August 5, 2018
What is a Condo Community Like?
What is a Condo Community Like?
By LLCR Staff

Condo communities offer residents a convenient and comfortable lifestyle.

While condos may not provide the same amount of space as single-family homes, they do offer less maintenance, extra amenities, and opportunities for a close-knit community all at a more reasonable cost.

How Condo Communities Typically Function

By definition, a condo community consists of a single building or multiple buildings with separate units owned independently. Condominiums are often adjacent to other units, and unlike townhomes, may also be situated above or below the other units, particularly if the building is a high-rise.

Although each condominium unit is independently owned, and frequently leased out, the entire condominium is managed by the community’s homeowners’ association.

Every homeowner is a member of HOA and pays annual or monthly dues which help fund community amenities, such as a pool and gym, and provide services including garbage removal and building maintenance.

Do you Have to Attend Homeowners’ Association Meetings?

Condo community HOA meetings may take place on a regular or annual basis.

As members and critical voices of the condominium’s HOA, residents are strongly encouraged to attend these meetings.

While meetings generally are not mandatory, they provide a forum for critical discussion regarding homeowner issues and opportunities to make changes. Decisions made during these meetings also impact members property values, therefore remain very important for any townhome owner.

Topics of discussion at HOA meetings may include altering the budget, electing a new board of directors, or voting on amendments to the HOAs governing documents.

Attending HOA meetings additionally provides residents a terrific opportunity to connect with other neighbors and enhance the sense of community.

How you Share Common Areas

If you live in a condominium, it is not uncommon for neighbors to cross paths due to a large amount of shared common space.

While common areas vary depending on the specific condo community, many residents share hallways, stairs, lobbies, elevators, parking lots, and building entries and exits.

It is not uncommon for condos to provide shared parking lots or garages, but reserving a spot often comes at an additional cost to residents. Condo owners can learn more about parking regulations through their HOA’s governing documents.

Additional common space for condo neighborhoods to share may include amenities such as a community park, lounge, pool, gym or tennis court. These amenities are optional for residents to take advantage of, however, each unit owner should be aware that he or she is helping to fund these amenities through their HOA dues.

Utilizing these common areas provide residents with great activities and opportunities to socialize and get to know neighbors in the community,

Take advantage of all of the convenience condo communities offer and find your perfect home today!

Work With Us

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.