Month: March 2023

Small Condo Design Ideas

Posted on by LLCR Staff

City living sometimes means forfeiting space. If you want to make the most of your limited square footage, check out these small condo design ideas for each room of the house.

Small Condo Design Ideas for Your Living Room

For many, the living room serves as the primary gathering place. Whether it’s your spot to unwind after a long day or the place to entertain guests, most folks want this room to make a good impression. There are a few tricks to spruce up and open up a living room that naturally feels small:

  • Find multi-functional furniture. Whether you find a nice pull-out couch or an ottoman that provides storage, go for pieces that serve several purposes.
  • Incorporate mirrors. Not only do mirrors add a fun aesthetic touch, but they also make a room feel brighter and bigger by adding light and dimension.
  • Go with a large rug. While a smaller living room doesn’t need large furniture, it does benefit from an expansive rug. This staple piece can help anchor the room, giving it a larger appearance.
  • Take advantage of lights. Lighting is a key design element in any room, especially the living room. Brighten your space with a mix of lights- including floor lamps, end table lamps, a ceiling fixture, or even wall sconces.

Small Condo Dining Room Design Ideas

The dining room is another area that can be great for hosting guests. Even if the room is tight, you can create an inviting and warm space with a few expert design recommendations:

  • Go for a round table. Not only does this table shape often make conversing easier, but in a smaller space, it can feel softer than a square one. If you’re leaning toward a rectangular table, try finding a slim and sleek one.
  • Find tables that extend. This adjustable feature allows you to seat more folks when needed or keep the table smaller when you’re not hosting.
  • Opt for wall lights. Rather than bulky floor lamps, add soft dining room lighting with sconces of your choice. Also, when choosing your ceiling light, consider it a main statement piece in the room. Pendant lights are also elegant options for the dining room.

Design Ideas for a Small Condo Bedroom

The bedroom is where you start and end your day, so it’s worth styling this room to your liking. If you’re working with a small bedroom, try these tips:

  • Look into a storage bed. Finding a bed that can hide your belongings is a great start to maximizing this room. Not only can you find beds with storage below, but some headboards also double as storage.
  • Stick with lighter paint colors. Think off-whites, soft neutrals, and pastels. These colors help give the illusion of larger, brighter rooms.
  • Utilize shelves. When floor space is limited, shelves are a great practical addition. Beyond traditional floating shelves, you can also get creative and add mounted magazine holders.
  • Install wall lamps. Consider installing wall lamps if you don’t have room for side tables next to your bed (or if they’re tiny) but still need some reading light.
  • Find a floor-to-ceiling wardrobe. If you have room for this furniture piece, find one that is sleek and tall. In a small space, it’s strategic to maximize the vertical space when floor space is limited.

Small Condo Bathroom Design Ideas

When discussing condo design, the bathroom isn’t often the priority. However, this room is frequented daily and should be practical and inviting. So, how can you achieve both?

  • Find aesthetically pleasing storage solutions. To keep your bathroom organized, opt for nice organizers that match your home’s overall look and feel. You may opt for something modern, like this freestanding bathroom shelf, or something a bit more elegant, like this corner shelving unit.
  • Consider storage that maximizes floor space. If you don’t have room for free-standing storage, there are other options. Consider floating shelves, over-the-toilet storage, or mirrors that double as a cabinet.
  • Incorporate a houseplant in your bathroom. Plants add a nice touch of life to a bathroom, and particular plants thrive in this humid environment. Check out this list to find which plants work well in this room.
  • Replace the hardware. It’s surprising what a difference updated hardware can have on a room. Ensure you’re happy with your bathroom fixtures, including the doorknobs, faucets, and towel rings.
  • Stick with one color scheme. Sometimes (especially in a small bathroom), less is more. Too many patterns or colors can feel like too much.

Small Condo Design Ideas for Your Kitchen

The kitchen is often referred to as the heart of the home. Many memories (and meals) are made in this room. You certainly don’t want to neglect the kitchen when designing your condo. Make the most of the special, but possibly small, space by implementing these expert opinions:

  • Invest in dividers. Adding dividers to your drawers, cabinets, or fridge will instantly help declutter your kitchen and maximize this precious space. You will quickly notice how helpful it is to have a designated spot for all your kitchen items.
  • Hang things up. If you have limited counter or cabinet space, consider adding attractive hooks to your walls and hanging up your favorite mugs or cooking utensils.
  • Keep it simple. Often less is more when it comes to the kitchen. Try and avoid going overboard with the decor or items you keep out.
  • Use light colors. This tip applies to any room, but it especially makes a big difference in the kitchen. Consider combining light colors with reflective surfaces, such as glass or stainless steel, to maximize light reflection and create a spacious feel.

Small Condo Office Design Ideas

If you work from home but have a small office, maximize this room and your productivity with these pointers:

  • Choose small and multifunctional furniture. When working out of a tight space, less is always more. Try to avoid bulky and clunky furniture or decorative items. Also, when space is premium, you can make the most of it by choosing furniture that serves more than one purpose. For example, you may opt for a storage ottoman as your seat or a foldable desk that can be easily stored away.
  • Find smart storage solutions. Thoughtful and well-organized storage can make a huge difference, especially in a small shared working space. Try finding desks with built-in drawers, file cabinets that can fit under desks, or overhead shelving that can hold storage containers. 
  • Don’t waste wall space. Don’t forget about vertical space when decorating, especially when the floor space is limited. Consider installing floating shelves or bookcases.

Design Ideas for a Small Condo Patio

If you are fortunate to have outdoor space, there are ways to intentionally enhance and set this area up:

  • Set the tone with the right furniture. Not only is outdoor furniture often the focal point, but it is also where you’ll most likely spend your time if you are outside. Find furniture that fits your style while remaining practical. You can find multi-purpose furniture pieces, like ottoman benches, that provide storage and seating.
  • Outdoor throws are a must. Not only do blankets add a nice decorative touch to a space, but they also come in handy when the temperature cools down. Store the throws in an outdoor ottoman, and bring them out when you spend an evening on the balcony.
  • Consider a fireplace.  Along with blankets, outdoor fireplaces are ideal on cooler nights. They also add a cozy element to the space. There are plenty of smaller firepits intentionally built for patios with limited square footage.
  • Spruce it up with greenery.  Outdoor plants bring a space to life. Spend a day at a local plant shop or farmer’s market and find plants that fit your preference. You can then pot your plant in unique pot stands, hang them from the ceilings, or take advantage of window boxes. 
  • Distinguish zones. If your space allows, consider separating it into different spots to maximize the functionality. Maybe one section is for dining, while the other is for games or grilling.
  • Incorporate mirrors. Instead of traditional wall art, try hanging mirrors on your exterior walls. This move can accentuate a good view and ensure people can capture it, regardless of where they’re seated.

With these small condo design ideas, we hope you are prepped and ready to make the most of your home, no matter the square footage! If you are in the market for a new condo, let our experienced team walk you through the process to secure your dream home. Click the button below to start your search today!

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8 Small Condo Patio Ideas

Posted on by LLCR Staff

Living in a condo with limited outdoor space doesn’t mean you can’t enjoy the fresh air and sunshine. A small condo patio can be transformed into a cozy outdoor oasis with a little creativity and some smart design choices. Here are some small condo patio ideas to help you make the most out of your space.

8 Small Condo Patio Ideas

  1. Keep it simple. In a small space, less is often more. Stick to a simple and cohesive design scheme that includes only the essentials. Choose furniture that can be easily moved around and stored away when not in use.
  2. Add greenery. Plants are a great way to bring life to a small patio. Consider adding a vertical garden, hanging plants, or potted plants to add some color and freshness to your outdoor space. Just make sure to choose plants that can thrive in your patio’s lighting conditions.
  3. Incorporate lighting. Outdoor lighting can create a cozy and inviting ambiance in a small patio. String lights, lanterns, or candles can add warmth and brightness to your space.
  4. Use a color scheme. Choose a color scheme that complements your condo’s interior and creates a cohesive look. Stick to two or three colors to avoid overwhelming the space.
  5. Optimize storage. In a small patio, storage is key. Use multifunctional furniture, such as a bench with storage underneath, or install shelves or hooks to maximize vertical space.
  6. Add seating. A small patio can still be a great spot for outdoor lounging. Choose a small bistro set or a couple of chairs and a small table to create a cozy seating area.
  7. Use outdoor rugs. Outdoor rugs are a great way to define your patio space and add texture and color. They can also help make your space feel more like an extension of your indoor living space.
  8. Incorporate water. features If you have the space, consider adding a small water feature like a fountain or a bird bath. The sound of running water can create a calming atmosphere and add an extra element of relaxation to your outdoor space.

A small condo patio can be transformed into a cozy and inviting outdoor oasis with a handful of design ideas. By incorporating elements like greenery, lighting, storage, and seating, you can create a space that feels like an extension of your indoor living space.

Interested learning about more small condo design ideas? Follow the link below!

Small Condo Design Ideas

8 Small Condo Bedroom Design Ideas

Posted on by LLCR Staff

When it comes to small condo bedroom design, the goal is to create a space that feels cozy and inviting while maximizing the limited space available. Here are some ideas to help you make the most out of your small condo bedroom.

8 Small Condo Bedroom Design Ideas

  1. Opt for a Murphy bed. A Murphy bed, also known as a wall bed, is a great space-saving solution for small bedrooms. It can be folded up and stored away during the day, leaving you with ample space to move around. You can also customize it to include built-in storage or a desk.
  2. Use multifunctional furniture. In a small bedroom, every piece of furniture needs to serve more than one purpose. Consider a storage ottoman that can double as a seating area or a bedside table with built-in drawers.
  3. Add mirrors. Mirrors are a great way to create the illusion of more space. Hang a large mirror above the bed or place a full-length mirror in a corner of the room.
  4. Keep it light and bright. A small bedroom can feel cramped if it’s painted in dark colors. Opt for light and neutral colors to make the space feel larger and brighter. You can also add pops of color through accessories like throw pillows or artwork.
  5. Hang curtains high. Hanging curtains close to the ceiling and letting them touch the floor creates the illusion of taller ceilings and more space. Choose light and airy curtains to keep the space feeling open.
  6. Invest in good lighting. Proper lighting can make a small bedroom feel larger and more welcoming. Use a combination of overhead lighting, table lamps, and floor lamps to create a cozy and inviting ambiance.
  7. Embrace vertical space. When you’re short on floor space, it’s important to think vertically. Install floating shelves or bookcases to maximize wall space and create additional storage.
  8. Keep it clutter-free. In a small bedroom, clutter can quickly take over and make the space feel even smaller. Keep surfaces clear and use storage solutions like baskets or under-bed storage to keep items out of sight.

A small condo bedroom can be transformed into a cozy and functional space with a little creativity and some smart design choices. By incorporating space-saving solutions and maximizing every inch of available space, you can create a bedroom that feels like a peaceful retreat.

For more design ideas for your small condo, click the link below!

Small Condo Design Ideas

5 Small Condo Bathroom Ideas

Posted on by Lindsay Smith

Whether you’re a brand-new condo owner or have been in the game for a while, you know that great condo design means maximizing your space. Unlike a stand-alone house, a condo offers unique challenges and opportunities when it comes to making your area both beautiful and functional.

In no room is this adage more prevalent than the bathroom. As likely the smallest room in the house, it needs to serve many purposes while feeling clean and aesthetically pleasing; this is especially true if you’re living in a condo with one bathroom.

Read on for 5 ideas to brighten a small condo bathroom.

5 ideas for your small condo bathroom

  1. Use beautiful storage solutions. Your bathroom will doubtless need to utilize storage for toiletries, cleaning supplies and makeup. While it might be tempting to use cheap storage bins, upgrading to storage that catches the eye, like a cabinet (we like this one from Wayfair), is a simple way to maximize space while keeping things pretty.
  2. Select a color scheme. As crazy as it sounds, a small room such as a bathroom can easily become crowded if colors clash. By choosing one color or color scheme, each element of the room – from your towels to your bath mat – will feel cohesive and selected.
  3. Consider swapping out lighting. Depending on how old your condo building is, your overhead/vanity light fixture might make your bathroom look outdated (no matter how updated your decor is). While slightly more intensive, opting for more modern lighting (we like this affordable yet chic sconce from Pottery Barn) will instantly brighten (literally!) your bathroom space.
  4. Embrace tile. If you’re willing to roll up your sleeves, a tile change might be the best way to make a small bathroom space feel large. White tile, especially, catches light and instantly makes the room feel bigger and brighter. 
  5. Think vertically. As you consider storage and design solutions for your bathroom, think about showing your walls some love, too. Whether you opt for fun posters, shelving or over-the-toilet storage, adding vertical elements to the room will draw the eye upward, making your space feel tall.

No matter how you would approach taking advantage of your small condo bathroom, the Luxury Living agents are here to help you find the condo of your dreams. Reach out today or click the link below to explore more small condo design ideas!

Small Condo Design Ideas

7 Small Condo Dining Room Ideas

Posted on by LLCR Staff

If you’re living in a small condo, you may be challenged with limited space when it comes to setting up your dining room. But even with a small space, you can create a functional and stylish dining area that suits your needs. In this blog, we’ll share some small condo dining room ideas to help you maximize your space.

7 Small Condo Dining Room Ideas

  1. Go for a Round Table. Round tables are a great option for small spaces as they can easily fit into a corner or against a wall. They also make it easier to navigate around the room without bumping into sharp edges. A round table also provides a cozy atmosphere that encourages intimate conversations.
  1. Use Foldable or Extendable Tables. If you need a larger table for when you have guests over, consider using a foldable or extendable table. This type of table can be expanded or folded down when needed, saving space when it’s not in use.
  1. Use Multi-functional Furniture. Furniture that serves multiple purposes can help you save space in a small dining room. For example, a bench with built-in storage can provide seating while also serving as a place to store your extra dishes and linens.
  1. Hang a Mirrored Wall. Mirrors can create the illusion of a larger space, and hanging a mirrored wall in your dining room can do just that. Mirrors reflect light and can make the room feel brighter and more spacious.
  1. Use Light Colors. Lighter colors can make a space feel more open and airy. Consider using a lighter color palette for your dining room walls, curtains, and furniture to create a bright and welcoming space.
  1. Opt for Slim Seating. Choose seating options that don’t take up too much space, such as slim chairs or stools. This will allow you to fit more seats around your table without overcrowding the room.
  1. Hang Pendant Lights. Pendant lights can add a touch of elegance to your small dining room while also saving space. Hang them above your table to create a focal point that draws the eye upwards.

Creating a functional and stylish small condo dining room is possible with the right ideas and inspiration. If you’re ready to ready to start gathering design ideas for the rest of your condo, be sure to check out our small condo design guide below!

Small Condo Design Ideas

Chicago Rent vs. Buy Analysis for 2023

Posted on by LLCR Staff

Buying a home or condo is a huge deal; doing so is both a life milestone and financial transition. But how can you know you’re ready for that jump? 

A rent-versus-buy analysis is a great place to start.

What’s a rent vs. buy analysis?

As the name of this exercise suggests, a rent vs. buy analysis is an audit of your life goals and financial outlook to understand if renting or buying is the right decision for you. There are many different approaches to this analysis, but a logical starting point is a rent vs buy calculator from financial institutions such as Fidelity.

A step-by-step approach to this analysis might look like:

  1. Use the financial calculator to give yourself an understanding of what your existing financial situation enables you to do. As you do so, note that closing costs, your mortgage, taxes and HOA fees should all be factored into a home-buying budget.
  2. Consider your life stage and goals. Is owning a home part of starting a family for you? Do your financial goals include investing or owning property? Is there a neighborhood you’ve always dreamed of living in? While these reflections are possible on your own, it might be helpful to speak with a trusted friend or counselor.
  3. Consider others involved in the decision. Is owning a condo or home a mutual desire between you and your spouse? Do you have other family members who need taking care of? This step is especially important, as it’s directly linked to property values: if being close to loved ones necessitates living in a certain area, that area’s home values will impact your mortgage costs.

As you walk through this exercise, consider the fact that you can flex your budget to different home options. If owning a home in the short-term is important, you might aim for a lower cost; conversely, you might prefer to wait and save for a higher home price.

Buying at different price points

In addition to a rent vs. buy calculator, you might also consider your current cost of rent when assessing your readiness to purchase a home. The below mortgage estimates (over 30 years at current interest rates) are based on current interest rates and rent costs, and are inclusive of budget for closing costs, taxes and HOA fees; they also assume a 20% down payment. For example:

  • If you live in a studio at The Elle (801 S. Financial Place), your $1,700 monthly rent would translate to a mortgage for the same amount for a $310,000 home. 
  • If you live in a one-bedroom at Emme (165 N. Desplaines), your $2,500 monthly rent would translate to a mortgage for the same amount for a $500,000 home.
  • If you live in a two-bedroom at Park ONE (1140 N. Wells), your $3,500 monthly rent would translate to a mortgage for the same amount for a $700,000 home.

No matter your price point or timeline, our experienced and knowledgeable Luxury Living team would love to help you on your home- or condo-buying journey. Reach out to us or follow the link below to get started!

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Do You Pay Property Taxes on a Condo? Find Out in Our Condo Taxes Guide

Posted on by LLCR Staff

The topic of taxes may not make for the most riveting conversation, but it’s important to understand your lingering tax questions if you anticipate buying a home soon. A question our real estate team commonly hears is, “do you pay property taxes on a condo?”

If you’ve wondered the same thing, sit back, relax, and let us walk you through condo taxes in this condo property tax guide.

Property Taxes on a Condo

To get straight to the point, the answer to the above question is “yes.” Condo owners should expect to pay property taxes on a condo. In Illinois, you are required to pay taxes on any property you own, even if a property was gifted to you or you own a rental property.

While there is a common assumption that property taxes are lower for condo owners than single-family homeowners, this is not always the case. Property tax is determined by a home’s assessed value and the mil levy or local tax rate.

In Illinois, there is no standard property tax rate. Chicago’s average property tax rate is 2.19 percent, and the average annual property taxes are $10,950. Unfortunately, Illinois, Chicago in particular, is known to have steep property taxes. In fact, it’s the second-highest property tax burden following California.

However, Illinois does have a list of property tax exemptions to help ease the tax burdens for some folks.

The property tax cycle in Illinois generally extends over a two-year period. A tax year is the year of assessment and reflects the value of real property from January 1 through December 31 of that year. The actual tax bills are paid in the year following the tax year. In most counties, property taxes are paid in two installments, usually June 1 and September 1.

Other Condo Tax Implications

As a condo owner, there are a few other helpful tax pointers to keep in mind.

When you file your taxes, you should see if you qualify for the property tax credit on the individual income tax return.

To save on annual taxes, homeowners can take the following deductions:

  • The amount paid in property taxes
  • The amount paid in interest on your mortgage
  • The amount of any casualty loss to your property to the extent not compensated by insurance.

If you ever sell your condo, the State of Illinois charges a transfer tax of $1 per $1000 of the sale price. The county will charge $. 50 per $1000 of the sale price. For example, a sale price of $350,000 will generate a state and county transfer tax of $525.

Additionally, since property taxes are paid in arrears, home sales generally include a prorated property tax credit to the buyer. For example, if the annual taxes on your home are $5,000, and your sale closes beginning of April, you will credit the buyer the taxes for the three months of the year before they purchased the home. At the end of the year, the buyers would pay the full property taxes owed. 

We hope this brief guide has helped answer some of your questions beyond “do you pay property taxes on a condo.” If you want additional support during your condo search, connect with one of our experts today!

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How Does an Adjustable Rate Mortgage Work? Learn About ARMs

Posted on by LLCR Staff

As inflation cools and mortgage prices dip, especially in the Chicagoland area, more renters might consider becoming homeowners for the first time. This life milestone is also a financial decision that comes with many choices along the way; once you’ve worked your way through the house or condo selection process, your next step is choosing which type of mortgage you want to move forward with.

When buying a home, you have two choices for how to structure your mortgage: a fixed-rate and adjustable rate mortgage. Just as it sounds, a fixed-rate mortgage keeps your interest rate (you guessed it!) fixed for the full life of the loan. Conversely, an adjustable rate mortgage is slightly more complex, but might offer more flexibility.

What is an adjustable rate mortgage (ARM)?

An adjustable-rate mortgage features pricing that reflects benchmarks created by market conditions for at least part of the life of the loan. The life of an adjustable rate mortgage is divided into two distinct periods:

  • Fixed period: just like a fixed-rate mortgage, the fixed period of an adjustable rate mortgage is the initial loan period where your rate does not change. What differs from a fixed-rate mortgage, though, is that this rate is lower to compensate for fluctuations during the adjustment period.
  • Adjustment period: following the fixed period, your rate will either increase or decrease based on a benchmark that reflects market conditions.

During the adjustment period, the benchmark is based on a variety of factors, such as the specific type of ARM loan you opt for. According to Investopedia, this benchmark is also capped to ensure there’s a maximum amount that a buyer would pay – regardless of what happens in the market.

Comparing ARMS and fixed-rate mortgages

It’s important to consider these options carefully, as they have long-term financial implications. While fixed-rate mortgages certainly offer predictability and protection from increases in interest rates, ARMs are also worth considering, according to Rocket Mortgage, for a few reasons.

Given the recent fluctuations in the mortgage market and continued impacts of inflation, adjustable rate mortgages are becoming a popular option. ARMs are especially beneficial for first-time home-buyers who might sell their home before the adjustment period is up. This loan type also offers the benefit of lower rates for the first few years (during the fixed period), allowing buyers to reap savings during that time before transitioning to a rate that reflects market conditions.

No matter where you are on your home buying journey, our experienced and knowledgeable team at Luxury Living Chicago is here to help every step of the way. Reach out today or follow the link below to start your search!

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Who Pays Closing Costs? When Are Closing Costs Due? & More FAQs

Posted on by LLCR Staff

Closing on a home is an exciting step but one that often comes with questions. Our realtors typically get a batch of inquiries from prospective condo buyers around closing costs specifically. Folks want to know who pays closing costs, when are closing costs due, and how you avoid unexpectedly not being able to afford them.

Find out answers to these common questions in this guide below..

What are closing costs?

If you’re brand new to home-buying and the corresponding lingo, don’t worry. We are starting with the basics by defining closing costs.

Closing costs are the fees accrued during the home-buying process. 

Common costs include lender fees, title search fees, title insurance, attorney’s fee, appraisal fee, recording fees, credit reports, inspections, and agent’s commission.

It’s helpful to note that most of these fees and additional ones fall into one of the following four categories:

  • Property-specific costs
  • Loan-specific costs
  • Mortgage costs
  • Property taxes and insurance

Who pays closing costs?

So, who’s dishing out the cash to cover these costs? Well, both the buyer and sellers are responsible for a portion. However, note that the homebuyer generally shoulders most of these fees.

A buyer can expect to pay for the title search fee, title insurance, attorney’s fee, appraisal fee, recording fees, credit report, termite inspection, lender’s origination fee, insurance, taxes, and interest.

On the other hand, the seller should be prepared to fund a portion of the title search fee, title insurance, recording fees, and real estate agent’s commission.

When are closing costs due?

Closing costs typically must be paid on closing day when you sign off for your condo. Hence, why these additional fees are called “closing costs.”

How much are closing costs?

While budgeting for your exact closing costs can be challenging, you can certainly guestimate beforehand by looking at average fees, professional trends, and expert advice.

In Illinois, the average closing costs run around $4,893.99 before tax and $6,529.74 after tax. Keep in mind, though, that homes in Chicago are more expensive than those in other areas of the state. And higher home prices generally mean higher closing costs.

As another helpful rule of thumb, expect to pay roughly two to five percent of the home’s purchase price on closing costs. You can also use online closing costs calculators to help gauge what you would owe in additional costs.

How do you avoid unexpectedly not being able to afford them?

Although it’s hard to anticipate exactly what you’ll owe on closing costs, you can use that two to five-percent rule of thumb mentioned above to reserve an approximate amount of money beforehand.

Consider having more than five percent of the home price set aside just to be on the safe side. 

While you can now answer important questions like “who pays closing costs” and “when are closing costs due,” connect with one of our experts if you need additional support during your condo search. We would love to guide you through the exciting process of buying a home!

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