Tag: Owning a Condo

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

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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Condo Board Meeting Rules — What You Need to Know

Posted on by LLCR Staff

Whether you’re planning on attending or running a condo board meeting, it’s crucial to have a grip on the rules.

Don’t worry—the Luxury Living team is here to break down everything you need to know about condo meeting rules.

Overview of Condo Board Meeting Rules

Condo board meetings designate a time and space for the association’s board of directors to manage the day-to-day administration of the condo association, such as the rules, regulations, and maintenance of housing development.

While specific condo board meeting rules depend on the community’s bylaws, there are standard expectations for any board meeting.

Condo board meetings must remain open to the members of the association unless it is a closed or “executive” meeting. These exclusive meetings are occasionally arranged to discuss more confidential matters, such as a legal issue or a homeowner’s financial status. 

Condo boards are always required to notify association members of meetings, often between seven and thirty days in advance. The notice should include an agenda of topics to be discussed.

During the board meeting, the agenda needs to be followed unless the governing documents provide an open forum during which new members may raise new business.

A member of the board is also required to keep minutes of each meeting and make those minutes available to HOA members.

Know What You Can Ask, Bring Up, Etc.

If you have an upcoming board meeting to attend, it’s helpful to know what’s appropriate to discuss beforehand.

One of the most important rules of thumb is sticking to the agenda. Make sure your questions and comments are relevant to the current discussion unless you’re provided an open forum at the end of the meeting.

Also, keep in mind that the board meeting is focused on more specific, day-to-day matters. if you have any concerns dealing with broader issues, such as rules of the association, or the annual budget, you can bring up these topics at the condo membership meeting.

Additional Resources 

If you’re an existing member of a condo association, don’t hesitate to reach out directly to your board for more clarity regarding the condo board meeting rules. You can also examine the association’s bylaws yourself if you feel comfortable.

A licensed broker is another excellent resource if you have questions or you’re still looking for the right condo. Connect with our experienced team today!

What You Need to Know About a Condo Membership Meeting

Posted on by LLCR Staff

Whether you own a condo or you’re still searching, chances are you’ll eventually be invited to attend a condo membership meeting.

The Luxury Living Team is here to share everything you need to know about these meetings beforehand.

Overview of a Condo Membership Meeting

When you purchase a condo, you are also expected to pay regular dues which grants you membership into the condo association.

This association is run by an elected board of directors, which handles the maintenance and repair of common areas, disputing among unit owners, and enforcement of rules and regulations, and condominium fees.

While the board manages these community issues, condo unit owners still have a voice in the operations and the choice in board members. Unit owners have a chance to use this voice at condo membership meetings. 

The primary goal of this meeting is to address significant topics that affect the community at large. For example, a membership meeting is necessary when adopting the annual budget, enacting rules of the association, amending the declaration of bylaws, and conducting board elections.

The Illinois condominium statute and the bylaws of each condominium should indicate when a membership meeting is required. The condo association also needs to notify all unit owners of the meeting date and agenda far enough in advance. 

Differences Between a Condo Board and Membership Meeting

When understanding condo membership meetings, it’s important to distinguish them from condo board meetings.

While membership meetings are intended for all association members to discuss major issues that affect the entire community, board meetings are in place for the board to discuss more specific matters.

Condo board meetings allocate regular time for the board to manage the day-to-day administration of the condo association, such as the rules, regulations, and maintenance of housing development.

Although board meetings are designated for a conversation among the association’s elected board, homeowners are still allowed to be present during the meetings. The only exception exists if it is a closed or “executive” meeting. These exclusive meetings are occasionally arranged to discuss more confidential matters, such as a legal issue or a homeowner’s financial status.

Additional Resources

If you’re already a member of an association, don’t hesitate to reach out directly to your board for more clarity regarding the condo membership meetings. You can also find specific guidelines and insight within your association’s bylaws.

A licensed broker is another great resource if you have questions and you’re still looking for the right condo. Connect with our experienced team today!

What Needs to Be on Your HOA Annual Meeting Checklist

Posted on by LLCR Staff

Annual Homeowner Association (HOA) meetings are crucial to keeping the community informed and involved. This delegated time provides residents the opportunity to come together to discuss and vote on important matters.

It’s important to create and follow an HOA annual meeting checklist to execute a successful meeting that covers all the necessary topics.

Overview of What Must be on the Checklist 

The primary goal of an annual HOA meeting is to address significant topics that affect the community at large.

Monthly board meetings address smaller HOA matters that generally deal with the day-to-day administration of the association.

When preparing for the annual HOA meeting, consider including the following items in your meeting checklist:

  • Major milestones or successes among the board or community
  • Presentations by the board, its committees, and professionals involved in community business like accountants, contractors, and vendors
  • Announcements about staff or management changes
  • Proposals requiring residents’ approval
  • Approval of the annual budget

Additional Things you may Want to Consider 

Successful annual HOA meetings also involve thorough planning and preparation.

As you begin organizing the meeting, keep these logistics in mind:

  • Date: When choosing a suitable time for your annual HOA meeting, pick a date and time that is most convenient for your residents, like after normal work hours or on the weekends. It’s also crucial you give residents enough time to pencil in the meeting. Most HOAs have the annual meeting on the calendar at least six to eight months in advance.
  • Location: Of course, you want to ensure that the location of your meeting is in proximity to your community members. If there is a large enough common area within the neighborhood, consider hosting the meeting there. Otherwise, pick a fun venue or location nearby to host the meeting. 
  • Announcements: How are you going to notify residents about the annual meeting? While it’s generally required to notify each HOA member directly, it’s also essential to market the meeting other ways. Consider hanging reminders throughout common areas. If your HOA has a website or social media channels,  you can also post announcements online.
  • Agenda: Residents should also be notified of the annual meeting’s agenda beforehand. The bylaws likely describe any notice requirements the board or managers must comply with in advance of the annual meeting.
  • Incentives: Incentives are extremely helpful to encourage residents to attend annual HOA meetings. Consider offering food or prizes at the meeting.

Additional Resources

For more information on HOA annual meetings, you can refer to your homeowner association’s bylaws. These governing documents lay out the specific guidelines for HOA operations, including annual meeting requirements.

You can also get in touch with an experienced real estate broker who has a thorough understanding of the HOA annual meeting checklist.

What You Need to Know About a Condo Board Meeting

Posted on by LLCR Staff

If you are a condo owner, or in the process of becoming one, chances are you’ll eventually be invited to a condo board meeting. Before attending one of these meetings, it’s important to understand why they exist and how they operate.

Overview of a Condo Board Meeting

When you purchase a condominium unit, you automatically become a member of a homeowner association and are expected to pay regular membership dues.

This association is run by an elected board of directors, which handles the maintenance and repair of common areas, disputing among unit owners, and enforcement of rules and regulations, and condominium fees.

This association board is required to arrange condo board meetings because it operates as a corporation and therefore needs to meet with its officers and shareholders- in this case, board members and homeowners. 

The condo board meetings allocate regular time for the board to manage the day-to-day administration of the condo association.

Things New Condo Owners Should Know

If you’ve recently purchased a condo unit and you’re new to the association, there are a couple of things to keep in mind about condo board meetings.

First, before attending a scheduled meeting, ensure that it’s not a “closed-door” meeting for board directors only. However, in most cases, unit owners are legally allowed to attend open board meetings.

Even if the meeting is open to the entire association, you may not have the right to actively participate or vote during the board meeting. Annual meetings are designated at another time during the year to open up the floor to all members of the association to discuss broader issues.

Condo associations are always required to send out a notice at least 48 hours before a condo board meeting.These notices need to be mailed directly to all members of the association. They are also often posted around the condominium building.

As a new condo owner, it may be in your interest to attend these condo board meetings, although they aren’t required. Being present for these conversations can help you stay up to speed with board decisions that may directly improve your quality of life and the value of your property.

These meetings can also help you better prepare for the annual meetings when your voice can be heard, and you have the ability to vote on important matters.

Additional Resources

For additional information regarding your condo board meetings, don’t hesitate to get in touch with your association’s board directly. You can also request access to your association’s board policies.

If you’re in the process of finding a condo, your licensed broker is a great resource to learn more about your prospective condo association and its board meetings.

Connect with our experienced team today to help streamline the search for the perfect condo!

Can You Convert One Bedroom Into Two in Your Condo?

Posted on by LLCR Staff

If you’re considering adding an extra room to your condo, don’t be too quick to begin construction.

Before any big remodel project, especially one that involves converting one bedroom into two, you must first receive the go-ahead.

 

Why you need HOA Approval

Homeowner associations (HOAs) are responsible for maintaining and managing condo communities. These associations have tight control over establishing rules that unit owners must follow, especially when it comes to remodeling.

Before beginning any renovations, including adding an extra room to your condo,  it is critical to examine your HOA’s condo renovation rules to see what is permissible. You can find these guidelines laid out in the Covenants, Conditions, and Restrictions (CC&Rs).

Many CC&Rs require board approval before moving forward with any structural remodeling.

Homeowners associations generally try to grant unit owners as much freedom as possible, as long as they don’t upset or violate the rights of community members. The rules are in place to keep the community as safe and peaceful as possible.

If you disregard or violate your HOA rules and regulations, be prepared to face fines or legal action.

 

What is Considered a Structural Change in the City

If condo owners want to add or remove a wall within their unit, they need permission from the HOA because this type of remodeling is considered a structural change.

So what exactly is considered a structural change in a condo?

In many HOA bylaws, when defining structural change, a standard clause reads, “Nothing shall be done in any unit or on the common areas which may impair the structural integrity of the building or which may structurally change the building.”

Essentially, these definitions mean that a structural change involves changing your condo unit’s original floor plan and knocking down walls.

Anytime you change your unit’s layout, you need to run your design plans by HOA to ensure the safety of your unit and the entire building. Many associations ask homeowners to file an architect’s plan for any alterations on a unit.

If you add an extra room to your condo, this will involve changing the original floorplan of your unit and knocking down walls, therefore this renovation constitutes a structural change.

While it is likely that your HOA will allow this type of structural change, they need to be in the loop of this process, especially if it will be a loud and possibly disruptive project.

If you are serious about adding an extra room to your condo, don’t delay speaking with your HOA. The quicker you can get approval, the sooner you can begin your dream home renovations!

What Are Condo Flooring Requirements?

Posted on by LLCR Staff

When it comes to renovating a condo, be prepared for more restrictions than single-family home projects.

Because condos feature multi-family housing, the homeowner associations (HOA) have to take other residents and the building as a whole into consideration when implementing rules.

One of these HOA regulations includes condo flooring requirements. The Luxury Living team is here to share everything you need to know about understanding flooring rules and choosing the right floors for your home.

 

HOA Flooring Rules

Homeowner associations exist primarily to maintain and regulate a community. While the HOA doesn’t have a say in everything unit owners do, they do have a voice when it comes to flooring decisions.

Hard-surfaced floors can lead to noise nuisances and frustrations from the downstairs neighbors, so HOAs implement condo flooring requirements that help minimize noise complaints and keep residents happy.

Homeowner associations will typically include any restrictions on hard surface flooring in the rules and reference sections of the Code, Conditions, & Restrictions (CC&Rs). There may also be an adoption of guidelines as to what an owner can do to get approval for hard surface flooring if possible.

What happens if you ignore your HOAs flooring rules? Well, the board may subject you to fines, liens, or even legal action.

So if you have been considering tearing out that old carpet and replacing it with beautiful hardwood, be sure to run it by your HOA first before making any moves.

 

Best Flooring for Condos

Narrowing down the best flooring for your condo can be tricky.

While there are plenty of options, laminate tends to be a popular choice. This material looks just as beautiful as hardwood but comes at a more affordable price with soundproof qualities.

Vinyl also provides one of the quietest flooring option to ensure peace and quiet for you and your neighbors. Depending on the specific vinyl material you chose, this flooring choice can range anywhere from about $.40 per square foot for thin sheet vinyl, to $3.00 or so per square foot for luxury vinyl planks.

If you are looking for comfy and quiet, carpet is another safe route to take. This quiet flooring for condos is known for its sound-absorbing qualities from the fibers, as well as the mats the carpet installed over. Some HOAs may even require a certain percentage of condo floors to be carpet.

If you are teaming up with a contractor to spearhead your condo renovations, they are likely to provide good advice when it comes to choosing the best flooring for your condo. They also will have a thorough understanding of your condo’s CC&Rs to ensure the floor are compliant with the HOA’s rules and regulations.

Understanding and following your condo’s flooring requirements will help keep you, your neighbors, and your HOA happy during your next renovation project!

How to Use Condo Remodeling Contractors

Posted on by LLCR Staff

Remodeling a condo can be extensive and exhausting. To save yourself from overcommitting to a DIY project, consider teaming up with a professional condo contractor.

Leaving some of the hard work in the hands of an expert will help ensure that the vision for your space comes to life.

 

Residential Contractor Condo Work

Relying on condo remodeling contractors helps optimize the outcome of your home renovations. It also saves you time and stress associated with home improvement projects.

Residential contractors have the experience and credentials to flip your space, taking one more worry off your plate.

Additionally, these contractors are familiar with how homeowner associations operate and how to navigate HOA’s Codes, Conditions, and Restriction (CC&Rs). This is important because every condo HOA has its own unique set of rules and regulations that dictate what can and can’t be done during home improvement projects.

Unlike single-family homes, condos present a limited, finite, and shared space. Contractors understand how to work with this unique space and within the restrictions of multi-family housing.

 

Finding Condo Contractors

Before teaming up with any contractor, you need to find a good fit.

Narrowing down a suitable contractor involves finding one who you trust and fits in in your condo renovation budget.

Get recommendations. Speak with local real estate experts or friends to help find someone with a good track record. If no one in your circle of friends has a referral, check in with the National Association of the Remodeling Industry for a list of reliable members in your area.

If you think you’ve found your potential hire, be sure to meet or an in-person interview before moving forward.

Before hiring anyone, write up a contract that details every phase of the project: payment schedule; proof of liability insurance and worker’s compensation payments; a start date and projected completion date; specific materials and products to be used; and a requirement that the contractor obtain lien releases (which protect you if he doesn’t pay his bills) from all subcontractors and suppliers.

 

Condo Renovation Budget

Financing condo renovations can be tricky and costly.

Before beginning any phase of remodeling, establish a condo renovation budget. It’s important to decide in advance how much money you have to work with. Also, be sure to stick with this budget as closely as you can during the process.

If you decide to hire a contractor, be sure to know how much you have to spend on this hire. Consider setting up an agreed upon payment plan before the work begins.

With a better understanding of residential condo contractor work, that renovation project you’ve been dreaming of may not be far from reality. Find the perfect contractor today!

What You Need to Know About Condo Renovation Rules

Posted on by LLCR Staff

If you are considering remodeling your condo, you want to make sure that you are up to speed with all the rules and regulations before moving forward with any project.

The Luxury Living team is here to break down the major condo renovation rules that any unit owner should keep in mind.

Renovating a Condo Rules

Homeowner associations (HOAs) are responsible for managing condo communities. These HOAs have tight control over establishing rules that unit owners must follow, especially when it comes to remodeling.

Due to the fact that condos are attached to other units, condo owners are often under many more regulations when it comes to remodeling a unit than single-family homeowners.

Before beginning any renovations, it is critical to examine your HOA’s condo renovation rules to see what is permissible. You can find these guidelines laid out in the Covenants, Conditions, and Restrictions (CC&Rs).

If you don’t follow your HOA’s condo rules, the board may subject you to fees or court time, neither of which are fun to deal with. So to avoid these repercussions proactively stay informed and in accord with the CC&Rs.

Can you Remove Walls in a Condo?

Many condo owners remodeling inquire if they can remove a wall in their condo. While the answer is generally  ‘yes’, the unit owner must first go to the HOA board for approval.

Because condo units share walls and floors with neighbors, remodeling requires consideration of the building as a whole.

The homeowners association wants to be sure that the removal of your interior walls won’t result in damage of the condo or the integrity of the building.

What is Considered a Structural Change in a Condo?

Unit owners require permission to remove a wall is because it is considered a structural change.

So what exactly is a structural change in a condo?

In many HOA bylaws, when defining structural change, a standard clause reads, “Nothing shall be done in any unit or on the common areas which may impair the structural integrity of the building or which may structurally change the building.”

Based on this definition, a structural change involves changing your condo unit’s original floor plan and knocking down walls.

Therefore, if you are interested in changing up your condo’s floor plan, be sure to get the go-ahead from your board before beginning remodeling.

With a better understanding of the rules involved in renovating a condo, hopefully you feel more confident moving forward with your next remodeling plans.

If you’re looking for a new home to add a little TLC, you came to the right place. Our experienced brokers are well versed in the Chicago market and can help you find a home to add your own personal touches to or a brand new move-in ready construction.

Need some additional renovation ideas for your condo? Follow the link below!

Condo Renovation Ideas For Every Room

Condo Renovations That Improve Your Home Value

Posted on by LLCR Staff

If you are considering selling your condo be sure to first maximize the value of your home.

Renovations provide an excellent opportunity to upgrade your space and improve the worth of a home.

The Luxury Living team is here to share some worthwhile condo renovations that increase home value and optimize the return on your investment.

 

How Renovations Increase Value of Condos

Home improvement projects prove to be one of the best ways to boost home value.

By remodeling your condo, you can improve the functionality and beauty of your property, which ultimately increases the selling price of your home.

If you can list your condo at a higher price than what you purchased it for, you may be able to pocket a significant amount of money once the deal closes.

However, to ensure a return on investment, it is critical to chose your renovations wisely. You want to be sure that the cost of enhancing your property will pay off when you resell.

 

Best Condo Upgrades

When deciding on remodeling projects to pursue, you want to consider the desires of prospective purchasers.

Here are some of the best condo upgrades to entice potential buyers and  improve your home value:

 

  • Kitchen: According to real estate experts, the kitchen is the most significant upgrade. Many new home buyers rank ‘modern kitchen’ as a top priority in their house hunt. Invest in refitting this area with brand new quartz countertops, refitted cabinets, and stainless steel appliances.
  • Hardwood Floors: Floors are also a major selling point for your home. While hardwood floors may cost more out of pocket, they prove to be a worthwhile investment by helping units sell faster and for higher prices. There’s nothing worse than bad, outdated carpet.
  • Bathroom: Similarly to the kitchen, the bathroom speaks volumes to potential homebuyers. It is worth your dime to upgrade the cabinets and other features throughout your bathroom. Good news is that these upgrades tend to run at a much lower cost compared to kitchen renovations.
  • Paint: Even a fresh paint job can work wonders for increasing the value of a condo. Play it safe and stick with a neutral color scheme. Whites and off-whites remain the top-selling interior colors and appeal to most homebuyers.

 

Should you Renovate?

For any homeowner planning to resell, renovations may be the key to increasing your condo’s value.

If your condo unit is looking outdated or in need of a structural change, then renovating may be a no brainer.

Even if your condo is in good condition, simple changes, such as a fresh paint job, or new appliances may lead to greater interest and higher asking prices.

Consider meeting with a local real estate expert or contractor to get advice on which renovations are right for you.

Now that you have insight into remodeling and renovations that improve home value, it may be time to begin a project of your own today!

Can You Renovate a Condo?

Posted on by LLCR Staff

Condo renovations can help transform a house into your dream home. These projects also have the potential to increase the value of your property drastically.

If you’ve questioned whether or not you can renovate a condo, then keep reading.

Whether you have experience with home renovations or this is a new venture, rest assured that the Luxury Living team is here to share how to remodel a condo and what you need to know beforehand.

 

Condo Renovations That Improve Your Home Value

Renovations have great potential to maximize your property’s worth. Improving your condo’s value can help ensure a return on investment if you decide to resell your property.

Check out some of the best condo upgrades to improve your home value:

  • Kitchen: According to real estate experts, the kitchen is the most significant upgrade. Many new home buyers rank ‘modern kitchen’ as a top priority in their house hunt. Invest in refitting this area with brand new quartz countertops, refitted cabinets, and stainless steel appliances.
  • Hardwood Floors: Floors are also a major selling point for your home. While hardwood floors may cost more out of pocket, they prove to be a worthwhile investment by helping units sell faster and for higher prices. There’s nothing worse than bad, outdated carpet.
  • Bathroom: The bathroom speaks volumes to potential homebuyers. It is worth your dime to upgrade the cabinets and other features throughout your bathroom. Good news is that these upgrades tend to run at a much lower cost compared to kitchen renovations.
  • Paint: Even a fresh paint job can work wonders for increasing the value of a condo. Play it safe and stick with a neutral color scheme. Whites and off-whites remain the top-selling interior colors and appeal to most homebuyers.

 

What You Need to Know About Condo Renovation Rules

Homeowner associations (HOAs) are responsible for managing condo communities. These associations have tight control over establishing rules that unit owners must follow, especially when it comes to remodeling.

Condo owners are often under many more rules when it comes to remodeling a unit than single-family homeowners.

Before beginning any renovations, it is critical to examine your HOA’s condo renovation rules to see what is permissible. You can find these guidelines laid out in the CC&R (covenants, conditions, and restrictions).

Condo owners considering remodeling often inquire if they can remove a wall in a condo.  Generally, the answer is ‘yes.’ However, the unit owner must first go to the HOA board for approval.

Unit owners require permission to remove a wall is because it is considered a structural change.

So what exactly is a structural change in a condo?

In many HOA bylaws, when defining structural change, a standard clause reads, “Nothing shall be done in any unit or on the common areas which may impair the structural integrity of the building or which may structurally change the building.”

Essentially, a structural change involves changing your condo unit’s original floor plan and knocking down walls.

Anytime you change your unit’s layout, you need to run your design plans by HOA to ensure the safety of your unit and the entire building.


How to Use Condo Remodeling Contractors

Teaming up with condo remodeling contractors helps optimize the outcome of your home renovations. It also saves you time and stress associated with home improvement projects.

However, before moving forward with a contractor, you need to find a good fit.

Narrowing down a suitable contractor involves finding one who you trust and one who fits into your condo renovation budget.

Do some research beforehand and get recommendations. Speak with local real estate experts or friends to help find someone with a good track record. If no one in your circle of friends has a referral, check in with the National Association of the Remodeling Industry for a list of reliable members in your area.

If you think you’ve found your potential hire, meet for an in-person interview to be sure the contractor is a good match before making anything official.

Once you’ve secured the right person for the job, ensure that the contractor is up to speed with your HOA’s renovation rules and regulations.

The final step before contractors can begin residential contractor condo work is putting everything in writing.

Write up a contract that details every phase of the project: payment schedule; proof of liability insurance and worker’s compensation payments; a start date and projected completion date; specific materials and products to be used; and a requirement that the contractor obtain lien releases (which protect you if he doesn’t pay his bills) from all subcontractors and suppliers.

 

What Are Condo Flooring Requirements?

Homeowner associations often implement condo flooring requirements to minimize noise complaints and keep residents happy.

Hard-surfaced floors can lead to noise nuisances and frustrations from the downstairs neighbors.

Therefore many HOAs include restrictions on hard surface flooring in the rules and reference sections of the CC&Rs to ensure quiet flooring for condos. There may also be an adoption of guidelines as to what an owner can do to get approval for hard surface flooring if possible.

If you are considering tearing out that old carpet and replacing it with beautiful hardwood, be sure this condo renovation follows the HOA’s guidelines.

Laminate makes one of the best floorings for condos. This material looks as beautiful as hardwood, but is more affordable and know for its soundproof qualities.

Vinyl is another popular option that tends to provide the quietest flooring option.

Before moving forward with any home improvement project, be sure to understand and follow your HOA flooring rules to avoid conflict and complaints.


Can You Convert One Bedroom Into Two in Your Condo?

If you want to convert one bedroom into two, be sure to check out your condo HOA’s CC&Rs. Odds are you will need to get approval from the board before moving forward with the remodeling, especially since it is a structural change.

When examining what is considered a structural change in a condo, it is clear that if you add an extra room to your condo you will be changing the original floorplan of your unit and knocking down walls.

Before making any structural change, remember that you need to run the project pass your homeowners association to avoid fines or court. Many associations ask homeowners to file an architect’s plan for any alterations on a unit.

While it is likely that your HOA will allow this structural change, they need to be in the loop during this process, especially if it will be a loud and possibly disruptive project.

Homeowners associations generally try to grant unit owners as much freedom as possible, as long as they don’t upset or violate the rights of community members.

Renovating a condo provides an exciting opportunity for homeowners to bring their dream house to life. Begin your property’s transformation today!

How to Work With an Interior Designer for Condos

Posted on by LLCR Staff

Interior designers for condos help ease and enhance your home makeover.

If you are looking to decorate a new space or spice up your current home, consider teaming up with an interior designer to take the reins on your condo interior design plans.

Why do I Need an Interior Designer?

Teaming up with an interior designer is always a worthwhile investment if you have extra room in your budget.

Not only do interior designers bring expertise to the table, with education and experience, but they also have the creative eye to bring your decorative vision to life.

It’s like second nature for these designers to find condo interior decorating ideas to help create beautiful condo interiors.

In addition to their qualifications, interior designers also have the time to invest fully in your condo’s renovation. This will save you extra time and stress. While you still get to provide input in the design process, you get to leave it to the professionals to tackle the more difficult tasks.

 

Finding the Right Interior Designer

Like any hire, you want to find an interior designer who is a good fit.

When it comes to choosing the ideal designer for condos, you want to take time to research beforehand.

Look into designers in your area and check out their portfolios. You can tell a lot about a designers’ style and quirks through his or her past work. You may also want to see if they provide their pricing online to ensure that they fall within your budget.

If you think you may have narrowed down a potential hire or two, consider setting up an interview. An actual conversation may provide you better insight into the designer and help you determine if he or she is a good match.

 

What to Expect Working with a Designer

If you decide to partner with an interior designer, there are a couple of things to keep in mind during the process.

First, set realistic expectations. While reality television shows have led some of us to believe that home improvement projects are a breeze, the truth is that these projects don’t happen overnight. They require time and money. That is why it is crucial to establish a feasible timeline and budget with your designer beforehand.

Throughout the entire design process, it is also critical to maintain communication, especially regarding your needs and expectations. Open dialogue allows your and the designer to stay on the same page. This is critical for successfully executing the vision for your space.

Decorating a condo is an exciting, but often demanding project. Take advantage of an interior designer for condos to help successfully transform your house into a home today!

Modern Condo Interior Design Ideas

Posted on by LLCR Staff

If you live in a contemporary condo, it is critical that your unit’s decor reflects the modernity of the building.

To help you with this task, the Luxury Living team is sharing some modern condo interior design and decorating ideas to help optimize your urban space.

 

Modern Condo Interior Design

There are plenty of modern condo interior design ideas to magnify a contemporary space.

The colors you chose to incorporate in your condo can make a huge impact. Consider going with a white color palette throughout your unit. Not only does this neutral color palette create a sleek space, but it also helps make your condo feel larger. However, don’t be afraid to add some pops of color here and there with some fun accent pieces.

Urban spaces also call for a dramatic focal point, especially in your living area. Investing in a large, sleek centerpiece can enhance the overall look and feel of your space.

 

Modern Condo Decorating Ideas

Modern condo decor is a must if you want to maintain a contemporary look and feel.

Here are a few modern condo decorating ideas to add character and chic to your condo:

  • Dramatic light fixtures: Featuring unique light fixtures in your condo can immensely enhance the modern vibes. Try finding metallic sconces, either slightly elongated or round ones to go with your space.
  • Artwork: Contemporary art is a must for any modern condo. Imaginative pieces featuring metal, glass, or ceramic can provide a pop of color and add a fun touch to your place.
  • Natural elements: Consider bringing some life into your condo by adding some greenery or driftwood throughout your space.

 

Team up With a Professional

Hiring an interior designer to help modernize your condo unit not only eases the design process, but it also enhances it. These decorating professionals have the experience, time, and eye to transform your place.

Keep in mind that home improvement projects do not happen overnight, despite what HGTV may have led you to believe. Be sure to have a feasible budget and timeline when you meet with your interior designer.

Before selecting your interior designer, do some research. Look into your potential hire’s portfolio to check out some of the designer’s styles and quirks.

Throughout the entire design process, it is critical to discuss your needs and expectations with your designer openly. This allows you and the designer to stay on the same page.

Bring these modern condo interior design ideas to life and begin your home’s transformation today!

Decorating Ideas for Your Open Concept Condo

Posted on by LLCR Staff

Open concept condos provide plenty of space to work with when it is time for decorating.

The Luxury Living team is here to fill you in on essential open concept condo decorating ideas. Take notes and prepare to completely transform your home!

 

Furnishing an Open Concept Condo

Open concept floor plans allow you to create distinct areas within one multipurpose space. The way you arrange your furniture is critical to dividing these different sections and keeping a nice flow to your home.

Section off cozy corners and lay down large area rugs to separate areas, including a living room, office space, and dining area. Then arrange appropriate furniture on top of the rugs. Select rugs that flow with the color scheme and vibe of the rest of your condo.

Be sure to incorporate symmetry in your open space. With expansive areas, keeping the space symmetrical using large pieces of furniture helps create a balanced look and brings order to a large room.

 

Open Concept Decor

Once your furniture is set up, it is time to bring your space to life with the decor.

The decorations you chose can help bring your condo together and transform your house into a home with character.

As you begin decorating, try picking one color that you want to incorporate in your place and won’t get sick of. Then feature this color in a variety of shades and tones throughout the condo.

With an open concept floor plan, don’t be afraid of large decorative pieces. Try finding expansive artwork for the walls or sizable plants for the floor.

 

Team up with an Interior Designer

If the idea of decorating an open concept condo seems a bit overwhelming, consider hiring an experienced professional. Interior designers can help ease the process by providing their experience, time, and eye to transform your space.

Keep in mind that home improvement projects do not happen overnight, despite what HGTV may have led you to believe. Be sure to have a feasible budget and timeline when you meet with your interior designer.

Before selecting your designer, do some research. Look into your potential hire’s portfolio to check out some of the designer’s styles and quirks.

Throughout the entire design process, it is critical to discuss your needs and expectations with your designer openly. This allows you and the designer to stay on the same page.

Open concept decorating is an exciting process for new or veteran decorators. Take advantage of these open concept condo decorating ideas to create a multi-functional and inviting home.

Small Condo Decorating Ideas

Posted on by LLCR Staff

Many condo units, especially in a big city, are not so generous with space. While this may deter some house hunters, rest assured that with the right small condo decor you can make any space feel larger.

The Luxury Living team is here to share small condo decorating ideas so that you can maximize your space and create your dream home.

 

Small Condo Interior Design Ideas

Limited space doesn’t have to mean limited decorative possibilities.

Here are just a few small condo interior design ideas to make the most of your area:

  • More mirrors: Incorporating multiple mirrors into your living area can open up your space, making a small room feel larger and more inviting. Plus, mirrors help reflect light to brighten your place.
  • Keep the floor clear: With limited space, you don’t want to cram your floors with stuff. Go for floating pieces, such as wall shelves and hanging plants to help minimize clutter.
  • Wall lights: Add a stylish touch and brighten up your small space by installing scones or wall lamps.
  • Floor-to-ceiling draperies: Hanging up long curtains right where your wall meets the ceiling will instantly add height to your condo and make your living room feel more spacious.

 

Get Practical:

There’s a way to combine decorating with functionality. To make the most of your decorations and your space, creative storage options are essential.

Finding furniture that is dually functional will come in handy living in a small condo. Invest in a fun ottoman or bench that flows with the feel of your space and provides extra storage.

Wall shelves also offer excellent small condo decor and practicality. They add a fun decorative touch and provide an additional spot for more of your stuff.

 

Consider an Interior Designer:

Teaming up with an interior designer can help bring these small condo interior design ideas to life. These experienced professionals have the experience, time, and eye to work with your space to bring your vision to life.

Keep these tips in mind if you plan on hiring an interior designer:

  • Set realistic expectations: Keep in mind that home improvement projects do not happen overnight, despite what HGTV may have led you to believe. Set a feasible budget and timeline when you meet with your interior designer.
  • Take time to find the right fit: Before selecting your interior designer, do some research. Look into your potential hire’s portfolio to check out some of the designer’s styles and quirks.
  • Communication is key: Throughout the entire design process, it is critical to discuss your needs and expectations with your designer openly. This allows you and the designer to stay on the same page.

Take advantage of these small condo decorating ideas to optimize your space today!

Condo Decorating Ideas for Your Living Room

Posted on by LLCR Staff

Your living room can say a lot about you and the rest of your home. Generally, this is the first space guests see and gather.

To ensure a good impression and a space you love, check out these condo decorating ideas for your living room.

Furnishing a Condo Ideas

While there are many factors to consider when finishing a home, furnishing may be the most essential aspects to consider when decorating your living room. Choosing and arranging your furniture wisely improves the overall look and feel of your space.

So how do you make the right choice when it comes to picking out your living room furnishings?

Most importantly, chose furniture that speaks to you, falls within your budget, and fits in with the overall feel of your condo.

Let’s say you are going for a rustic look throughout your condo; In that case, you would want to find furnishings that define this look, such as a natural looking wooden table or a dark leather couch.

Along with choosing fitting furniture, the placement of your furnishing is also critical. Arrange your living room to create a focal point for and conservation areas that allow for socializing and easy traffic flow.

Complete your living room area with some fun artwork or wall decor. Be sure all of your additions stay cohesive with the rest of the room.

Condo Living Room Layout Ideas

The layout of your living room is also crucial for good flow and space. Regardless of your living room design or size, you want to arrange your furniture so that your place feels inviting.

If your condo unit features an open floor plan with no distinct living room, you will need to create this space. You can do this by adding a large area rug complete with furniture over it to help define the separate area. Also, consider keeping the space symmetrical using large pieces of furniture help create a balanced look.

Condos with limited space require a bit more problem solving to create a more open feel.

Small Condo Living Room Ideas

If you are working with a small living room, don’t worry. Limited space doesn’t have to mean limited decorating possibilities.

Here are some easy solutions to maximize the space in your living room:

  • More mirrors: Incorporating multiple mirrors into your living area can open up your space, making a small room feel larger and more inviting. Plus, mirrors help reflect light to brighten your place up.
  • Keep the floor clear: With limited space, you don’t want to cram your floors with stuff. Go for floating pieces, such as wall shelves and hanging plants to help minimize clutter.
  • Wall lights: Add a stylish touch and brighten up your space by installing scones or wall lamps.

With new inspiration and condo decorating ideas for your living room consider transforming your space today!

How to Start Decorating a Condo

Posted on by LLCR Staff

Whether you are in the middle of moving into a new condo or wanting to spice up your current space, it’s always beneficial to learn tips on how to decorate a condo unit.

The Luxury Living team is here to walk you through the exciting process of decorating a condo in hopes of helping you create your dream home.

 

Where to Begin

Before decorating a condo, you want first to find inspiration. Doing research beforehand can help create a vision and plan for your space.

A great place to hunt for some decorating ideas for a condo is online. Sites like Pinterest and Apartment Therapy provide great visuals and articles to help point you in the direction to take your condo decor. Be on the lookout for styles or ideas that catch your eye.

Once you have a good idea on the look or vibe you want for your condo, the next step is to plan out your vision. Make a list of all of the decorations and furnishings you will need and then map out how you want to arrange your room.

 

Executing the Vision

After the plan is complete, you are ready for execution- the final step in the decoration process. Execution is bringing your vision to life and transforming your house into a home.

The first stage of execution is shopping. Check online sites or nearby stores to find the perfect furnishings for your condo. Homegoods and Wayfair are great places to start.

Once you’ve purchased all of the essential decorations, it is time to assemble and arrange everything.

 

Consider an Interior Designer

Consider teaming up with an experienced professional to help ease and enhance your house transformation.

Interior designers have the experience, time, and eye to help bring your vision to life.

If you decide to take advantage of an interior designer to implement your condo interior decorating ideas here are a few tips:

  • Set realistic expectations: Unfortunately, many home improvement projects do not happen overnight. Be sure to have a feasible budget and timeline when you meet with your interior designer.
  • Take time to find the right fit: Before selecting your interior designer, do some research. Look into your potential hire’s portfolio to check out some of the designer’s styles and quirks. You may even want to interview him or her to ensure a good match.
  • Communication is key: Throughout the entire design process, it is critical to discuss your needs and expectations with your designer openly. This allows you and the designer to stay on the same page.

Now that you’ve gained valuable insight into decorating a condo, it is time to turn these ideas into a reality and transform your home today!

Why You Should Consider Selling or Buying a Home in the Fall

Posted on by LLCR Staff

Fall is a season of change-  temperatures dropping, leaves falling and sweaters making an appearance.

Among this time of transitions, consider making a big move of your own by selling or buying a home in the fall.

Selling a Home in the Fall

The fall season, including dates between September 1 and November 30, often makes for a promising time to sell a home.

Naturally, selling a home during any season comes with advantages and disadvantages.

Here are a few pros and cons to be aware of if you plan on selling your home in the fall:

Advantages of selling a house in the fall:

  • The fall tends to bring in serious buyers. Fall house hunters are often motivated to purchase quickly- before the winter hits and the busy holiday season begins.
  • After the summer, there are fewer listings on the market. This means less competition for sellers and more opportunities to get close to or over asking price.

Disadvantages of selling a house in the fall:

  • Fall is considered an off-peak season, which means sellers won’t see as many prospective buyers as the springtime.
  • As the weather declines during the fall, this has the potential to hinder showings and curb appeal.

Fall Moving Tips

To ensure a smooth and successful fall move keep these tips in mind:

  • Begin the search or sale early- Typically the real estate market stays pretty strong, until about October when it starts to slow down. Therefore, if you are considering listing your home in the fall, don’t delay to increase the odds and timeline of a closing.
  • Photograph ASAP– The earlier you can take those professional house photos, the more promising they will turn out. Not only is the weather more likely to cooperate, but you are also more likely to still have some pretty landscaping intact and better lighting for the photo-ops.
  • Hire a professional agent– Teaming up with a licensed broker helps ease the buying and selling process, and also promotes closing the best deal. Brokers understand the local real estate market and have insight into maximizing the city’s season for a successful sale.

Best Time to Buy a Condo

If you are a new or younger buyer in the market for a condo, fall remains a great season to shop.

According to Trulia’s Q3 inventory report, peak home buying season for “starter” home buyers typically begins in the fall. With more homes listed during this season, buyers not only receive more options to choose from, but will also see the prices of homes soften.

If condo buyers are on a tight budget, winter may be a wise time to buy. This season generally guarantees the best deal on a purchase. However, be aware that there tends to be a limited array of listings on the market during this time.

Before it gets too cold or too busy, team up with an experienced broker who can make selling or buying a home in the fall the best decision of the season.

How to Go About Buying or Selling a Home in the Winter

Posted on by LLCR Staff

The Chicago winters are a great time to bundle up, prepare for the holidays, and enjoy the plenty of restaurants. This season also makes for a fantastic time to buy or sell a home in the Windy City.

Buying or selling a home in the winter proves to be a smart move for both parties, and the Luxury Living team is here to tell you why.

Buying a Home in the Winter

Whether you are in the market for your first house or a new place to call home, consider buying your dream place in the winter.

Although winter may not be the most popular time to house hunt, this proves beneficial to buyers. The winter season provides the most affordable time to close on a new place.

With fewer people shopping for homes during the winter, competition is limited. This minimized competition means lower demand, which also helps keep the housing prices down.

Not only are there fewer buyers during the winter, but there are also fewer houses on the market. While this reduces buyers’ options, it helps keep the listing prices down.

Also, be aware that purchasing a house at the end of the year will provide significant tax benefits. If you close on a house before the new year, you can deduct closing costs, mortgage interest, and property taxes. Additionally, interest rates are generally lower before the new year.

Why Sell in Winter

The winter also makes for an ideal time to sell your property.

With a smaller pool of houses for sale during the winter, sellers have less competition as well. Naturally, with less competition, homes can be listed and sold for higher prices than during busy seasons.

A study conducted by online brokerage Redfin found that average sellers net more above asking price during December, January, February, and March. The same study also revealed that homes listed during the winter months sell faster than those listed in the spring.

Winter Moving Tips

Moving in the winter is a wise financial move, but it may also present some challenges.

To alleviate some of the stress associated with the Windy City winters here are a few moving tips:

  • Hire professional movers- We promise this is an investment that will prove worthwhile. Save yourself the time, trouble, and cold by allowing moving experts to take on the task.
  • Keep an eye on the forecast- Monitor the weather leading up to moving day to make sure there’s not an unexpected storm on the way. If the radar isn’t looking too promising you may want to adjust your moving schedule.
  • Find an experienced broker– Teaming up with a real estate and Chicago expert can help ease and speed up the process and make the transition easier.

Don’t let the cold keep you from buying or selling a home in the winter. Get in touch with a broker and begin the process today!

What’s the Best Time of the Year to Buy a Home?

Posted on by LLCR Staff

Timing is crucial- especially when it comes to buying a home.

While there are plenty of factors to consider when purchasing a property, timing can drastically affect the market, which directly impacts your purchase.  

The Luxury Living team is here to help provide insight into determining the best time of year to buy a home.

Here’s the Best Time of Year to Buy a Condo in Chicago

If you are considering purchasing a condo in the Windy City, it is vital to figure out the best time of year to begin your house hunting to ensure a strategic and worthwhile investment.

While there is no perfect formula for timing your condo purchase, there are certain seasonal trends that help indicate the ideal time to buy.

For young home buyers, or anyone looking to save money, the winter months, specifically January and February, may be the best time to make an offer. Numbers show that average condo price drop around $6,000 in the winter, compared to the late spring and summer.

If buyers are more concerned with options rather than price, springtime generally proves to be a better time to house hunt. This season tends to offer Chicagoans with the highest number of housing listings to choose from. Just keep in mind that with more competition on the market, springtime tends to increase the price of listings. March through May are the months that homes find themselves selling for record high prices.

While condos are a hot housing option in a large city, we can’t forget about the single-family homes. If you’ are curious when the best time to start browsing for this home type, the rule of thumb is generally the same as condo purchases.

Once you are ready to pull the trigger and buy a property in Chicago, keep in mind that this journey may take a while. The entire process, from beginning the house search to closing on your purchase, can take anywhere from three to six months; or even longer if issues arise.

While the house hunting period depends largely on the efficiency of the buyers and agent, the average closing period in Chicago hovers around 45 days.

How to Go About Buying or Selling a Home in the Winter

While the Chicago winter is a time of holiday hustle and bustle and frigid temperatures, don’t let this deter you from buying or selling your home.

With the wintertime proving to be a wise time to buy a home, consider using this season to find your dream home.

While buying a home in the winter is often the most affordable time to purchase a property, keep in mind that listing options are not as abundant during this season. The smaller pool of homes helps keep the listing prices down but also limits your selection.

The winter is also an excellent time for people looking to sell their property, especially because of the tax benefits. Buying and selling in the winter allow both parties to apply credits or claims on taxes before the new year.

Moving during the Chicago winter is a wise financial move, but it may also present some challenges.

To alleviate some of the stress associated with the Windy City winters here are a few moving tips:

  • Hire professional movers- We promise this is an investment that will prove worth it. Save yourself the time, trouble, and cold by allowing moving experts to take on the task.
  • Keep an eye on the forecast- Monitor the weather leading up to moving day to make sure there is not an unexpected storm on the way. If the radar isn’t looking very promising you may want to adjust your moving schedule.
  • Find an experienced broker– Teaming up with a real estate and Chicago expert can help ease and speed up the process.

Why You Should Consider Selling or Buying a Home in the Fall

The fall season is another promising time to consider selling or buying a home. During this time the normal market typically sees a second “rush” of buyers, especially as many leases come to an end, schools start back up, and people want to buy or sell before the winter comes.

Typically the real estate market stays pretty strong, until about October when it starts to slow down. Therefore, if you are considering listing your home in the fall, be sure to begin the sale early to increase the odds and timeline of a closing.

If your home has a nice amount of outdoor space, keep in mind that as the season begins to approach winter, your landscaping may start to die. You want to try and capture buyers attention while your outside is still pretty.

Tips for Buying or Selling a Home in Spring

Springtime in Chicago often proves to be a busy time in the world of real estate. Many sellers like to wait for the winter to pass until they list their property. Vice versa, many buyers also hold off searching for the dream house until the weather clears up and more listings pop up on on the market.

The main appeal for home buyers to shop in the spring is the listing options. This season tends to boast a variety of housing options, providing house hunters with endless choices and the opportunity to be more selective.

While buyers have the advantage of a wide selection, they should also be prepared to pay more competitive prices. If you end up finding a home during the spring, make sure to work closely with a licensed broker to help find a suitable property in your budget and negotiate a fair closing cost.

While these higher listing prices may deter some potential buyers on a budget, this competitive market tends to entice sellers. With so many properties for sale, sellers can list their house for the highest and best dollar. The nicer spring weather also enhances properties’ curb appeal and online pictures, which further helps attract potential buyers.

Buying a Home in the Summer? Use These Tips

There is nothing like a Chi-town summer. Not only is this the perfect time to explore Chicago, but it also makes for a great season to buy a home for yourself.

Summer house hunters are bound to find plenty of listings on the market to choose from. While the number dwindles a bit from the Springtime, this means that buyers will likely see price drops or sellers will be more willing to negotiate.

To fully take advantage of the hot summer market, be sure to utilize a broker to help narrow down the best house options and ensure you get the best possible price. Don’t forget that during this season you are likely to pay less than the asking price.

The summer is also a suitable time to put your house on the market if you are ready to sell. While your home may not sell as fast as it would in the Spring, the likelihood of a contract is still very high. Just be prepared for interested buyers to negotiate during this time of year.

As a seller, also keep in mind that the beautiful summer weather helps ensure better quality photos and better showings than during the gloomy seasons.

With a greater understanding of the Chicago seasons and how they impact the housing market, hopefully you feel more confident determining the best time of the year to buy a home.If this season is right for you, contact an experienced broker to help you find your dream home today!

Is a Home or Condo a Better Investment?

Posted on by LLCR Staff

Potential investors commonly inquire if homes or condos are a better investment. The truth is that the answer is not black and white. While the answer depends entirely on the buyer’s needs and the local market, condos prove to be a beneficial investment for many.

Why Condos are a Good Investment

If you are looking to invest in a large city, specifically Chicago, it is safe to say that purchasing a condo is a wise move.

Financing a condo allows for easier entry into the housing market at a relatively affordable cost, which is especially appealing to new or young investors.

Plenty of investors have profited on condos either through monthly rental income or reselling.

Since the end of the housing market crash in 2007, condos have only been increasing in resale value. Condos have also proven to sell fairly quickly, regardless of the state of the market.

If you chose to rent your condo for extra monthly profit, buyers have an opportunity to take advantage of impressive tax deductions, as well as equity growth.

How Condos Compare to Homes

Finding affordable single-family homes in a big city tends to be unreachable for new or young buyers, with many of these properties reaching the millions. Condominiums, on the other hand, tend to offer a more practical purchase for these types of buyers.

However, prospective condo owners should be prepared to pay monthly or annual homeowner association fees associated with ownership.

Although these fees may dissuade some potential buyers, it is critical to remember that they provide condo owners with an added convenience that homeowners don’t receive. Instead of worrying about keeping up with the yard or dealing with building repairs, condo owners can leave these additional concerns in the hands of the HOA.

Another perk of owning of investing in a condo is the resale rate. Research has shown that condominiums tend to sell quicker than single-family homes, even in the down market.

Where to Find Great Condos and How a Broker can Help you Find Them

Securing a worthwhile investment also involves aligning your needs as a buyer with the perfect property. This requires a thorough knowledge of the market as well as your expectations.

For new and experienced investors, licensed brokers can help support prospective buyers’ needs and streamline the search process.

Experienced real estate professionals understand the local and national market and can help point out hot or up-and-coming neighborhoods that will attract future tenants or buyers. They can also help you negotiate prices and ensure that all of your needs are met.

Additionally, agents can help examine HOA documents with a critical eye to ensure that you don’t miss any rules or regulations that may make rentals or resale difficult.

Don’t let the opportunity to invest and build equity pass you by. Team up with an experienced broker and find the perfect condo today!

What is an HOA Resale Package?

Posted on by LLCR Staff

If you are in the process of purchasing or selling a condo, be prepared for lots of paperwork. There is a great deal of information the buyer needs to be aware of before obtaining the title to a property.

Among all of this paperwork involved in condo sales, HOA resale packages are critical for any prospective buyer to receive.

Overview of an HOA resale package

When a buyer is ready to purchases a condo, the homeowners association generally administers a resale package. This package is prepared by the HOA, within seven to ten days of the initial offer. This package is a packet of critical information, including a complete set of record documents that govern the association.

Regardless or not if a state requires HOA’s to provide resale packages, buyers should always obtain these documents before finalizing a transaction.

While information within these packages may vary depending on the state, they commonly include the following documents:

  • Annual Financials
  • Articles of Incorporation
  • Budget
  • Bylaws
  • Covenants, Codes, & Restrictions (CC&Rs)
  • Insurance Declaration Page
  • Regular Meeting Minutes
  • Resale Certificate/Demand
  • Reserve Report, Rules and Regulations

Generally, it is the seller’s responsibility to obtain the resale package for the buyer. However, if you do not receive an HOA resale package following your offer on a condo, your licensed real estate broker should be your first point of contact.

Why You Need to Get One

As a condo buyer, it is crucial to obtain and carefully review all documents within your HOA resale package before moving forward with the purchase.

This package discloses information about the community and whether or not the seller is current in their financial obligations to the association. All of this information could impact a buyers decision to close on the listing.

Knowledgeable and trustworthy brokers can point out any restrictions in the resale certificate that may lead a buyer to walk away from a deal.

HOA resale packages also protect both the buyer and the seller from potential disagreements and litigations and minimize financial risk for the association.

How it Makes the Buying and Selling Process Easier

The HOA resale package eases the buying and selling process by laying out important information all in one place. The buyer does not have to worry about going back and forth with the agent or seller to sort out details regarding the transaction.

This paperwork enables transparent transactions and keeps buyers fully informed before investing in a property.

Both sellers and buyers will find that HOA resale packages offer vital information and peace of mind during a transaction. Keep this in mind before moving forward with your next condo purchase.

What You Need to Know About Buying a Condo as an Investment Property

Posted on by LLCR Staff

If you have a desire to profit from the robust Windy City real estate market, consider buying a condo as an investment property.

For any new or experienced buyer, condominiums provide a more affordable and low-maintenance investment in a large city.

What Are Investment Properties

An investment property is real estate property that is purchased with the intention of earning a return on investment, or a profit on the original purchase. This ROI is often gained through either rental income or the future resale of the property.

While there is no magical secret to finding the perfect investment property, investors do rely on certain skills and strategies to help narrow down a property that is likely to be profitable.

Teaming up with an experienced broker is one of the first steps any buyer should take to ensure an informed and strategic property investment.

Why do People Choose Condos as An Investment

If you are considering investing in a condo, know that you are not the only one who recognizes the advantages that this property type offers. Condominiums attract investors for multiple reasons.

First, condos tend to be more affordable than single-family homes; especially in a large city like Chicago.

Condo investments also provide the opportunity to profit on monthly rental income and receive substantial tax write-offs.

Additionally, if you invest in a condo, there is less maintenance to worry about. The real estate investors are not directly responsible for caring for the building or common grounds area, which means more time and less stress.

How to Find the Right Option for Your Investment

To ensure a wise investment and maximize your ROI, it is essential to find a condo unit that best fits your needs.

Here are a couple of items to keep in mind when searching for the right investment:

  • HOA Fees: Investors appreciate condos because the homeowner association provides beneficial maintenance and services to residents. However, to fund these activities, unit owners are required to pay monthly or annual dues. Before closing on a property determine how much you would be expected to pay as a member of HOA.
  • HOA Rules: Along with fees, HOAs also establish a set of rules for condo owners and residents to follow. Some HOAs enforce stringent regulations regarding rentals, including the number of units that may be rented out. Examine your potential properties to ensure that the guidelines won’t interfere with any plans to rent or resell.
  • Financing the Investment: Be sure to sort out your plans to fund your investment. While obtaining mortgage loans is a common method of financing, keep in mind that these loans are generally more expensive to obtain than single-family detached homes.

If you are ready to break into the world of property investment and start building equity, consider buying a condo as an investment property. Let the Luxury Living team help you find the perfect property today!

Are Condos a Good Investment?

Posted on by LLCR Staff

Investment properties open the door to various financial benefits. With multiple property types for investors to choose from, you may be wondering if condos are a good investment.

The answer is yes. However, to ensure a worthwhile investment, make sure you chose the right condominium to fit your needs. A wise selection is crucial to profiting on your property and building equity.

What You Need to Know About Buying a Condo as an Investment Property

Many people get involved with investment properties with the intention of earning a return investment. This involves purchasing a real estate property and receiving additional income either through rental income or the future resale of the property.

Condo units attract investors for multiple reasons.

First, condos tend to be more affordable than other properties, such as detached single-family homes; especially in a large city.

Condo investments also provide the opportunity to profit on monthly rental income and receive substantial tax write-offs.

Additionally, if you invest in a condo, there is less maintenance to worry about. The real estate investors are not directly responsible for caring for the building or common grounds area, which means more time and less stress.

If you are considering buying a condo as an investment property, it is essential to find a unit that best fits your needs.

To find the best option here are a couple of items to keep in mind:

  • HOA Fees: Condos are great because the homeowner association provides beneficial maintenance and services to residents. However, to fund these activities, unit owners are required to pay monthly or annual dues. Before closing on a property determine how much you would be expected to pay as a member of HOA.
  • HOA Rules: Along with fees, HOAs also establish a set of rules for condo owners and residents to follow. Some HOAs enforce stringent regulations regarding rentals, including the number of units that may be rented out. Examine your potential properties to ensure that the guidelines won’t interfere with any plans to rent or resell.
  • Financing the Investment: Be sure to sort out your plans to fund your investment. While obtaining mortgage loans is a common method of financing, keep in mind that these loans are generally more expensive to obtain than single-family detached homes. Also, if you are looking into a loan, be aware the lenders will not only evaluate you but the condo HOA as well.

Are Condos Hard to Sell?

If you are considering investing in a condo, it is natural to question the difficulty or ease of selling this type of property.

One of the most important factors to consider when answering this question is the HOA. Your homeowners association is responsible for laying out the rules and regulations regarding resales. This is also why it is important to understand your HOA’s guidelines before you ever purchase.

Improving the chances and timeline of a condo sale also involves listing your property’s assets. These are all of the features that make your apartment great. Assets also help your property stand out among all of the other current listings.

Finding an experienced real estate broker will also increase the odds of selling your condo, especially as a new investor. These licensed professionals have a thorough knowledge of the process as well as the current market.

Understanding the state of the current market is critical in deciding if it is a wise time to sell. Various factors, including the job market and time of year, may impact the market. However, even in down markets, the refreshing news is that condos tend to sell faster than single-family homes.

Tips for Buying a Condo to Rent

Many investors purchase condos to rent because it leverages monthly rental income and provides tax benefits.

Buying a condo to rent may prove a big endeavor, especially as a new investor. It is critical to understand the process beforehand to equip yourself in making a wise and confident purchase.

Here a few tips before closing a deal:

  • Find a desirable location: When it comes to any property purchase, location is everything. Finding a hot or up-and-coming neighborhood will increase the value of your property.
  • Examine the HOA: Homeowners associations can impact your potential investment immensely. Before buying, make sure you feel comfortable with the HOA’s monthly dues, as well as their rules and regulations.
  • Consider financing: Before purchasing a condo, you need to apply for a mortgage. Lenders will often review the condo board documents and building operations.

Before leasing out your condo, you also need to understand what it is like dealing with renters.

Condo owners seeking to lease out their property need to thoroughly examine renter applications to ensure a wise choice in a tenant. Since renters will be residing in your property, you want to choose a responsible tenant who will likely take care of the unit and keep up with rent.

What is an HOA Resale Package?

When a buyer is ready to purchases a condo, the homeowners association administers a resale package, often prepared by the seller, within ten days of the initial offer. This package is a packet of crucial information, including a complete set of record documents that govern the association.

While this package may vary depending on the state, it commonly includes the following documents:

  • Annual Financials
  • Articles of Incorporation, Budget
  • Bylaws
  • Covenants, Codes, & Restrictions (CC&Rs)
  • Insurance Declaration Page
  • Regular Meeting Minutes
  • Resale Certificate/Demand
  • Reserve Report, Rules and Regulations.

Every potential buyer should obtain an HOA resale package to gain critical information regarding the purchase, which may impact the decision to move forward with the purchase.

The resale package also eases the buying and selling process by laying out information that protects both the buyer and the seller from potential disagreements and litigation.

If you make an offer on a property and do not receive a resale package, your real estate agent should be the first point of contact.

Is a Home or Condo a Better Investment?

Potential investors commonly inquire if homes or condos are a better investment. The truth is that the answer is not black and white. It depends entirely on the buyer’s needs and the local market.

If you are looking to invest in a big city, specifically the Windy City, it is safe to say that a condo is a wise move.

Purchasing a condo allows for easier entry into the housing market at a much more affordable cost. New buyers have an easier opportunity to take advantage of tax deductions and build equity.

Finding affordable single-family homes in a big city tends to be unreachable for new or young buyers, with many of these properties reaching the millions.

Condo investments also mean less maintenance and more free time for buyers. Instead of worrying about keeping up with the yard or dealing with building repairs, condo owners can leave these concerns in the hands of the homeowners association.

Securing a worthwhile investment also involves a thorough knowledge of the market and the needs of the buyer. For new and experienced investors, licensed brokers can help ease the search process and find the most suitable property.

Don’t let the opportunity to invest and build equity pass you by. Team up with an experienced broker and find the perfect condo today!

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