Chicago Lofts
Owning a Chicago loft is much like owning a house—you’ll still pay property taxes and you have the freedom to paint the walls whatever color you choose—however, there are a couple important distinctions between loft ownership and buying a detached home. Find out just what to expect right here!
Association Fees
First of all, when you buy a loft space, there will most likely be association fees or assessments involved. These are fees you pay to your loft association which are used for building maintenance and repairs, and grounds upkeep. The assessment amount varies from one loft building to the next, and it is dependent on what your association agrees upon. Typically, association fees are collected monthly and may go up after time.
In addition to the regular dues, it may be necessary to pay special assessments. These are generally needed to supplement an expensive building repair or unscheduled maintenance issue. Special assessments are sporadic and hopefully infrequent.
The loft association is in charge of making decisions for the entire body of residents who own property and live in the building. This group (who is elected by the loft owners) has the responsibility of managing funds and policies.
Policies
Chicago lofts can have a number of building policies and regulations that are important to research before purchasing a unit. Every association has their own set of rules, so be sure to inquire about the specific guidelines well in advance. Certain policies may be a deal breaker when it comes to buying a loft. One in particular that homebuyers are very aware of is the pet policy—whether or not Fluffy can make the move with you is pretty important for most pet owners. Other common rules involve noise, use of common facilities, refuse and garbage disposal, keys, guests, renting to a third party, and parking.