If you’re thinking about buying a Chicago condo soon, there’s certainly much more to consider than just location and price. As a Chicago condo specialist, my team and I help so many buyers each and every year find a condominium residence that fits the needs and wants of each individual buyer, which also means walking them through the process of determining what makes each potential unit a savvy investment. So before signing on the dotted line, here are a few things to keep in mind when buying a condo in Chicago:
Consider re-sale history
First, schedule a consultation with me to review which Chicago condo buildings might feel like a good fit. Then once we narrow down your preferences, we’ll analyze the re-sale history and how long it takes to sell units in each particular building. If condos are trading at a frequent pace and if it takes longer than usual to sell a condo at a certain address, that should raise a red flag and it might be time to move onto another building.
Understand that extremely low assessment fees aren’t necessarily a good thing
It’s certainly understandable to limit housing and living costs anyway you can, especially as a new condo owner. But if a building has rock-bottom assessment fees, understand that you typically get what you pay for. Ultra-low fees usually mean a lack of maintenance, which lead to poor common area upkeep and eventually a decline in your condo’s value.
Location, location, location
As the old saying goes, consider the location of your new condo carefully. Make sure it’s in a downtown Chicago neighborhood that features a lot of employment options and things to do. That ensures housing demand around your new condo will stay high, also keeping the re-sale value of your condo where it needs to be.
Avoid Chicago condo buildings with a high number of rental units
Buildings that feature lots of rental units typically mean more traffic, more wear-and-tear, and generally more headaches, especially for anybody who owns a unit within that particular building. In addition, condo owners generally feel a need or desire to help maintain the building as much as possible, whereas renters typically don’t care about the building’s condition.