Buying a condo in Chicago can be an exciting and overwhelming experience. With so many options available, it can be challenging to determine which condo is right for you. That’s why it’s crucial to ask the right questions when buying a condo in Chicago. To help you through the process, we’ve compiled a list of some of the most common questions to ask when buying a condo.
1. What is the monthly association fee, and what does it cover?
One of the most significant differences between owning a condo and owning a single-family home is the association fee. This fee covers maintenance and other services for the building and shared amenities. It’s important to understand what this fee covers, how much it costs, and if it fits your budget.
2. What are the rules and regulations of the building?
Each condo building has its rules and regulations that you must follow. These can include restrictions on pets, noise levels, and rental policies. Before buying a condo, make sure you understand the rules and regulations and are comfortable with them.
3. What are the building’s amenities?
Condo buildings often have amenities like a fitness center, pool, or rooftop deck. Find out what amenities are available in the building and whether they fit your lifestyle. Some amenities may come with additional fees, so make sure you understand the cost.
4. What is the condo’s resale value?
While you may not be thinking about selling your condo right away, it’s essential to consider its resale value. Ask your realtor about the condo’s history, including past sales and appreciation rates in the area.
5. What is the condo’s location like?
Location is everything when it comes to buying a condo. Consider the neighborhood’s safety, proximity to public transportation, shopping, and dining options. It’s essential to understand the area’s character and whether it fits your lifestyle.
6. What is the condition of the condo?
Before buying a condo, make sure you understand its condition. Ask about any recent renovations, repairs, or maintenance issues. You may also want to consider hiring a professional inspector to assess the condo’s condition.
Buying a condo in Chicago can be an exciting and rewarding experience, but it’s important to ask the right questions. By understanding the association fee, building rules, amenities, resale value, location, and condo’s condition, you’ll be better equipped to make an informed decision.
If you need support during your condo search, connect with one of our experts. Our experienced realtors can help you navigate the condo buying process and find the perfect condo for you. Click the link below to start your search today!
