What You Need to Know About Interest Rates and Adjustable Rate Mortgages

If you’re in the market for a new home, it’s essential to be well-informed before making such a significant choice.

Interest rates and adjustable-rate mortgages are topics worth considering beforehand. Regardless of your existing knowledge on these topics, we’re here to help provide or reiterate the basics.

Interest Rates

Interest rates, also known as mortgage rates, come into play when taking out a loan to pay for your home. Simply put, this is the fee charged by your lender for loaning you money. 

As homeowners work to pay off their loans, they pay the principal (payments on the amount of money borrowed) and interest. These two are lumped together as one monthly payment.

When it comes to the interest rates and the relationship to home prices, keep in mind the two tend to have an inverse relationship. As interest rates rise, it becomes harder for prospective homeowners to afford property, so the price tags on homes tend to drop. The opposite is true as interest rates decline.

Higher mortgage rates make it more difficult to afford a home now. However, the reduced demand also means less competition, providing buyers an opportunity to get a home for less than the list price, making sellers more likely to compensate for those high rates. They may do this by contributing toward closing costs or paying mortgage points.

Adjustable Rate Mortgages

On the topic of interest rates and home purchases, it’s helpful to understand adjustable-rate mortgages or ARMs for short.  Unlike fixed interest rate mortgages, which stay the same over time, this is a home loan with an interest rate that can change periodically. The initial interest rate may involve lower monthly payments than fixed interest rates, but over time your adjusted rate will be based on your individual loan terms and the current market.

So, when should a homeowner consider this type of mortgage?

Those who anticipate moving or selling their home within five years or before the adjustment period of the loan may find this type of loan more attractive due to the lower monthly fees. Folks who stay past this point take a gamble, not knowing what interest rate they may incur. Therefore, a fixed interred rate mortgage may be a wiser move if you’re looking for a long-term investment.

If you have home-buying questions beyond interest rates and adjustable-rate mortgages, connect with one of our experienced team members. Our licensed brokers are eager to help answer questions and help you secure your dream home! Connect with us today to get started.

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7 Convenient Amenities That Will Make Your Chicago Condo Lifestyle Easier

Luxury Living, and the amenities it offers, help elevate and enhance your daily living experience. If you would like to maximize your time and make your life easier, check out these seven convenient amenities:

1. Private Parking Garage

If you’re a vehicle owner, you’re likely well aware city living often makes parking more challenging and costly. However, you can avoid some of the hassles if you find a condo building that provides access to a private parking garage. 

This amenity eliminates the need or frustration involved in hunting down a parking spot. A covered parking garage also provides extra protection from the winter elements.

Many garages are equipped with security cameras to deter theft and keep ongoing surveillance on your whip. You will frequently find parking garages attached to their condo buildings, meaning you don’t have to exit your car outside, providing an additional layer of personal safety. Plus, that can help keep you out of the rain or snow!

While the cost of private parking garages is often included in the HOA dues, this route will likely save you money in the long run. Chicago street parking isn’t cheap, and free parking is few and far between.

2. Fitness Centers

Imagine knocking out your workout in a state-of-the-art gym without stepping foot outside. This can be a reality if you find a condo building with this amenity.

Having a gym on the property makes working out easier and may also increase motivation.

Many of these fitness centers come equipped with excellent machines and offerings. Some provide group classes and rooms designed for specific workouts, like cycling rooms and yoga studios.

Plus, on-site fitness centers help you save money. Gym memberships in Chicago are pricey and cost you up to $200.

Gym time can also help you connect with neighbors and establish community within your building.

3. Indoor Lap Pools

Whether you appreciate swimming laps or simply lounging in the water, indoor pools provide a desirable year-round amenity.

Outdoor pools are certainly enjoyable in the summer and may be on your bucket list, but the time stamp limits the use of this amenity, unlike an indoor option.

You will find that throughout Chicago, many luxury buildings boast lavish, resort-style indoor and outdoor pools that will undoubtedly elevate your living experience.

Plus, pools offer plenty of proven benefits, including easing pent-up tension and muscle pain, increasing blood flow to the brain, and providing relaxation.

4. On-Site Dry Cleaning

Keeping your clothes in great shape can be even easier with an on-site dry cleaning service. Whether you’re a business professional or someone who appreciates this cleaning method, you can save time and money when you have access to dry cleaning and laundry services in your condo building.

Professional dry-cleaning is less abrasive than traditional washing methods, removes stubborn stains and odors, and makes cleaning bulky or large loads easier.

This lifestyle amenity is one worth considering for ultimate ease and convenience.

5. Efficient Package Reception

The world of overnight and same-day shipping has increased the number of packages folks receive. While likely not at the forefront of buyers’ minds, efficient package reception is a valuable amenity that provides extra piece of mind. Knowing your packages are protected and convenient to access, especially living in a shared building, is important.

Many new and luxury condo buildings have invested in package reception to essure the smoothest package retrieval process.

It is prevalent for these buildings to offer secure package rooms, only accessible to residents, that feature individual lockers. Each resident is assigned a locker and can retrieve their secure package 24/7 using a fob key, pin code, access card, or QR code. 

This enhanced security prevents package theft and misplacements. It also helps avoid the typical clutter that can be felt in a mail room when packages are not efficiently organized.

These storage systems also mean that residents don’t need to plan their schedule around when a package will be delivered. Residents are notified as soon as a parcel arrives, often via SMS or email alerts, but they don’t need to be present to receive or sign for the package.

Condo residents and staff alike benefit from these efficient condo package rooms because it frees up the building’s resources and employees to focus on other tasks.

Whether you travel frequently or receive packages regularly, this amenity will help ease the stress often associated with deliveries in multi-unit residences.

6. Pet Washing Station

If you’re a proud pooch owner, then a pet washing station is an amenity you don’t want to miss. 

These stations make it ultra-convenient to keep your furry friend groomed and happy without having to go through the hassle of transporting your pet washers.

Keep in mind pet washing stations aren’t the only pet-friendly amenities offered in luxury Chicago condos. You can also prioritize your pup by living somewhere that provides dog runs, dog parks, pet-friendly shared spaces, and virtual keys for pet sitters or walkers.

7. Bike Storage

Biking is an excellent option for exercise or transportation in the Windy City. However, public bike racks are limited and pose an increased theft risk.

So, if you’ve got a bike you’d like protected, or you may consider investing in a bike, rest assured that plenty of condo buildings offer bike storage in their amenity packages.

Not only are bike storage spaces safe, but they also ensure that you don’t have to make room in your own unit to stow your two-wheeler.

If you’re in the market for a new condo, consider finding amenities that make your life easier and more enjoyable. As you navigate your home search and amenity wishlist, be sure to connect with one of our licensed brokers or click the link below!

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Why Private Chicago Condo Parking Garages Are a Must

Ask any Chicagoan about their biggest gripe with living in a city, and most will mention something about parking. While Chicago is renowned as having one of the best public transportation systems in the world, the reality is that in a city of three million people, parking will likely be hard to come by from time to time.

As you move about the city, you might not be able to control that it’s hard to find parking – which is why having a private condo parking garage is a must. Why shouldn’t parking at least be easy in your own home?

4 Reasons Why a Private Condo Parking Garage is a Must

When searching for your new condo, some amenities might fall on the “nice to have” list, and others might fall on the “must” list. If you own a car, there are four reasons why a private condo parking garage is a must:

  1. Safety: Most garages are attached to their condo buildings, meaning you don’t have to exit your car outside. Additionally, most garages have security cameras and are frequented by other residents – ensuring that there are extra eyes on you as an added layer of safety.
  2. Convenience: Having a designated parking spot saves you time that you’d normally spend searching for a spot (which can be pretty significant). No parking dibs needed here!
  3. Warmth: When the weather gets colder, keeping your car inside saves you from needing to start your car before you leave to get it warmed – and also, most importantly, keeps you warm as you head inside after parking.
  4. Savings: While your parking will likely be included in your HOA fees (and can sometimes be a separate cost), having a designated parking spot could save you money by keeping you from shelling out for ad-hoc SpotHero spots or street parking each day.

Chicago Condos with Private Parking

Many condos in the city offer private parking as an amenity. Some listings include:

Are you ready to find your dream condo (and dream parking spot)? Reach out to a Luxury Living agent today or click the link below!

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Find a Condo with a Pet Washing Station, Indoor Pet Area, and More

When searching for your new home, it’s natural to consider your furry family members’ needs. Having a pet in the city means taking extra steps to ensure your companion is cared for: you’ll likely seek a great walk route near your condo and prioritize pet-friendly amenities in your building.

Pet-Friendly Amenities

Pet-friendly amenities are becoming more and more popular, as buildings aim to provide a welcoming place for pups (and their owners!) to call home. Some of these amenities might include:

  • Dog runs/dog parks: Having a dedicated space to take your dog out in or near your building is a convenient option for yourself or your dog walker.
  • Dog-friendly amenity areas: Many condo buildings include amenity spaces like lounges and coworking areas – and being able to enjoy them alongside your furry bestie makes them all the better.
  • Pet concierge services: Ranging from help with finding a vet to scheduling a dog walker, pet concierge services are a new offering from many buildings hoping to cater to pet lovers.
  • Pet washing stations: Some buildings include a dedicated dog wash area, which is a great way to keep your pet clean in between grooms.
  • Virtual keys for dog walkers and pet sitters: If you rely on dog walkers and/or pet sitters, having an easy way for them to access your condo and building is an added layer of convenience.

Condos with a Pet Washing Station, Indoor Pet Areas, and More

As you search for a new home for you and your furry friend, be sure to pay attention to the pet-friendliness of the building – as well as any dog parks or great walk routes in the area. A few current listings with these amenities include:

If you’re ready to find you and your pet’s dream home, reach out to our team today or follow the button below to start your search today!

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How an Efficient Package Storage System Improves Your Chicago Condo Lifestyle

Package reception and storage can become a problem if you’re constantly on the go. A condo with an efficient package storage system in place will make this process and your life much easier!

How an Efficient Package Storage System Improves Your Chicago Condo Lifestyle

With most Americans now shopping online, condo buildings need to be equipped to handle the high volume of packages received. An efficient package storage system ensures that packages are delivered smoothly to the rightful residents. 

These package storage systems may vary depending on the building, but this amenity should ultimately enhance the resident’s experience.

It is very common for luxury condo buildings to offer package rooms that feature individual lockers. Each resident is assigned their own locker and can retrieve their secure package 24/7 using a fob key, pin code, access card, or QR code. 

This enhanced security prevents package theft and misplacements. It also helps avoid the typical clutter that can be felt in a mail room when packages are not efficiently organized.

These enhanced storage systems also mean that residents don’t need to plan their schedule around when a package will be delivered. Residents are notified as soon as a package arrives, often via SMS or email alerts, but they don’t need to be present to receive or sign for the package.

Condo residents and staff alike benefit from these efficient condo package rooms because it frees up the building’s resources and employees to focus on other tasks.

Whether you travel frequently or receive packages regularly, this amenity will help ease the stress often associated with deliveries in multi-unit residences.

Chicago Condos with Package Storage

If you’re in the market for a home that offers ultimate convenience and efficient package storage, take a look at a few of these premier Chicago condos:

  • One Bennett Park – 451E Grand Avenue – these ultra-luxury Streeterville condos offer in-home package delivery, ensuring your packages are delivered directly to you.
  • One Chicago – 1 W Chicago Avenue – You can also expect courtesy package delivery direct to your unit as a resident of these highly anticipated elegant condo residences in Gold Coast.
  • The Orchard – 2350 N Orchard Street – If Lincoln Park is more your scene, consider these upscale residences that provide not only package delivery, but also grocery delivery straight to your door.

Set up a showing today with one of our trusted brokers to see these condos for yourself or follow the link below to start your search!

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How a Condo Storage Locker Can Help You Make More Space

Living in a city can have its comforts and challenges. Comfort-wise, you can get anything delivered at about any hour of the day, and have access to world-class museums and concerts right at your doorstep. The tradeoff of city living, however, is space: owning a condo necessitates being more creative with storage.

In addition to being smart about the space in your condo, having external storage can be a helpful, flexible option – especially for larger or seasonal items. 

4 Benefits of a Condo Storage Locker

Some condos offer building storage lockers, which effectively act as a storage unit outside your condo. This often-overlooked amenity can be a huge plus, especially for the following reasons.

  1. Decluttering your space: Keeping things out of your condo in a safe place allows your living area to be as minimalist as you’d like it to be. Without clutter, your condo will look cleaner and more organized.
  2. Organization: If you’re one to Marie Kondo your living space, having a condo storage locker will help keep you organized. For example, you’ll need to keep your seasonal decorations in a designated place and rotate them in as space allows – ensuring everything has its own place.
  3. Convenience: If you opted for an external storage solution, you’d have to commute to and from your belongings and ensure you’re accessing them during the business hours of your storage partner. Having your storage in your building ensures you have easy access to any item you might need as quickly as you need it.
  4. Safety: Quick access to your storage unit has the benefit of allowing you to check on your items whenever you prefer – it’s also safer to keep things securely stored in your own building.

Chicago Condos with Storage Lockers

Many condos offer this perk, including:

Looking for a condo with amenities to meet your needs? Reach out to the Luxury Living team today or follow the link below to start your search!

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