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What Are Important Things to Keep In Mind During a Condo Inspection?

Posted on by Lauren Bozarth

As you seek to secure your dream place, it’s crucial to understand and execute a condo inspection. In this post, we’ll dive into key considerations during this step of the home-buying journey.

What is a Condo Inspection?

Let’s start with the basics. A condo inspection is a thorough examination of a condo unit to assess its overall condition and identify any potential issues. It helps a buyer determine any red flags or extra steps needed before closing on the property.

When Should I Hire an Inspector for a Condo?

As you prepare to schedule a condo inspection, the timing matters. This crucial step should take place right after you go under contract on a property but before closing the deal.

Conducting an inspection during this timeframes helps ensure the following:

  • Due Diligence
  • Negotiation Leverage
  • Investment Protection
  • An Understanding of Maintenance Needs
  • Peace of Mind

What Is Checked During a Condo Inspection?

Take a look at everything that a condo inspection typically covers:

  • Structural Elements: This involves checking the condition of the walls, ceilings, floors, and other structural components to ensure they are sound and free of defects.
  • Mechanical Systems: Inspectors will assess the functionality and condition of heating, ventilation, air conditioning (HVAC) systems, plumbing, and electrical systems.
  • Appliances: It’s essential to check the condition and operation of appliances included in the condo, such as stoves, refrigerators, dishwashers, and others.
  • Interior Features: This includes evaluating the condition of doors, windows, flooring, and other interior elements.
  • Safety Concerns: Inspectors will look for potential safety hazards, such as electrical issues, trip hazards, or other safety concerns.

What Can Buyers Demand at Final Walk-Through?

If, during the final walk-through, you discover any issues or areas of concern, it’s crucial to address them promptly. Buyers should request solutions for any unresolved issues, whether it be a commitment to further repairs or an adjustment to the closing agreement.

How Long Does a Condo Inspection Take?

Inspections typically take between 1 and 3 hours, depending on the size of your condo and how many inspectors are on site. Be sure to discuss this with your prospective inspector beforehand and have sufficient time blocked off for this step.

Should I Waive A Condo Inspection?

Although condo inspections aren’t legally obligated, we highly encourage this step of the home-buying process. They provide early awareness of current or potential home issues, offering a timely heads-up and an advantageous negotiating strategy. This allows you to request the seller to take responsibility for covering the expenses associated with any necessary repairs.

Do I Need to Hire a Professional for My Condo Inspection?

This answer is up to you, but our team sees real value in hiring a professional and typically recommends this service to our clients. A licensed and experienced inspector provides an unbiased evaluation of the property along with the knowledge of what to look for and how to identify discreet issues. They can help prevent higher unforeseen costs due to problems in your unit.

What Should a Condo Walk-Through Checklist Include?

To make the most of your condo inspection, be sure to take advantage of this condo walk-through checklist:

  1. Bring your checklist.
  2. Take photos and videos for visual documentation.
  3. Review the walls, ceilings, and floors.
  4. Take a second look at windows, doors, and balconies.
  5. View all the appliances.
  6. Ask questions regarding recent repairs and the state of things.
  7. Inquire about shared amenities.
  8. Scope out the exterior.
  9. Note any agreed-upon repairs and review them.

What is the Estimated Cost of a Condo Inspector? 

The cost of a condo inspection can vary based on factors such as location and property size. On average, condo inspections may range from a few hundred to over a thousand dollars. While there is a cost involved, we consider this step worth every penny.

We hope you feel better equipped as you prepare for your condo inspection.

For lingering questions and support during your home-buying journey, partner with our experienced and compassionate team!

Get in Touch With Us

When Should I Hire an Inspector For a Condo?

Posted on by Lauren Bozarth

As prospective homeowners navigate their home-buying journey, many often ask, “When should I hire an inspector for a condo?”

We’re here to help answer that question and further equip you to close the deal on your dream place successfully.

The Right Time for an Inspection

The timing matters when it comes to setting up a condo inspection. This crucial step should take place right after you go under contract on a property but before closing the deal.

Here are several reasons why a condo inspection is conducted during this timeframe:

  • Due Diligence: An inspection allows the buyer to thoroughly assess the condition of the condo and identify any potential safety issues or needed repairs before finalizing the purchase.
  • Negotiation Leverage: If the inspection reveals any issues or defects, the buyer may have grounds to negotiate with the seller for repairs or a reduction in the sale price. This negotiation is often more effective before the deal is closed, as the seller may be more motivated to address concerns to ensure a smooth transaction.
  • Peace of Mind: Knowing the condo’s condition before closing can relieve a buyer’s anxiety. It reduces the risk of unpleasant surprises after the deal is finalized, helping the buyer confidently move into their new home.
  • Protecting Your Investment: Purchasing a condo is a significant financial commitment. By inspecting the property before closing, buyers can proactively identify potential problems that may affect the property’s value or their ability to live comfortably in it.
  • Contingency Period: Many condo contracts include a contingency period, during which the buyer can conduct inspections and back out of the deal without penalties if significant issues are discovered. Inspecting during this period allows the buyer to exercise their contingencies based on the inspection results.
  • Understanding Maintenance Needs: An inspection can provide valuable information about the current state of the condo and its components. This information is helpful for planning future maintenance and repairs, allowing the buyer to budget accordingly.

Other Common Condo Inspection Questions

Here are other queries we often receive regarding condo inspection:

  • Is hiring an inspector required for a condo? While it’s not legally required, real estate professionals highly recommend that condo buyers conduct a thorough inspection as part of their due diligence and for the above reasons.
  • What types of issues can a condo inspector help uncover? They can bring to light various issues, including structural problems, plumbing and electrical issues, HVAC system malfunctions, water damage, mold, and other potential concerns that may affect the property’s value or the buyer’s living conditions.
  • What are the benefits of a professional condo inspector? A licensed and experienced inspector provides an unbiased evaluation of the property along with the knowledge of what to look for and how to identify discreet issues.
  • What is the estimated cost of a condo inspector, and is it worth it for condo buyers? The cost of a condo inspection can vary based on factors such as location and property size. On average, condo inspections may range from a few hundred to over a thousand dollars. While there is a cost involved, we consider this step worth every penny.

Along with addressing, “When should I hire an inspector for a condo?” hopefully, the other information helps you triumphantly move forward in the home-buying process.

For further confidence in this substantial purchase, let our team of licensed and experienced professionals support you!

Learn More: The Homebuying Process

An Overview of What is Checked During a Condo Inspection

Posted on by Lauren Bozarth

If you’re preparing to secure your dream home, it’s beneficial to understand the inspection step of the process, particularly what is checked during a condo inspection.

Keep reading to learn the ins and outs!

What is a Condo Inspection?

A condo inspection is a thorough examination of a condo unit to assess its overall condition and identify any potential issues. It helps a buyer determine any red flags or extra steps needed before closing on the property. This inspection is typically conducted by a qualified home inspector or a professional with expertise in building inspections. 

What is Checked During a Condo Inspection?

During a condo inspection, the inspector will examine various components of the unit, often including the following:

  • Structural Elements: This involves checking the condition of the walls, ceilings, floors, and other structural components to ensure they are sound and free of defects.
  • Mechanical Systems: Inspectors will assess the functionality and condition of heating, ventilation, air conditioning (HVAC) systems, plumbing, and electrical systems.
  • Appliances: It’s important to check the condition and operation of appliances included in the condo, such as stoves, refrigerators, dishwashers, and others.
  • Interior Features: This includes evaluating the condition of doors, windows, flooring, and other interior elements.
  • Safety Concerns: Inspectors will look for potential safety hazards, such as electrical issues, trip hazards, or other safety concerns.

After the inspection, the inspector typically provides a detailed report to the buyer, highlighting any issues found during the inspection. This information is valuable for buyers to make informed decisions about the purchase and may be used in negotiations with the seller.

It’s important to note that condo inspections are not mandatory, but they are highly recommended for buyers to ensure that they are aware of the property’s condition and potential maintenance or repair needs.

Other Common Home Inspection Questions

  • How are condo inspections unique? Condo inspections don’t always involve scoping out the exterior since these areas are made up of common areas often covered by the homeowners associations. However, some inspectors take a proactive approach and still inspect the shared spaces to ensure everything’s in proper order and there are no noticeable risks for a major special assessment down the road. Also, if your property includes personal outdoor space, then the inspection will likely include this. 
  • Why should I inspect a new condo? Although a new condo minimizes the risk of issues, it’s still worth being proactive and ensuring there are no hidden issues before moving in.
  • How do you inspect a condo yourself? If you opt out of hiring a professional inspector, prepare yourself with a condo inspection checklist. Bring this list and critical eyes with you to your prospective place before the closing.
  • How long does a condo inspection take? Inspections typically take between 1 and 3 hours, depending on the size of your condo and how many inspectors are on site.
  • Should I waive an inspection on a condo? We highly advise against waiving an inspection. They provide early awareness of current or potential issues in the home, offering not only a timely heads-up but also an advantageous negotiating strategy. This allows you to request the seller to take responsibility for covering the expenses associated with any necessary repairs.

While it’s crucial to know what is checked during a condo inspection, there are other considerations to keep in mind when buying a Chicago condo. To ensure a smooth and successful process, team up with our experienced team of real estate professionals today!

Learn More: The Homebuying Process

What Can Buyers Demand at Final Walk-Through? A Checklist Before Closing

Posted on by Lauren Bozarth

The final walk-through is a pivotal step in the home-buying process, happening just before closing to ensure the property is in expected condition.

This blog will help equip any prospective buyer and answer the common question posed at this stage of the journey, “What can buyers demand at final walk-through?”

Understanding the Purpose of the Final Walk-Through

The final walk-through serves as a last-minute check to ensure the property is as it should be before ownership is officially transferred. Buyers should use this opportunity to verify that any negotiated repairs or improvements have been done satisfactorily. Additionally, it’s a chance to make sure that appliances are in working order and the overall cleanliness of the condo meets expectations for move-in.

Checklist for the Final Walk-Through

As you complete the last walk-through, also make sure to walk through this checklist

  • Repairs Completed: Confirm that any repairs agreed upon during negotiations have been executed to your satisfaction.
  • Cleanliness: Ensure that the condo is clean and ready for occupancy. Pay attention to details like floors, countertops, and overall tidiness.
  • Appliance Functionality: Double-check that all appliances, such as the dishwasher, refrigerator, and stove, are in good working condition.
  • Utilities: Test utilities, including lights, faucets, and heating/cooling systems to ensure they are functioning properly.

Addressing Outstanding Concerns

If, during the final walk-through, you discover any issues or areas of concern, it’s crucial to address them promptly. Buyers should request solutions for any unresolved issues, whether it be a commitment to further repairs or an adjustment to the closing agreement.

Helpful Tips and Reminders:

Along with keeping the checklist handy, consider these pointers during your final walk-through.

  •  Documentation: Keep records of any agreements, repair requests, or communications related to the final walk-through. This documentation can be valuable if issues arise later.
  • Clear Communication: Maintain open communication with your real estate agent and the seller. If there are concerns, articulate them clearly and promptly to ensure they are addressed before closing.
  • Reviewing Documents: While the final walk-through primarily focuses on the property’s physical condition, it’s also a good time to review any relevant documents. Ensure that you have all the necessary paperwork and that there are no surprises.

Knowing how to answer, “What can buyers demand at final walk-through?“ will help ensure your property is pristine before you close on it.

For any other questions or support during the home-buying journey, partner with our experienced and knowledgeable brokers!

Get In Touch With Us

The Ultimate Condo Walk-Through Inspection Checklist

Posted on by Lauren Bozarth

For buyers, a thorough inspection is a crucial step that helps avoid unexpected issues and ensure everything is as expected. 

In this post, we’ll provide an in-depth condo walk through inspection checklist to provide extra preparation and peace of mind.

The Purpose of an Inspection Checklist

Condo buyers should prioritize conducting a thorough walk-through inspection before finalizing their purchase, and having a comprehensive checklist is crucial for this process. The checklist serves as a systematic guide to ensure that every aspect of the condo is thoroughly examined, emphasizing safety and assessing overall conditions. 

A well-organized checklist ensures that no crucial aspect is overlooked, empowering condo buyers to make informed decisions and negotiate any necessary repairs or adjustments before closing the deal.

Condo Walk Through Checklist

Before moving forward with a home purchase, take advantage of this condo walk through checklist :

  1. Bring your checklist: 
    • Make sure you have it handy, either printed or written down, to bring it to the inspection.
  2. Take photos and video:
    •  Capture visual documentation of the entire condo, both the interior and exterior.
    • Focus on any existing damage or potential issues, such as cracks, leaks, or signs of wear and tear.
    • These visual records serve as valuable references during negotiations and can be crucial in case of disputes.
  3. Review the walls, ceilings, floors:
    • Inspect for cracks, water stains, or any structural abnormalities.
    • Check the quality of paint or wallpaper for signs of poor maintenance.
    • Evaluate the condition of the flooring, looking for damages, uneven surfaces, or signs of pest infestation.
  4. Take a second look at windows, doors and balconies:
    • Test windows for proper sealing, functionality, and signs of drafts.
    • Check doors for easy opening and closing, and ensure appropriate locking mechanisms.
    • Assess the structural integrity and safety of balconies, looking for visible damages or hazards.
  5. View the appliances:
    • Check for signs of wear, rust, or leaks in kitchen and bathroom appliances.
    • Find out the age of major appliances to estimate their remaining lifespan.
  6. Ask questions about recent repairs and the state of things:
    • Inquire about any current maintenance or repairs on plumbing, electrical systems, and HVAC.
    • Check for water pressure in faucets and inspect pipes for leaks.
    • Test light fixtures, switches, and outlets to ensure they function correctly.
  7. Inquire about shared amenities:
    • Verify the condition and functionality of shared amenities like elevators and patios.
    • Ask about scheduled maintenance or recent improvements in shared spaces.
  8. Be sure to review and inspect the exterior and inquire about any recent repairs:
    • Examine the exterior of the building for signs of damage, such as cracks or water damage.
    • Seek Information about recent repairs to the building’s structure or exterior features.
    • Check the condition of common areas outside, including parking lots and landscaping.
  9. Take note of any agreed-upon repairs and review them:
    • Confirm that any previously agreed-upon repairs have been addressed.
    • Review the quality of completed repairs and ensure they meet the agreed-upon standards.
    • If repairs are pending, inquire about the timeline for completion and documentation of the agreed-upon changes.

We hope this thorough condo walk through inspection leaves you feeling more equipped to move forward with your home purchase. For extra confidence and support, team up with our experienced team of brokers today!

 

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Navigating Condo Loans and Your Financing Options

Posted on by Lauren Bozarth

If you’re seeking condo ownership, planning and preparation are needed to ensure this dream becomes a reality. One of the most critical areas of exploration is condo loans and financing options. 

Regardless of your current level of knowledge or savings, we’ve put together an extensive guide that breaks down the financial basics and clarifies this part of the home-buying process.

How Much is a Down Payment for a Condo?

As you save for your condo, anticipating the down payment is crucial. While this amount varies drastically from buyer to buyer, down payments for condos typically range from 3% to 20% of the total purchase price. The percentage depends upon factors like the price of the condo, the lender you choose, and the type of loan you qualify for. In Illinois, the average down payment percentage is 14.3%.

As a prospective Illinois home buyer seeking a conventional loan, down payments often run 3% to 5% of the home purchasing price. While this might seem attractive for those with limited funds, it’s essential to consider that a smaller down payment often leads to higher monthly payments and private mortgage insurance (PMI) costs.

10% to 20% is often seen as a balance between affordability and favorable loan terms. A higher down payment can lead to lower interest rates and less risk for the lender.

For condos in the lower price range, you may be required to make a down payment of 3% to 5%. Mid-range condos often have down payment requirements of 5% to 10%. Luxury condos, with a higher purchase price, may necessitate a down payment of 10% to 20% or more.

How Much Money Do You Need to Buy a Condo?

Purchasing a condo involves more than the down payment. Check out these additional costs that should be accounted for when saving for your future home:

  • Closing costs: In addition to the down payment, you’ll need to budget for closing costs, which include appraisal fees, inspection fees, insurance, and other miscellaneous expenses. Keep in mind these costs can add several thousand dollars to your purchase.
  • Monthly expenses: Once you’ve purchased your condo, you’ll have ongoing monthly expenses to consider. These include insurance, electricity, gas, Internet, and homeowners’ association (HOA) fees. HOA fees cover exterior maintenance, amenities, and communal services.
  • Additional costs: Beyond the basics, there are other expenses to consider. Moving costs, renovations, and furnishing your condo can add to your initial outlay. You can also anticipate annual property tax. 

Overcoming Common Condo Financing Problems

As you work toward securing a condo loan, be prepared for potential financing issues. Here are some hurdles that many prospective home-buyers face and suggestions for overcoming them:

  • High HOA fees: Condo living often comes with the perk of shared amenities and external maintenance, but that can also mean hefty Homeowners Association (HOA) fees. High fees can strain a buyer’s budget and affect their loan eligibility. The solution? Prioritize properties with reasonable HOA fees or negotiate with the seller to cover some costs.
  • Low reserves: Reserves are funds set aside for future repairs or unexpected expenses and are crucial for the long-term health of a condo community. Low reserves can signal financial instability and make lenders hesitant. Buyers should inquire about a condo association’s reserve fund and choose properties with well-maintained financial health.
  • Appraisal issues: Appraisal problems can arise when the condo’s appraised value doesn’t align with the purchase price. To avoid this, ensure the property is in good condition and research recent comparable sales. If issues persist, consider renegotiating the price or exploring alternative financing options.
  • Difficulty obtaining loans: Some condos fall into the “non-warrantable” category, meaning they don’t meet conventional loan criteria. To avoid this scenario, buyers can explore alternative loan options or work with lenders specializing in non-warrantable condos.

Are Condo Mortgage Rates Higher Compared to Single-Family Homes?

Unfortunately, the answer to this question isn’t an easy “yes” or “no” answer. However, to better make sense of mortgage rates for a condo vs. single-family home, check out the variables that will affect the rate for your prospective property:

  • Property type: From a lender’s perspective, condos are deemed riskier properties because of the potential influence of the association on overall maintenance and, consequently, the property’s value. 
  • Homeowners Association’s financial health: A well-managed and financially stable association can contribute to more favorable mortgage rates. Buyers should scrutinize the association’s financial statements, budget, and pending assessments to gauge its overall health.
  • Property taxes: Property taxes are one of the components of your monthly mortgage payment, often collected by the lender and then used to pay the property taxes on your behalf. When property taxes increase, it can lead to higher monthly mortgage payments for homeowners. In turn, this may affect a borrower’s debt-to-income ratio. Click here for a closer comparison between the property taxes of a condo and a single-family house.
  • Credit score: Your credit score is a pivotal factor for lenders in determining your reliability and likelihood of default. Having a higher credit score can reduce your mortgage rate. Conversely, borrowers with lower credit scores face elevated interest rates and a narrower range of loan options. 
  • Loan-to-Value (LTV) ratio: The LTV ratio assesses the relationship between your loan amount and the property’s price. A reduced LTV commonly leads to a decreased mortgage rate. Your down payment influences your LTV—the higher the down payment, the lower your LTV, enhancing your perceived creditworthiness.
  • Debt-to-Income (DTI) ratio: The DTI ratio is determined by dividing your monthly debts by your gross monthly income, indicating your financial stability and ability to handle debt while affording your loan. Typically, a higher DTI ratio makes you appear riskier to a lender on paper, resulting in a higher interest rate.
  • Loan amount: A higher loan generally results in a lower mortgage rate, offering the lender a greater net dollar margin. This essentially means that larger loans can lead to better rates for borrowers, but it’s crucial to demonstrate strong financials to ensure your ability to cover a larger loan.

Assessing finances is a crucial step in the condo-buying process that shouldn’t be overlooked. A better understanding of financing can help you secure funding, particularly in an environment where condo loans are notoriously complex. 

If you’re ready to begin the condo hunt, don’t navigate the financing or any step of the process alone. Let our informed and eager team of real estate professionals support your journey!

 

Learn More: The Homebuying Process

Are Condo Mortgage Rates Higher Compared to Single Family Homes?

Posted on by Lauren Bozarth

When seeking to make a financially savvy move, new homebuyers or investors often ask, “Are condo mortgage rates higher? (Than compared to single family homes)” While the answer isn’t black and white, we’re here to help you better understand crucial considerations. 

Determining Mortgage Rates

While the property type can impact mortgage rates, many other factors are at play. Let’s start by breaking down those variables that can affect your mortgage rate:

  • Property type: As indicated above, the specific type of property matters when it comes to mortgage rates. Financing a condo poses a higher risk compared to single-family homes. 
  • Homeowners Association’s financial health: A well-managed and financially stable condo association can contribute to more favorable mortgage rates. Buyers should scrutinize the association’s financial statements, budget, and pending assessments to gauge its overall health.
  • Property taxes: This is one of the components of your monthly mortgage payment, often collected by the lender and then used to pay the property taxes on your behalf. When property taxes increase, it can lead to higher monthly mortgage payments for homeowners. In turn, this may affect a borrower’s debt-to-income ratio. Click here for a closer comparison between the property taxes of a condo and a single family house.
  • Credit score: Your credit score is a pivotal factor for lenders in determining your reliability and likelihood of default. Having a higher credit score can reduce your mortgage rate. Conversely, borrowers with lower credit scores face elevated interest rates and a narrower range of loan options. 
  • Loan-to-Value (LTV) ratio: The LTV ratio assesses the relationship between your loan amount and the property’s price. A reduced LTV commonly leads to a decreased mortgage rate. Your down payment influences your LTV—the higher the down payment, the lower your LTV, enhancing your perceived creditworthiness.
  • Debt-to-Income (DTI) ratio: The DTI ratio is determined by dividing your monthly debts by your gross monthly income, indicating your financial stability and ability to handle debt while affording your loan. Typically, a higher DTI ratio makes you appear riskier to a lender on paper, resulting in a higher interest rate.
  • Loan amount: A higher loan generally results in a lower mortgage rate, offering the lender a greater net dollar margin. This essentially means that larger loans can lead to better rates for borrowers, but it’s crucial to demonstrate strong financials to ensure your ability to cover a larger loan.

While condo mortgage rates can run higher than single-family homes, all the factors above affect the ultimate percentage lenders will offer. 

Understanding the Market

Market trends, particularly those tied to economic conditions and inflation, can also significantly impact mortgage rates- for both condos and single-family homes. 

When the economy is thriving, interest rates may rise as demand for loans increases, influencing higher mortgage rates. Conversely, central banks might lower interest rates during economic downturns to stimulate borrowing and spending, potentially leading to lower mortgage rates. 

Inflation is another key factor; if inflation rises, lenders may raise rates to safeguard against diminishing returns. On the other hand, low inflation may contribute to more stable or lower mortgage rates. Monitoring market trends, economic indicators, and inflationary pressures is crucial for individuals seeking to understand and anticipate fluctuations in mortgage rates.

Right now, in Chicago and nationwide, it’s a tough market for loans, whether you’re seeking one for a condo or single-family home. Mortgage rates are incredibly high compared to the last three to four years. Additionally, banks are tightening their mortgage requirements, making it harder for prospective buyers to obtain a loan.

Teaming Up With An Expert

If you want to obtain a favorable mortgage rate and secure your dream home, navigating these waters with an experienced professional is beneficial.

Our team of licensed brokers can help further answer questions like, “Are condo mortgage rates higher? (Than compared to single-family homes),” or “What are the pros and cons of a house vs. condo?” We can also help you confidently walk through each home-buying step.

Connect with us today!

 

Learn More: The Homebuying Process

The Best Condo Upgrades and Amenities That Increase Condo Value

Posted on by Lauren Bozarth

If you’ve wondered how to improve condo value for your current or prospective property, you’ve come to the right place. While common amenities like fitness centers, pools, and security systems undoubtedly increase condo value, condo owners can take additional steps to enhance the value of their property. In this post, we’ll explore some of the best condo upgrades and improvements that can help you maximize your condo’s worth.

9 Best Condo Upgrades

  1. Kitchen Renovations: The kitchen is often the heart of any home, and upgrading it can significantly boost your condo’s value. Consider modernizing your kitchen with new countertops, cabinets, and high-end appliances. An open-concept kitchen design can also make your condo feel more spacious and inviting.
  2. Bathroom Remodels: Bathrooms are another area where upgrades can make a big difference. Consider replacing outdated fixtures or tiles and adding luxury features like a rain showerhead or a whirlpool bathtub. A stylish and functional bathroom can add a touch of elegance to your condo.
  3. Flooring Upgrades: Upgrading your condo’s flooring is a surefire way to increase its value. Hardwood floors are a popular choice for their timeless appeal, but high-quality laminate and ceramic tiles can also be excellent options. A well-maintained and attractive floor can transform the entire look and feel of your condo.
  4. Lighting Enhancements: Proper lighting can create a warm and inviting atmosphere in your condo. Consider installing energy-efficient LED lighting, pendant lights, or smart lighting systems that can be controlled remotely. Well-placed lighting can accentuate the condo’s best features and make it more appealing to potential buyers.
  5. Smart Home Features: In today’s tech-savvy world, incorporating smart home features can set your condo apart. Install a smart thermostat, security system, or automated window blinds. These features enhance convenience and increase the value of your property.
  6. Better Storage Solutions: Condo living often demands efficient use of space. Enhance your condo’s value by adding custom storage solutions like built-in closets, shelves, or under-bed storage. Ample storage space can make a small condo feel much larger and more organized.
  7. Enhanced Energy Efficiency: Energy-efficient upgrades not only reduce utility bills but also improve condo value. Consider replacing old windows and doors with energy-efficient options, upgrading insulation, and installing energy-saving appliances. Eco-conscious features appeal to environmentally-conscious buyers.
  8. Outdoor Improvements: If your condo has a balcony or terrace, consider adding outdoor improvements like a deck, garden, or seating area. A well-maintained outdoor space can provide an extra place for relaxation and entertainment, making your condo more desirable.
  9. Elevating Aesthetic Appeal: Last but not least, enhancing your condo’s aesthetic appeal can work wonders. Fresh paint, modern fixtures, and stylish decor can give your condo a contemporary and inviting look.

Investing in the best condo upgrades not only improves your quality of life at home but also ensures a higher resale value should you decide to sell in the future.

If you are in the market to buy or sell your condo, connect with our experienced team. We have unique insight into the Chicago market and how to improve condo value; plus, we would love to support your real estate endeavors!

 

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How Much is a Down Payment For a Condo?

Posted on by Lauren Bozarth

If you’re in the market for a new Chicago condo, there are various considerations to make before taking the plunge. Assessing your financial situation and available payment options may be one of the most crucial first steps.

Our team wants to help you navigate your loan, particularly your down payment, so you can feel confident in the journey to ownership and ultimate purchasing decision. This blog will cover common questions, from “How much is a down payment for a condo?” to “Are there down payment assistance options for condo buyers?”

Understanding the Down Payment

A down payment is a lump sum of money you pay upfront when buying a condo. It’s a crucial component of your home purchase as it directly affects the loan amount you’ll need to secure. The larger your down payment, the lower your loan amount, which can lead to more favorable loan terms and reduced monthly payments.

Down Payment Requirements

The down payment requirements for condos can vary based on factors such as the price of the condo, the lender you choose, and the type of loan you qualify for. Typically, down payments for condos range from 3% to 20% of the total purchase price. 

In Illinois, the average down payment percentage is 14.3%.

Let’s break down what you should know about these requirements:

  • 3% to 5% Down Payment: As a prospective Illinois home buyer seeking a conventional loan, required down payments typically run 3% to 5% of the home purchasing price. While this might seem attractive for those with limited funds, it’s essential to consider that a smaller down payment often leads to higher monthly payments and private mortgage insurance (PMI) costs.
  • 10% to 20% Down Payment: This percentage range is often seen as a balance between affordability and favorable loan terms. A higher down payment can lead to lower interest rates and less risk for the lender.

Down Payment Percentages

The percentage of the down payment you’ll need depends on the total purchase price of the condo. Here’s a general breakdown:

  • For condos in the lower price range, you may be required to make a down payment of 3% to 5%.
  • Mid-range condos often have down payment requirements of 5% to 10%.
  • Luxury condos, with a higher purchase price, may necessitate a down payment of 10% to 20% or more.

Minimum Down Payment vs. Ideal Down Payment

While you may meet the minimum down payment requirements, it’s essential to consider the ideal down payment based on your financial situation. Making a larger down payment not only reduces your loan amount but also can help you secure a more favorable interest rate, potentially saving you money in the long run.

Down Payment Assistance Options

If you’re concerned about meeting down payment requirements, it’s worth exploring down payment assistance options that may work for your situation.

Within the Illinois Housing Development Authority (IHDA), the IHDA Mortgage division offers a variety of programs designed to assist first-time home buyers. Eligible home buyers have the opportunity to secure a 30-year fixed-rate mortgage and access down payment and closing cost assistance of up to $10,000

Veteran status is another factor that can significantly impact down payment requirements. If you’ve served in the United States military, you’re eligible for special veteran home-buying mortgage programs that enable you to make a 0% down payment while covering only the closing costs. This valuable benefit is a well-deserved privilege for our dedicated armed service veterans.

Understanding how much down payment for a condo is necessary for making an informed and confident purchasing decision. Your down payment significantly impacts your loan amount and monthly payments, making it an essential consideration in your condo-buying journey. 

Explore your options, assess your financial situation, and consider the ideal down payment that aligns with your homeownership goals. In the meantime, let one of our experienced brokers help you secure your dream home today!

 

Learn More: The Homebuying Process

Is Buying a Condo a Good Investment? Uncover Why Condos Make an Excellent Investment Opportunity

Posted on by Lauren Bozarth

Is buying a condo a good investment? If this question has crossed your mind, you’ve come to the right place.

Condos can make an excellent investment and an opportunity to diversify your portfolio. However, to make a wise investment, it’s important to equip yourself with a thorough understanding of condo investments and professional real estate guidance. 

In this post, we’ll highlight the advantages and considerations of Chicago condo investments. We’ll explore the various facets of buying a condo for investment, including how much condos appreciate per year and neighborhood matchups for potential investors in Chicago. You can also expect to learn why condos can be a lucrative addition to your investment portfolio.

 

The Benefits of Buying a Condo for Investment

Let’s delve into some key reasons why buying a condo for investment might be a wise decision:

  1. Steady Appreciation: One of the first questions potential condo investors ask is, “How much do condos appreciate per year?” While appreciation rates can vary depending on location and market conditions, condos often appreciate steadily over time. Unlike single-family homes, condos are part of a community and benefit from shared amenities, which can boost their long-term value. Throughout the last decade, Chicago has maintained an average annual real estate appreciation rate of 4.88%. This consistent growth has positioned the city as one of the nation’s most prosperous real estate markets. 
  2. Rental Income Potential: If you’re not planning to live in the condo yourself, renting it out can provide a reliable source of income. Chicago condo’s proximity to companies, transportation, and popular attractions can significantly impact the rental income potential. A well-located condo can generate a strong income stream, making it an attractive option for investors.
  3. Diversification: Diversifying your investment portfolio is essential for risk management. Owning a mix of property types, including condos, can help you spread your risk and provide additional stability. The real estate market doesn’t always follow the same trends, and having a variety of investments can help protect your financial interests.

 

Tips for Buying a Condo for an Investment

When considering buying a condo for investment, our team has some helpful pointers to keep in mind:

  1. Strategic Timing: When you invest in a condo, timing matters. The best time of year to invest in a condo in Chicago typically falls during the late fall and winter months. During this period, the real estate market often experiences a slowdown, presenting potential buyers with a favorable window of opportunity. Reduced competition and lower demand can translate to advantageous negotiating power and potentially more flexible pricing from sellers. Additionally, this time of year may offer a chance to explore various options on the market, enabling investors to make informed decisions with less pressure, potentially leading to a more strategic and advantageous purchase.
  2. Smart Location: Location also matters when purchasing a Chicago condo and is paramount for long-term success. The neighborhood sets the stage for the property’s desirability, affecting its current value and potential appreciation over time. Factors such as proximity to transportation, local amenities, schools, entertainment, and safety greatly influence the property’s attractiveness to potential tenants or future buyers. Smart location choices can secure consistent rental income and ensure the property’s sustained value, making it a crucial consideration for any prudent condo investor in the vibrant city of Chicago.
  3. Condo Renovations: While a fixer-upper may initially appear less appealing, it often comes at a more affordable price point, allowing investors to potentially capitalize on undervalued properties. Investors can enhance the condo’s appeal, functionality, and market value by implementing wise and targeted renovations. Smart condo renovations, such as updating kitchens, bathrooms, or modernizing living spaces, can significantly boost the property’s resale value and rental income potential. With careful planning and execution, these improvements can turn a neglected condo into a highly desirable asset, offering substantial returns on investment in the long run. Even if you purchase a unit requiring minimal changes, a few strategic updates may increase value. Just be sure to understand the condo association’s renovation rules and regulations beforehand to avoid any unexpected hurdles.

 

Chicago Neighborhood Matchups for Potential Investors

Since we know location plays an important role when purchasing a condo, let’s explore some popular Windy City neighborhood matchups:

  1. West Loop vs. South Loop: Both West Loop and South Loop offer excellent investment opportunities. West Loop is known for its trendy restaurants and proximity to the downtown area, making it a popular choice for renters. On the other hand, the South Loop boasts cultural attractions like museums and parks. Consider your target audience and investment goals when choosing between these neighborhoods.
  2. Wicker Park vs. Lincoln Park: Wicker Park is a vibrant neighborhood with a thriving arts and music scene. It’s a great option for investors looking to attract a younger, artistic crowd. Lincoln Park, on the other hand, is known for its family-friendly atmosphere and beautiful parks. The choice between these two neighborhoods largely depends on your desired tenant demographic.
  3. Streeterville vs. River North: Streeterville is an upscale neighborhood with a waterfront location, making it an attractive choice for luxury condo investments. River North, known for its nightlife and art galleries, appeals to a younger and trendier crowd. 

Ultimately, Understanding your target market and rental income goals will help you decide which Chicago neighborhood is the best fit.

 

Final Thoughts

So, is buying a condo a good investment? The answer lies in your investment strategy, financial goals, and the specific condo you choose. Condos offer the potential for steady appreciation, rental income, and portfolio diversification. Additionally, Chicago offers various neighborhoods to consider, each with its unique charm and investment prospects.

At Luxury Living Chicago Realty, we understand the nuances of the Chicago real estate market and can help you navigate the complexities of buying a condo for investment. Our expertise in the city’s neighborhoods, market conditions, and investment opportunities positions us as the ideal partner for your real estate investment journey.

Reach out to our team of experienced real estate brokers, and let us guide you through buying a condo for investment with confidence.

 

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Overcoming Common Condo Financing Problems

Posted on by Lauren Bozarth

In the realm of luxury real estate, condos can make a wise home and investment, promising modern living, impeccable amenities, and a prime location. However, prospective buyers may face a maze of potential financing challenges. Fear not; overcoming common condo financing problems is possible with careful planning and expert guidance.

Common Condo Financing Problems

Let’s first delve into some common condo financing problems and how to triumph over them.

  1. High HOA Fees: Condo living often comes with the perk of shared amenities and external maintenance, but that can also mean hefty Homeowners Association (HOA) fees. High fees can strain a buyer’s budget and affect their loan eligibility. The solution? Prioritize properties with reasonable HOA fees or consider negotiating with the seller to cover some costs.
  2. Low Reserves: Reserves are funds set aside for future repairs or unexpected expenses and are crucial for the long-term health of a condo community. Low reserves can signal financial instability and make lenders hesitant. Buyers should inquire about a condo association’s reserve fund and choose properties with well-maintained financial health.
  3. Appraisal Issues: Appraisal problems can arise when the condo’s appraised value doesn’t align with the purchase price. To avoid this, ensure the property is in good condition and research recent comparable sales. If issues persist, consider renegotiating the price or exploring alternative financing options.
  4. Difficulty Obtaining Loans: Some condos fall into the “non-warrantable” category, meaning they don’t meet conventional loan criteria. To avoid this scenario, buyers can explore alternative loan options or work with lenders specializing in non-warrantable condos.

Additional Tips for Success

To navigate or even avoid these common condo financing challenges successfully, prospective buyers should consider the following:

  1. Maintain Good Credit: A solid credit score enhances your eligibility for favorable loan terms. Regularly check and improve your credit to secure the best financing options.
  2. Financial Preparedness: Save for a substantial down payment to improve loan approval chances and reduce the risk of private mortgage insurance (PMI) requirements.
  3. Be Proactive: Start the financing process early and team up with a knowledgeable real estate professional. Being proactive allows you to address potential issues before they become roadblocks.

Common Questions Answered

Here are some answers to questions we often hear from hopeful buyers overcoming common condo financing problems:

  1. How much down payment is required? A larger down payment, often 20-25%, is advisable to secure better loan terms and avoid PMI.
  2. Can I use FHA or VA loans for condo financing? FHA and VA loans are available for condos, but the property must meet specific eligibility criteria.
  3. What is Private Mortgage Insurance (PMI)? When is it required? PMI is insurance that protects the lender if the borrower defaults. It’s necessary when the down payment is less than 20%.
  4. What is a condo questionnaire? What role does it play in financing? A condo questionnaire is a document detailing vital information about the condo association. Lenders use it to assess the condo’s eligibility for financing.

When overcoming common condo financing problems, be informed but also leverage expert guidance and advocacy. Let our team of compassionate brokers help you secure your dream home today!

 

Learn More: The Homebuying Process

How Much Money Do You Need to Buy a Condo?

Posted on by Lauren Bozarth

When purchasing a dream home in the Windy City,  prospective buyers commonly ask, “How much money do you need to buy a condo?” This financial move involves more than just the purchase price, and understanding the full scope of expenses is essential for a sound investment.

In this post, we’ll explore the various costs involved in buying a condo and offer insights into budgeting and financial planning.

How Much Money Do You Need to Buy a Condo?

  1. Down Payment: Your initial down payment is a significant part of the total cost of buying a condo. The typical down payment for a condo in Chicago is around 5% to 10% of the purchase price—the larger your down payment, the lower your monthly mortgage payments. Also, note that the average Chicago condo price tag is $438,000.
  2. Closing Costs: In addition to the down payment, you’ll need to budget for closing costs, which include appraisal fees, inspection fees, insurance, and other miscellaneous expenses. Keep in mind these costs can add several thousand dollars to your purchase.
  3. Monthly Expenses: Once you’ve purchased your condo, you’ll have ongoing monthly expenses to consider. These include insurance, electricity, gas, other utilities and homeowners’ association (HOA) fees. HOA fees cover exterior maintenance, amenities, and communal services.
  4. Additional Costs: Beyond the basics, there are other expenses and condo fees to consider. Moving costs, renovations, and furnishing your condo can add to your initial outlay. You can also prepare for property taxes annually.
  5. Reserve Funds: These are funds used for maintaining the long-term financial health of the condominium complex. They are crucial for covering unexpected expenses or necessary repairs. Understanding the strength of the condo association’s reserve funds is vital to assessing its financial stability and potential assessments.

Determining a Comfortable Budget

To set a solid budget for your condo purchase, start by conducting an affordability assessment. Take into account your monthly income, existing debts, and other expenses to establish a clear picture of what you can afford. If you would like to enlist the help of an expert in the process, consider teaming up with a financial advisor.

First-Time Condo Buyers

If you’re a first-time condo buyer, it’s essential to know how much you should spend. A standard guideline is that your monthly housing costs, including mortgage, HOA fees, property taxes, and insurance, should not exceed 30% of your monthly income. Ensure you have an emergency fund in place and that your other financial goals, such as retirement savings, are not compromised.

Additionally, you’ll want to get pre-approved for a mortgage, work with an experienced real estate professional, and conduct thorough research on the condo complex and the neighborhood. With the right guidance, you can navigate the complexities of buying a condo with confidence.

Keep in mind that condo insurance differs from townhouse insurance.

Saving Up

Before buying your condo, it’s wise to save up an emergency fund and have a substantial down payment. The larger your down payment, the better the terms you may secure on your mortgage. Plus, having savings can provide a safety net for unexpected expenses.

With this information, we hope you feel better equipped to answer, “How much money do you need to buy a condo?” By understanding the costs involved, assessing your budget, and saving prudently, you can soundly invest in your dream condo.

Our team at Luxury Living is here to assist you every step of the way, ensuring that your condo purchase is a seamless and rewarding experience. Connect with us today!

 

Chicago Living Expenses You'll Need to Consider

Benefits of Investing in Condos for First-Time Investors

Posted on by Lauren Bozarth

In today’s ever-evolving real estate market, first-time investors often grapple with where to put their money. Many also wonder, “Is real estate a good investment during inflation?”

Condos, often considered the unsung real estate heroes, offer an array of benefits that make them an excellent choice for novice investors. This post delves into the benefits of investing in condos, showcasing why they are an ideal starting point for those looking to dip their toes into real estate investments.

Lower Entry Costs

One of the primary reasons condos are an attractive choice for first-time investors is their lower price point compared to single-family homes. Condos provide an excellent entry into the real estate market without the substantial upfront costs required for a house. This affordability can be a game-changer for budding investors, enabling them to get their foot in the door.

Convenience and Amenities

Condos come with the added perk of convenience and attractive amenities that are often not readily available to first-time investors of single-family homes. The condo association typically takes care of the maintenance and upkeep of the building and common areas, which means fewer headaches for the investor. Additionally, many condo communities offer amenities like fitness centers, swimming pools, and community spaces, making it an enticing package for potential renters and buyers.

Location

When it comes to real estate, location is everything. Chicago can make it even more enticing for future buyers, enhancing the long-term value. The Windy City is known for continuous growth, attracting a steady stream of residents and businesses. It also has ample attractions, historic charm, waterfront access, and other factors that make it a prime territory for condo investments.

Rental Income Potential

Condos can be a goldmine for first-time investors looking to generate rental income. Depending on the rules and regulations of the condo association, you may have the opportunity to rent out your unit, providing a consistent stream of income. This income potential can be particularly attractive for those looking to diversify their investment portfolio and secure their financial future.

Tax Benefits and Deductions

Another noteworthy advantage of investing in condos is the array of tax benefits and deductions available for condo investors. These tax advantages can help you maximize your return on investment and reduce your tax liability. Be sure to consult with a tax professional to make the most of these opportunities and ensure you’re in compliance with local tax laws.

So, if you’re pondering, “Is real estate a good investment during inflation?” We hope you feel more confident moving forward with investing in a Chicago condo. With the right strategy and guidance, condo investments can be a savvy move for those beginning their journey in the real estate market.

Let our team of experienced professionals help you navigate the process and reap the benefits of investing in condos!

 

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Understanding Mortgage Interest Rates for Your Chicago Condo

Posted on by LLCR Staff

Buying a condo can be an exciting investment, but it can also be overwhelming, especially when it comes to understanding mortgage interest rates. As a first-time buyer, it’s essential to understand what type of loans are available, what interest rates and payment plans are associated with each, and more. Read on for our guide to understanding mortgage interest rates when buying a condo.

Types of Loans

Before we dive into interest rates, let’s take a look at the types of loans available to condo buyers. The most common types of loans are:

  1. Conventional Loans: These are the most common type of loans for condo buyers. Conventional loans are not insured by the federal government, and they typically require a higher credit score and a down payment of at least 5% to 20%.
  2. FHA Loans: FHA loans are government-insured loans that allow buyers to put down as little as 3.5% of the purchase price. These loans are popular among first-time buyers who have lower credit scores and less money for a down payment.
  3. VA Loans: VA loans are for veterans and active-duty military personnel. They are guaranteed by the Department of Veterans Affairs and often have lower interest rates and no down payment requirements.

Mortgage Interest Rates

The interest rate on your mortgage is the amount you will pay to borrow money from the lender. It’s essential to understand how interest rates work and how they can affect your monthly payments and the overall cost of your mortgage.

Interest rates can be fixed or adjustable. A fixed interest rate stays the same throughout the life of the loan, while an adjustable interest rate can change over time.

Fixed Interest Rates

Fixed interest rates are the most common type of interest rate for condo buyers. They provide stability and predictability since your monthly payments will stay the same throughout the life of the loan. Fixed interest rates are typically higher than adjustable rates, but they are a safer option since you know exactly what you will be paying each month.

Adjustable Interest Rates

Adjustable interest rates can be a good option if you plan to sell the condo in the near future or if you expect your income to increase. They typically have lower initial interest rates, but the rate can change over time based on market conditions. This means that your monthly payments could increase or decrease, which can be difficult to budget for.

Payment Plans

When it comes to payment plans, there are two common options: a 15-year or 30-year mortgage.

15-Year Mortgage

A 15-year mortgage is a shorter-term loan that will require higher monthly payments but will save you money on interest over the life of the loan. If you can afford the higher monthly payments, a 15-year mortgage is a great option since you will pay off the loan faster and save money on interest.

30-Year Mortgage

A 30-year mortgage is a longer-term loan that will have lower monthly payments but will cost you more in interest over the life of the loan. If you can’t afford the higher monthly payments of a 15-year mortgage, a 30-year mortgage is a good option. Keep in mind that you will be paying more in interest over the life of the loan, which will increase the overall cost of your mortgage.

What is a Good Interest Rate?

A good interest rate for a condo buyer in Chicago in 2023 will depend on several factors, including your credit score, the type of loan, and the current market conditions. In general, a good interest rate for a conventional, FHA, or VA loan in 2023 would be around 6 to 7%. Keep in mind that interest rates can change daily, so it’s essential to stay up to date on the current market conditions and work with a knowledgeable lender to find the best rate for your specific situation.

When it comes to determining if an interest rate is good or bad, it’s important to look at the overall cost of the mortgage. This includes not only the interest rate but also the fees and closing costs associated with the loan. A lower interest rate may not always be the best option if it comes with higher fees or closing costs.

In addition to the interest rate, it’s important to consider other factors that can affect your monthly payments, such as property taxes, insurance, and homeowner association fees.

Final Thoughts

Understanding mortgage interest rates can be confusing, but it’s an essential part of the condo buying process. By understanding the different types of loans, interest rates, and payment plans available, you can make an informed decision and choose the best option for your situation.

Work with a knowledgeable lender who can guide you through the process and help you find the best rate and loan terms for your specific needs. With the right information and guidance, you can make the condo buying process a smooth and rewarding experience.

Need support during your Chicago condo search? Connect with one of our licensed real estate experts. We are here to help connect you with lenders and other homebuying resources you may need throughout the process. Reach out today!

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2023 Major City Inflation Guide: D.C. Cost of Living Increase

Posted on by LLCR Staff

As the effects of inflation continue to affect everything from grocery shopping to home buying, it’s smart to consider how an increased cost of living could impact the choice of where you move – especially if you’re considering buying a home. This dynamic is present across the country, but if you’re thinking of relocating to the Washington, D.C. area, there are a few specific impacts to keep an eye on.

D.C. Cost of Living Increase 2022

As the nation’s capitol, D.C. is an attractive place to move: with abundant jobs (especially in the public sector), ample cultural destinations and a growing food scene, the city is a natural addition to any list of cities worth moving to. 

From a housing perspective, D.C. is interesting because its metro area spans both Virginia and Maryland. While this does bode well for housing availability, according to Business Insider, the median home value has continued to increase year-over-year while some markets are beginning to cool off: the typical price in the area is $703,506.  

As the biggest expenditure on your budget sheet, the value of your mortgage is perhaps the most important when considering a move. That said, consumer prices are also a key component of what your cost of living will look like, and they’re up 5.6 percent from a year ago in Washington, D.C., according to the Bureau of Labor statistics. This increase is specifically driven by food prices, which are likely to make grocery shopping and dining out more expensive. 

While still a major city on the national stage, Chicago’s median house cost still falls almost $100K below D.C.’s, coming in at $613,525 according to Payscale. It’s a common perception that larger cities are more expensive – and that can be true – but Chicago’s consumer prices are pretty on-par with those of the capitol.

If you’re debating relocating, the Luxury Living team would love to work through the impacts of inflation on local markets with you. Reach out to us today to start your search.

To learn more about the effects of inflation by U.S. city in 2023, follow the link below!

The Effects of Inflation by U.S. City for 2023

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

Posted on by LLCR Staff

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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Stop, look, listen: Focus on what sellers are NOT saying at listing presentations

Posted on by LLCR Team

This article originally appeared on Inman.com

As Realtors and brokers, we know the value of nailing down an effective listing presentation. Luxury clients (whose properties sell for $500,000 or more) take an average of three listing presentations before picking the agent they like best, and competition can be fierce. We’ve been taught to take charge of these presentations and lead clients to conclude that working with you is the best choice. But I’ve found that making the presentation more about listening and less about you works best.

Clients, like all people, tell you so much, not only with what they say but how they decorate, how they interact with each other and what they don’t say. If you’re not actively listening and asking questions from the beginning, it will come back to bite you later in the process.

To create a successful listening presentation for any property, consider these four things as you think about, prepare and practice for the meeting:

  • Ears
  • Eyes
  • Heart
  • Gut

Here’s why each is important to help you close the deal and win the listing.

Ears: Utilize active listening

Listening is the foundation of any relationship. The best way to elicit critical information from your clients is to ask open-ended questions. These are questions that require more than a yes or no answer. Try some of these in your next presentation:

  • Why are you selling your home? What’s causing you to move or make a change?
  • Are you ready to let go of this home and see your property as a commodity rather than your personal space?
  • Where are you going?
  • If you were looking back on this, what would feel like a win?

If you get a response different from what you expected, don’t hesitate to say, “Tell me more about that,” or “explain that to me a little more.” Active listening hears what the client is saying, but it also helps you read between the lines.

Pay attention to word choice.

  • Is the seller using aggressive, defensive language?
  • Are they precise or more general in how they describe what they want?
  • Do you get a sense of hesitation in some answers?
  • Do different people feel strongly about certain parts of the process?

Now is a great time to get a read on the what, when, why and how, which will help you stay on track as the process unfolds. Ask your questions, then let the client talk. Being quiet and listening brings a different level of power to your presentation.

 

Eyes: Evaluate all you see

We say as much with our bodies and surroundings as we do with our words. From the moment you arrive, pay attention to the home and how it’s decorated.

  • What story is the client telling with their choice of decor?
  • What’s on the walls — modern art, beach-themed decoration or family photos? You can tell what’s important to a person based on how they style their home.
  • Are they detail-oriented or the big-picture type?

This information will help you tailor your process to fit their specific needs.

In addition to the decoration, also pay attention to body language. You can quickly pick up on tension or comfort if you watch how someone’s body moves as they answer. You can also understand relationship dynamics on a deeper level. All couples have relationship tells, and there is an almost secret, silent language between partners. See what you can learn from this information.

 

Heart: Lead with compassion 

Selling a home is an emotional experience, but people usually don’t realize this until after the process starts. During this time, we often play two roles — agent and therapist.

Great brokers work from experience and lead with compassion, always. People don’t know how emotionally attached they are to their homes until it’s time to make decisions, so the deeper feelings don’t unfold until after you get the listing. If you’re closely paying attention, you can see who will have the greater emotional struggle early on, and you can prepare.

It’s important to actively listen and establish a connection at the beginning of the relationship. By the time things get heavy, you’ve earned their confidence and trust, and you can help guide your clients through this phase of the process.

Part of our job is to stay focused on the outcome clients want. It comes back to one question: Where are you going? When the emotion comes, you can gently remind your clients why they’re going through this process. Get them to think forward instead of getting caught in the past. You’ll save yourself turmoil and challenge by slowing down, listening and asking questions.

 

Gut: Take the meta-view

If you’re using your ears, eyes and heart during a listening presentation, you’re taking in information. Listing presentations come with their fair share of pressure, since you want to make a good impression.

I encourage you to take what’s called the “meta-view”. Get out of your own way. Picture yourself as a third-party observer, a fly on the wall during this interaction. Take everything in from that other perspective. Sometimes we call this a “high-level view,” With it, you can pick up on things you wouldn’t have noticed otherwise.

Once you’ve listened and connected with your potential clients, you’ll come to the end of your listening presentation, and it will be time to close the deal. Take a moment to review your notes and process what you’ve learned.

My best advice to wrap up the session is to mirror back what you heard clients say. To mirror, you’ll repeat back keywords and phrases you connected with during the presentation. Use phrases like, “What I heard you say,” or “What I picked up on from our conversation.” This makes clients feel heard and seen and lets them know you will be an advocate for them throughout the entire selling process.

 

Christine Carr is the head of agent development Luxury Living Chicago Realty. Connect with her on Instagram and LinkedIn.

Relocating to Chicago? Check Out Our Moving Guide Here

Posted on by LLCR Staff

If you are relocating to Chicago, there are many moving elements to juggle at once. From finding a living space to adapting to life in a new city, let Luxury Living Chicago help you through the process. We have a team who will be by your side the entire way, sharing insight on real estate and Chicago living. 

Your Guide to Relocating to Chicago

Moving Basics

Regardless of where you are coming from, there are basic steps in the moving process that you want to keep in mind.

Before beginning the hunt for your perfect home, be sure to set your budget and establish your non-negotiables. These variables will help direct and narrow down suitable properties. 

You may also want to research the different Chicago neighborhoods beforehand. Each Chicago area offers unique advantages, personalities, and price points.

Thanks to the virtual nature of today’s world, you may begin viewing properties or even secure your property before you land in Chicago. Luxury Living can work with you remotely to view properties or decide on preferred areas.

If you are someone who likes to see a property in person before signing the papers, you can also tour homes you are interested in first.

Once you find the right place for you, you will want to hire movers or at least have a plan to get all of your stuff moved in. 

The final steps involve setting up your home, enjoying it, and getting acquainted with Chi-town!

Moving from California

The move from the west coast to the Windy City is a big one. California drastically differs from Chicago.

A lower cost of living may be the greatest adjustment involved in moving to Chicago from California. You will find that your money stretches much further here, from monthly mortgage to your regular grocery trips. This also means that you may be able to step up your living situation when you come to Chicago. Your budget out here might get you a nicer space with upgraded perks and amenities.

Another pretty obvious shift when migrating northeast is the weather. As a prospective Chicago resident, you will get to experience all seasons! But this also means you should be prepared for those seasons, especially winter. If you have not yet invested in cold weather attire, especially a winter coat, be sure to add that to your list.

If you currently drive a car in California, it’s worth rethinking moving to Chicago. This city has fantastic public transit, which runs through all downtown neighborhoods and makes getting around easy. Plus, it will save you money on parking and upkeep. Even if you decide to keep your car, we’ve broken down the average cost to own a car in Chicago so you can budget before you make the move.

Moving from Boston

While the move from the east coast to Chicago is significant, it may not feel as drastic as the west coast to Chicago. 

Both big cities share many similarities, including excellent public transit, diverse food, and all four seasons.

One significant difference is the cost of living. Coming to Chicago from Boston will provide a nice break for your wallet. The cost of living in Boston is over 30 percent higher than in Chicago. This means you can also get more for your money and more out of the condo you end up finding.

Chicago is a much larger city than Boston, so you will also find a greater variety of things to do. Chicago boasts countless dining options, theatres, events, and more.

Moving from DC

The move from DC to Chicago compares closely to the move from Boston.

For starters, DC is a more pricey city to reside in, with the cost of living also around 35 percent higher than that of Chicago. Folks find it more feasible to live in the heart of Chicago compared to downtown DC.

While DC and Chicago are both vibrant metropolises, Chicago boasts a much greater population, with over 2 million more people residing in the area. 

Despite both spots offering proper seasons, their weather is also slightly different. DC offers more mild winters, but Chicago summers are typically less hot and humid.

Moving from Seattle

If you are heading east from Seattle to Chicago, you are also bound to save some money. Chicago’s cost of living is 18 percent lower than Seattle’s. Many Seattle residents are finding it much harder to buy a home within the city limits due to constantly increasing housing prices.

While Seattle is a hot spot for artists and techies, Chicago also offers a great job market and a great place for young working professionals.

Seattle may offer a fairly mild climate, but Chicago certainly will provide more days of sunshine and less rain. So, that means you will not need to whip out your umbrella as frequently.

Moving from the UK

If you are venturing all the way across the pond to move to Chicago, you may experience a more significant moving experience.

This move obviously can’t be made by car. If you have a good number of items you hope to take with you to Chicago, you can send goods by air freight or use a part load or full shipping container services.

After the move, the time change may be one of the most difficult initial adjustments.

The winters may also be an adaption- and one that takes longer to get used to. This season is colder in Chicago than in the UK, so be prepared with the right attire and gear.

If you come from London, you will appreciate knowing that the cost of living in Chicago is nearly 30 percent more affordable.

Since you are most likely moving to Chicago without a car, do not be in any rush to get one. Public transit really does make getting around without a vehicle reasonably easy. So, it is worth trying it out for yourself first. 

Moving Back to Chicago

Those returning to the windy city may find the moving transition easier, with a greater knowledge of the area.

However, depending on how long ago you called Chicago home, you may find that the city has evolved a bit. New trendy neighborhoods have popped up on the radar over the last few years, and the cost of living has also gone up.

It may still be worth connecting with a real estate expert to help match your needs with the right neighborhood and property.

In fact, wherever you are relocating to Chicago from, it is beneficial to have an experienced broker to help you walk through the home buying process. Let one of our team members help you with your big move!

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Have a Place for Everything With Unique Storage Cabinets

Posted on by LLCR Staff

When your space is tight or feels like the mess is overflowing, it is easy for a home to feel more chaotic than peaceful. One great way to keep your space more organized is to get things off the floor and onto shelving or into storage. Consider reorganizing your condo with these unique storage cabinet ideas.

7 Unique Storage Cabinet Ideas

  1. Cabinet organizers– Kitchens can collect a lot of clutter. Finding organizers to place inside your existing cabinets provides a simple solution to maximizing your space. You can find multi-tier pull-out drawers, simple stackable shelves, or creative cabinet dividers to add to this area.
  2. Over-the-door storage– When room is tight, this type of storage option comes in handy. You can find multi-tier basket organizers to hang over your bathroom door, cabinet door organizers, or organizers for all those extra shoes.
  3. Storage furniture– Finding a multi-purpose piece of furniture offers a strategic way to save space. Look for a nice ottoman that works for sitting and storing. When finding a console table, be sure to look for one with shelves or drawers for more room to store.
  4. Mounted mirrors– Every home needs a mirror, so why not ensure you have one with extra storage. You can use mounted mirrors that double as a jewelry armoire. There are even full-length mirrors with discrete shelving.
  5. Vacuum seal storage bag– This is an excellent storage route for those seasonal items. Once winter is over, you can throw all of your Christmas sweaters in one of these compression bags. With the help of a vacuum seal storage bag, you will be shocked by how much space you can save. Once they are sealed and extra air has been sucked out, you can hide them under a bag or in a storage closet. 
  6. Floating shelves– Not only is this a great option to spruce up your walls, but floating shelves offer more space to hold your decor, books, and more without taking up valuable floor space. You can find an array of options for any room and any aesthetic.
  7. Decorative wall hooks– Another way to make the most of your floor space and add a fun touch to your walls involves finding nice wall hooks. You can install a beautiful coat rack near your entrance to hang jackets, purses, hats, and more. 

As you work to maximize the square footage in your home, be sure to try out some of these unique storage cabinet ideas. If you are looking for a Chicago condo with ample space, be sure to connect with Luxury Living Chicago. Our team of experienced brokers would love to match you with a place that aligns with your needs and wishlist.

Searching for more storage ideas for your condo? Follow the link below!

Condo Storage Ideas

7 Benefits of Buying a Condo Vs. Renting

Posted on by Lindsay Smith

There are a few things to keep in mind when deciding if buying or renting is the best move for you. Keep reading to uncover some of the top benefits of buying a condo vs. renting.

7 Benefits of Buying a Condo vs. Renting

For many, buying a condo is far superior to renting when it comes to financial gains, but there’s much more than just that. Consider these additional benefits of buying a condo vs. renting:

    1. You have free rein to do whatever you want within the interior walls of your condo. One of the greatest value-adds when you purchase a condo is the endless list of renovations you can do to upgrade your space, ultimately improving your home value. When you rent an apartment, you typically won’t have much wiggle room with what you can replace, and any updates that you do make will most likely have to be reverted back to its original upon move-out.
    2. Your monthly mortgage payment stays the same. This is another huge benefit of owning a home. Unlike most apartments that increase in rent annually, when you own a condo, your monthly payment is locked in for the period of your loan.
    3. Historically, homes appreciate over time. In the majority of cases when you purchase a home, you’re also purchasing an appreciating asset. Things like location, renovations, and the length of time you stay in your home affects your return on investment, but many homeowners are generally able to sell for more than they purchased their home for.
    4. Homeowners receive tax benefits. Every year, homeowners are able to deduct property taxes and mortgage interest when it comes time to file taxes.
    5. You get to build equity. According to Quicken Loans, Equity is the difference between what you owe on your mortgage and what your home is currently worth. For example, if you owe $200,000 on your mortgage and your home is worth $300,000, you now have $100,000 of equity. Many things will affect your equity, including the total amount you’ve paid off thus far on your mortgage, any renovations made to your home, and the appreciation of your home.
    6. Earn extra income by renting out an extra room. When you’re a homeowner, you have the option to rent out an extra room, a floor, or your entire home for extra income. If you don’t plan to rent your space to monthly tenants, you can consider listing your room on Airbnb or VRBO for a little extra cash.
    7. Strong pride in ownership. Owning a home is a huge milestone and is one to be celebrated. When all is said and done and you’re settled into your new place, the feeling that you’re now living in a place you can call your own is something truly surreal. 

Whether you’re still tossing around the question “Should I rent or buy?” or if you’re eager to start your home buying journey, connect with us today. Our team of experienced professionals are well-versed in the Chicago market and are here to help you answer any questions you may have. 

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How Our Flexibility Helps You Find the Right Home

Posted on by LLCR Staff

If you are a first-time homebuyer or unsure of your needs, there is no better partner to guide you than Luxury Living Chicago Realty (LLCR). Our vast expertise in the city and our knowledge of various types of properties across Chicago means we’re flexible and can easily adapt if your needs change.

Learn how LLCR can help you find the right home in Chicago:

  • Prompt response – When it comes to finding the perfect home, there is no time to waste. LLCR understands how time-sensitive this process is, and that is why we guarantee an immediate response to help establish your expectations and criteria.
  • Agent match – You can always expect Luxury Living to partner you with a professional and licensed real estate broker. Each agent on our team has the expertise and experience needed to streamline the search process.
  • Process expertise – From mortgages to inspections, we can provide advice and professional recommendations. While your home purchase is ultimately your choice, we want to help inform your decision so you can feel confident making such an important decision.
  • Streamlined search – As you look for the perfect home, we can offer guidance to help you navigate the current sales market. With a fluctuating market and a structured real estate process, our team will help simplify each step for you.
  • Skillful negotiation – Throughout your home-buying experience, LLCR will advocate and work to ensure that you get the best deal possible. Over the years, we have successfully made this happen with our clients using our different negotiation strategies.
  • Total guidance – Rest assured that our team will be by your side through every complicated step of buying a home. We are there for your questions, hesitations, and all of the exciting moments.
  • Complete resource – Our commitment to you does not end when you find the perfect home. We will become your trusted real estate resource for anything you may need in the future, even after the deal is done.

Buying a home is no small move, and Luxury Living Chicago Realty recognizes this. We understand the weight of this decision, and that is why we go above and beyond to provide you the best experience possible.

If you are prepared to find the right home in the Windy City, our team members are eager and ready to help you begin the search. Let us walk alongside you in this exciting endeavor!

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7 Stay at Home Date Ideas for Chicago Couples

Posted on by LLCR Staff

The truth is that you don’t need to leave your house to enjoy a romantic evening with your special someone and it’s okay to focus on date night and take the night off from all the at-home activities with your kids or cranking it in your new home gym.

If you’re looking to make a date at home in your condo feel special, look no further. We’ve got seven stay at home date ideas for couples.

7 Stay at home date ideas for couples

  1. Have a Game Night- Don’t underestimate a game night date night. There are endless choices, whether you’re looking for a classic board game or wanting to download a game straight to your device. You can find conversation starter games online, or stick with a classic choice, like chess or scrabble.
  2. Cook a Meal Together- Find a recipe you both love or one you’ve always wanted to try and get those aprons ready. Consider making homemade pasta accompanied with a glass of your favorite red, or maybe a classic family recipe that’s been passed down.
  3. Set up an At-Home Spa- Get your hands on some face masks and comfy slippers and spend the evening unwinding and relaxing. A normal trip to the spa can break the bank, so why not bring the spa to your house?
  4. Have a Travel-Theme Inspired Dinner- Even if you can’t actually fly somewhere exotic, you can make your space feel exotic. Pick a destination you and your partner love or have been wanting to go, and customize your date accordingly. If you’ve wanted to take a trip to Italy, make some homemade pizza, throw the Italian tunes on, and light some candles. If you don’t feel like cooking, find a local restaurant that specializes in the cuisine of your choice. 
  5. DIY Wine and Paint Night- Pour some vino and unleash your creativity as a couple by setting up your own paint station. Get all your essential art supplies stocked and find a tutorial you like on Youtube to watch together.
  6. Enjoy a Movie Night- If you’re looking for a laidback evening, pop some popcorn, and throw on a movie you’ve both been wanting to see or one you’ve been meaning to re-watch.  
  7. Pretend the Electricity is Out- Light the fireplace, turn off all electronics, and cozy up by the fireplace. You can even turn the evening into an at-home camping trip and set up a tent in your living room to have some extra fun.

Since at-home date nights are the new norm, you may be wondering how you can spruce up the place. Rest assured, we have plenty of tips for you including our helpful guide to luxury condo interior design, 13 small space design ideas, and some of the best small condo kitchen appliances for your dinner date nights.

Looking for more ways to enjoy life at home in your Chicago condo? View our recent stay at home guide for more tips to make you love staying in instead of going out.

 

Condo Tips To Make You Love Staying In

7 Boutiques in Lakeview Chicago That You Have to Visit 

Posted on by LLCR Staff

The vibrant Lakeview neighborhood makes the perfect spot to live, explore, and shop.

For a day full of shopping and soaking up the charming community, head over to the bustling commercial districts along Belmont Avenue, Lincoln Avenue, Clark Street, Halsted Street and Broadway Street.

Around this area you can find a few of our favorite boutiques in Lakeview, Chicago:

  1. The Coleette Collection (2858 N Clark St): If you’re in need of a brand new weekend outfit, this is the perfect one-stop spot. This trendy boutique offers an incredible assortment of women’s fashion. Whether you are on the hunt for handmade jewelry or looking for contemporary brands and styles, discover your dream wardrobe here.
  2. Krista K (3458 N Southport Ave): This female fashion boutique was designed for those trendsetters looking for an upscale shopping experience. While clothing is a bit more pricey here, this shop promises high quality, luxury, and a whole floor of premier denim!
  3. The Chicago Music Exchange (3316 N Lincoln Ave): This boutique is every musicians’ and collectors’ dream. Along with new, vintage, and used guitars, you can also find an impressive selection of music gear and fun swag.
  4. Art De Triumph (2938 N Clark St): Since 1987 this boutique frame shop and art gallery has remained a neighborhood favorite. Stop by and admire beautiful custom artwork and then chat with an expert framer to find something to take home -from ready-made frames to the highest quality Italian handcrafted moldings.
  5. Mignonette Bridal (53 W Jackson Blvd): If you’re a bride to be or your shopping for the perfect wedding gift, check out this full-service lifestyle boutique and browse beautifully made goods for wedding ceremonies. Here you’ll come across custom-designed gowns, vintage suits for grooms, and gift-worthy jewelry and accessories.
  6. Inkling (2917 1/2 N Broadway): For all things quirky, charming, and custom, head into Inkling. This artsy boutique features a wide range of the latest designs from talented artists, including handmade greeting cards, stunning jewelry, and beautifully-scented candles. 
  7. M2 Boutique (3525 S Southport Ave): Whether you’re looking to treat yourself or pick up a unique gift, step inside this cozy corner shop and see for yourself why it’s become a neighborhood favorite. Browse all of the unique handpicked items, from a huge selection of cute Cubs gear to adorable home decor.

Spend a day exploring the best boutiques in Lakeview, Chicago to take advantage of all of the fun finds that this exciting neighborhood has to offer!

Planning Your Investment: Condo vs Townhome Resale Value

Posted on by LLCR Staff

If you are looking for a wise investment, it is crucial to investigate condo vs. townhome resale value before making a big purchase.

Here is everything you need to ensure long-term value of your potential townhome or condo.

Overview of Reselling a Condo

If you are leaning towards a condominium investment, the good news is that these properties typically sell much quickerthan single-family homes, even in a down-market, due to lower costs.

To ensure higher resale values, buyers need to select condo units carefully. It is essential to take into consideration factors such as the resale history of other units in the building, current property values, and the local real estate market.

When condo owners are ready to resell, it is also critical to get up to speed on the condo association’s rules and guidelines as to what can be done with the units. Associations may place limits on who the condo may be sold to, buyer pre-approval and where you place for-sale signs.

Setting your home apart from the other similar surrounding condo units and communities involves highlighting your condo’s assets and neighborhood amenities. Determining a competitive selling point is also crucial to the success of your resale.

Overview of Reselling a Townhome

The process of reselling a townhome closely mirrors that of a condo. However, sellers have found that townhomes tend to have lower resale values.

Not only can it be more challenging to fill a townhome community, but it is often harder to obtain financing for townhomes. This is due to the increased liability of owning both the land and the physical structure.

On the positive side, determining a fair selling price of a townhome is relatively easy because of the many similar properties in the community.

When listing a townhome, it is also critical to highlight the amenities of the community and the HOA dues that the buyer will encounter.

Where you Can Look to Find a Good Investment

Finding a worthwhile investment, whether that involves the purchase of a condo or townhome, involves finding a desirable location and community.

Here are a couple of questions you may want to ponder to determine if you have found an ideal area for the ideal investment:

  • Is the property in an area where properties are in demand, such as near a college or university?
  • Is the property in an area that is getting less popular or more popular?
  • Could a major employer in the area close down and cause rental/purchase demand to decline?
  • Could a new condo development be built nearby, requiring expensive improvements to compete?

Now that you are up to speed with condo vs. townhome resale value, it is time to start planning that perfect property investment!

Moving to Chicago? Take Our Advice

Posted on by LLCR Staff

Luxury Living Chicago Realty has been working with people who want to rent, sell and buy Chicago real estate for over 10 years. We specialize in working with clients who are interested in moving to Chicago for the first time.

Part of our process is helping these types of clients determine if they should rent or buy when they have never lived in the city before.

Chicago has seen a huge new construction boom in brand new rental apartments for the last few years, but lately brand new Chicago condos have started to hit the market. If you’re moving to Chicago and looking for a brand-new home you must debate the perks of rent vs. buy.

When should you rent a Chicago apartment?

If you are relocating to Chicago, it might be helpful to rent for the first year. Take time to fully explore Chicago and learn which areas you really enjoy.

When should you buy a Chicago condo?

If you’re ready to take the sales plunge ask yourself these two questions:

  1. How familiar are you with Chicago neighborhoods and do you know which ones you would want to put down more permanent roots?
  2. Where do you see yourself in one year, three years and five years? Buying is a long-term commitment, where renting gives you flexibility.

We’d love to help if you’re moving to Chicago for the very first time. Click the button below to access our Chicago Relocation Guide to get started.

Learn More About Living in Chicago 

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