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Chicago Condos

While owning a Chicago condo is much like owning a house (i.e. you pay property taxes and can paint the walls any color you want), there are a few differences that go along with condo ownership you should be aware of before buying a condominium.

Assessments, Special Assessments and Association Fees

Assessments or association fees are dues you pay to your condominium association that go toward regular maintenance, repairs and upkeep of the building and grounds. Generally, assessments are collected monthly. The amount depends on what your association decides upon.

The association is governed by a board of members selected by the condo owners. The association determines how to distribute funds and establishes policies (such as if pets are allowed).

Special assessments are additional fees that will occasionally be required for special maintenance or repairs.

It is a good idea to find out how much money the condo association has in the association reserve, which holds extra funds not used on regular upkeep.

Policies

Chicago condominiums have many policies you will want to look into before purchasing a unit. Each association has their own regulations, so it is important to familiarize yourself with each individual set of rules prior to signing on the dotted line. Otherwise, come moving day you may find Fido is not welcome at your new home!

Pet policies and renting policies are of particular importance to potential condo owners.

Parking, Building Facilities and Storage Space

Some Chicago condominium buildings offer their owners a slew of great perks such as onsite health spas, pools, saunas, bike rooms, community party halls, rooftop decks, indoor dog walks, heated parking garages—the list goes on and on. When you are looking to buy a condo unit, it pays to check into the additional facilities offered in order to find a building community that suits your personal interests and needs. If you have a car, heated parking may be an incentive, or if you’re an avid exerciser, a fully-equipped gym may put that condominium at the top of your list.

Common features found in Chicago condos: