra maintenance provided by HOA, not everyone is a fan of the increased costs.

Condo vs. Home Resale Value

Among the many benefits of purchasing a condo includes the condo’s investment potential and resale value.

The resale value is what a buyer in the market will pay for your property. Generally, condos tend to sell more quickly than single-family homes even in a down-market because of lower costs. 

While it’s often said that detached homes typically appreciate more than condos, meaning that their value increases more over time, this is not always the case. In fact, over the last decade, condos have routinely outpaced single-family homes in appreciation.

Additionally, Chicago appreciation has proven that the Windy City is an excellent market for condo investments.

If you are leaning more toward a single-family home, rest assured that the Chicago real estate market remains competitive and favorable for these property types as well. Strong economic and job growth make Chicago an ideal place to invest, whether you decide on a condo or home.

Tax Benefits of Buying a Home or Condo

Whether you purchase a condo or single-family home, you will find that this significant purchase comes with unique tax benefits.

Owning residential property is a great way to reduce your final taxes because the IRS automatically qualifies homeowners for various tax breaks. This is one of the ways that the government has promoted Americans to purchase homes.

Additionally, if you decide to use your condo or home as a rental property, you do not owe taxes on the earned rental income. 

Whether you are still weighing condo vs. house, or you are ready to find your dream home, one of our experienced real estate experts would love to help you. Connect with a team member today!

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Smart Home Gadgets to Upgrade Your High-Tech Condo

Posted on by LLCR Staff

With increasing technology, you may be surprised by all of the smart home gadgets out there on the market. Many of the smart home technologies are designed to make your living experience more convenient and cost-effective.

Check out just a few smart home technology ideas to implement in your condo:

  • Smart locks: This smart home gadget is great for convenience and safety. Rather than worry about where you left your keys or if you forgot to lock the door, smart locks can track your location and automatically lock your door if you’ve left the premises. You can even use a voice assistant to set specific times to lock and unlock your door. The August Smart Lock is one smart lock option that has fantastic features and reviews.
  • Smart doorbell: Whether or not you already have a home security system, installing a wireless smart doorbell camera can also provide an extra level of security and surveillance. Not only are the cameras an excellent visual deterrent, but they can also offer valuable video footage and give you more peace of mind when answering the door. You can check who’s at your condo whether you’re home or not. The Eufy Doorbell 2K and the Ring Video Doorbell wired with Echo Dot are great options on Amazon.
  • Smart speaker: Speakers have come a long way over the years. Along with improved sound quality, many have impressive additional features. Powered by a virtual assistant, smart speakers can play music without you touching a button, answer questions, set reminders and more. The Amazon Echo speakers offer a wide range of selections.
  • Smart lighting: This next-level lighting promotes convenience and energy-saving. Smart bulbs can help cut costs, create customized light settings and allow you to turn off lights when you’re not even home. Check out the highly-rated Phillips Hue bulbs to find the exact bulbs you need.
  • Smart thermostat: Nearly half of the energy used in most homes goes to heating and cooling. Smart thermostats can help you cut back on energy and money spent by learning when you’re home. Some can pick up your habits without you having to program them; or you can also create an automated schedule through an app on your phone. Consider installing the Nest Learning Thermostat for your condo.

While this list covers some of our favorite smart home gadgets, there are even more ways to step up your condo’s convenience and smart-home game. 

If you’re ever looking to move, partner with an LLCR agent that has the expertise to help you make the best out of condo living. We would love to help you find a place with smart home features already installed or provide you with ways to improve the condo you find.

Need more renovation ideas for different areas of your home? Follow the link below to view our blog post about renovations for every room.

Condo Renovation Ideas For Every Room

Condo Bedroom Ideas — Remodel This Essential Room

Posted on by Lindsay Smith

If your condo bedroom isn’t working for you anymore, it may be time to start thinking about ways to renovate. An upgraded bedroom can not only breathe fresh life into the space, but it can also give you a great ROI of anywhere between 40-80%.

Before starting on any work, make sure you understand your condo’s renovation rules beforehand. There may be some rules and regulations in regards to what you can and can’t do within your space.

Renovation Ideas for Condo Bedrooms

The first step to remodeling your bedroom is gathering inspiration. Picking paint, flooring, window treatments, etc. is much easier when you have a vision for your space, so consider starting off by going through a few initial interior design processes before you start picking finishes.

Now, onto a few condo renovation ideas for your bedroom.

  • One of the biggest upgrades you can add to your bedroom is by upgrading the closet space. Whether that be adding a completely new walk-in closet or just swapping out the wire shelves for some build-outs, improving your closet space is a great addition to your bedroom.
  • Another great way to add value to your condo bedroom is by adding extra space wherever possible. If an extra linen closet or other area in your home is no longer serving you, consider knocking out some walls to create a larger bedroom.
  • On the flip side, if you have too much space, consider converting one bedroom into two. This is one of the biggest value-adds when it comes to resale time, so if you can get away with creating an extra room, this is a great choice.
  • One of the quickest and easiest ways to upgrade your bedroom is by painting or wallpapering your walls. Since your bedroom is where you get your rest and relaxation, your wall coloring should reflect just that. Think neutrals, greens, and blues, like Benjamin Moore’s Simply White, Wind Chime, or Constellation.
  • If your bedroom is in need of some new flooring, consider going with carpeting or hardwood flooring. Carpeting is one of the best choices for a bedroom, as it’s a cozy choice for when you roll out of bed in the morning with your bare feet. If you opt for hardwood, you could also consider adding a shag rug for extra comfort.
  • Lighting is everything when it comes to renovating a room. When you’re remodeling your bedroom, just make sure there are different levels of lighting, such as bedside lamps, floor lamps, and ceiling fixtures. Another great add to your ceiling fixtures is a dimmer switch; as this is perfect for when you’re looking to unwind with a good book before catching some zzz’s
  • Speaking of lighting, it’s also important to have the correct window treatments installed in your bedroom to block out all of your natural light when you’re ready to hit the hay. Smart home technologies always get fantastic ROI, so consider adding motorized smart blinds to your windows.

If you’re ready to find a new condo to renovate or one that already has all the latest updates, LLCR can help. We have an experienced team of professionals to help you every step of the way when looking for your perfect home with the right number and size of bedrooms. Contact us today to start your search.

Looking to update other areas of your home? Check out our recent guide for condo renovation ideas for every room.

Condo Renovation Ideas For Every Room

How to Turn Your Bedroom Into an Office — Working from Home in a Condo

Posted on by Lindsay Smith

Since many companies now have shifted to a hybrid or completely remote work environment, it’s time to start brainstorming how you can create a permanent office within your home.

If you have an extra bedroom or nook in your current bedroom, you’re in luck. We have plenty of tips and tricks for ways you can maximize your work-from-home space in your bedroom.

A few renovation ideas for turning a bedroom or part of a bedroom into an office

Before embarking on your renovation journey, make sure you understand your condo’s renovation rules first. There may be rules and regulations as to any walls or other structures that you’re able to alter.

One of the easiest ways to create an office in your home is to turn an empty bedroom into your new office. Here are a few renovation ideas for turning your spare bedroom into an office:

  • If the room needs new flooring, consider adding wood, vinyl, or laminate floors. This makes it easier for your office chair to move around instead of being stuck on the carpet.
  • In addition to swapping out your floors, you could also invest in some good lighting. Since the majority of your day is spent working, it’s important to have good lighting throughout the space. If you have plenty of natural light this task will be much easier, but if you don’t have that luxury consider adding recessed lighting, a statement chandelier, or even a lamp or two.
  • Another way to breathe life into your new spare-bedroom-turned-office is to paint the walls. Since your home office should be a place of productivity, there are certain colors you should lean towards when choosing what to cover the walls with. According to My Domaine, Sherwin-Williams Iron Ore, Benjamin Moore Vanilla Milkshake, or Farrow & Ball Treron are just a few great neutrals when looking to paint your office. 

If you’re working with limited space and need to create your work-from-home spot in your current bedroom, here are a few ideas for you:

  • Have an extra closet that you don’t use? Consider knocking out the shelves and adding a desk. You could also take off the closet doors to create a built-in look or keep them on to hide your excess paperwork and clutter.
  • If you have an odd nook or bay window, you could also create a custom-sized desk to fit the space and finally make use of that awkward area.
  • Another bedroom office renovation idea is utilizing built-ins. Create a seamless look by having one wall of a custom built-in desk, wardrobe, makeup vanity, and/or bookcase, etc.

If you’ve tested out some of these renovation ideas already and are still finding yourself needing a little more space, you may need a larger condo!

The Luxury Living team is here to help you find a new home that suits your needs, whether you need a little extra space for your home office or are just looking for something different. We are here to discuss your current needs and to help answer any questions you may have about the home buying process. Connect with us today to get started.

Ready to renovate another area of your home? Check out our blog post using the link below about renovation ideas for your entire home.

Condo Renovation Ideas For Every Room

Finding a New Home: Why Buy a Condo?

Posted on by LLCR Staff

If you are not ready to commit to a single-family house in the suburbs, but looking to build equity in an urban city instead, consider investing in a condominium.

We are here to share all the perks of owning your own property and help answer the question, ‘why buy a condo?’

Why Buying a Condo Can Be Better Than Renting an Apartment

Owning a condo opens up opportunities that you can’t find with an apartment rental. Not only does the purchase provide a long-term investment, but condo owners also have more freedom and control, as well as a greater sense of community.

When a buyer purchases a condo, they automatically become a member of the homeowner association. This membership offers a great chance for residents to interact with other community members to strengthen relations and discuss community matters.

Homeowner associations also promote self-governance. This means that owners have the final say in the rules and regulations that community members must abide by, unlike apartment residents who have no say in the property expectations.

Overall, most condo residents also have a high level of control over their property. While rules and regulations vary from condo to condo, most provide owners with a large amount freedom over their interior unit. This also means the ability for owners to customize their space. Unlike apartment residents, those living in a condo can manage interior renovations and pick what appliances they want.

Benefits of a Long-Term Investment

Rather than writing a monthly check to your landlord, and having no equity to show for your payments,  consider putting your money towards an investment.

While you may initially spend less renting an apartment, there are plenty of long-term financial benefits that come with owning a condo.

Appreciation and tax benefits are two major incentives to a condo purchase. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain your down payment cash invested. Also, homeowners are allowed to deduct mortgage interest and property taxes when they file tax returns each year.

Additionally, owning a house ensure more financial consistency. If you obtain a fixed-rate mortgage, your mortgage is guaranteed to remain the same, while rent costs around you may be on the rise.

How to Find the Right Condo for You

When searching for the dream condo, it is critical to find a home that fits all of the essential criteria.

This may involve an extensive search, especially with the abundance of options Chicago has to offer. However, finding an experienced broker can streamline the process. A broker can offer valuable knowledge of the area and compile options that provide everything you are looking for in a condo.

Instead of asking yourself ‘why buy a condo’ it is now time to determine ‘what condo should I buy?’

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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.