November 21, 2018
Finding a New Home: Why Buy a Condo?
Finding a New Home: Why Buy a Condo?
By LLCR Staff

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

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

Why Buying a Condo is Better Than Renting an Apartment

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

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

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

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

Benefits of a Long-Term Investment

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

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

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

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

How to Find the Right Condo for You

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

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

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

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