When you’re ready to live in Chicago, you’ll have plenty of real estate options to consider. Buying a condo in Chicago makes sense for many homebuyers, especially first-time buyers. It’s a great way to break into the real estate market without going way over budget.
Condos offer several benefits including the ability to own your home without the same maintenance as a single-family home. They tend to be more affordable and some of the best Chicago condos are located in the top Chicago neighborhoods to live in.
Before you decide to hire a Chicago real estate agent and buy a condo, it’s important to understand what you’re getting into. Here are XX tips to help you with how to buy a condo in Chicago.
Guide to Buying a Condo in Chicago: 4 Helpful Tips
Choose the Right Chicago Neighborhood
Chicago offers a wide variety of neighborhoods and there’s certainly one to fit your specific needs/wants. However, it’s not always easy to locate the right neighborhood for your lifestyle and your budget.
With more than 200 individual neighborhoods and 77 defined communities, the search can become rather overwhelming. A local real estate agent in Chicago will be able to help match you with a great neighborhood for buying a condo in Chicago. Some of the top choices include:
Choose a Type of Condo Building
Chicago offers high-rise condos, mid-rise condos, and low-rise condos and they are all a bit different. Along with the height of the building, you can choose from luxurious condo buildings, more affordable options, and condo buildings with full amenities.
It can be easy to fall in love with an amazing skyline or lake view from a high-rise building. However, you should take the time to understand what day-to-day life might be like in a high-rise building. Are you willing to deal with garage parking, wait for an elevator, and be surrounded by hundreds of neighbors?
Mid-rise and low-rise buildings may not offer incredible views, but they won’t require the same elevator wait or as many neighbors. There is no wrong answer and you should choose the type of condo building in Chicago that best fits your personality and lifestyle.
Check the Condo Building Rules, Regulations, and HOA Fees
You need to be aware of the rules and regulations you will have to live by in any condo building you choose. Some are pet-friendly, while others are not. Some will regulate what you can hang on the outside of your door and you may even have to deal with rules about renting the unit.
In addition to the rules and regulations, you should make sure you understand and factor in the HOA fees. These fees vary from one building to another and can become a deal-breaker when buying a condo in Chicago.
One of the biggest concerns many have when considering buying a condo in Chicago is the parking. Some buildings offer garage parking, while others don’t. You need to make sure you get parking or have the ability to pay for parking before you buy a condo in Chicago.
You may not be able to get a parking space at the building you want to buy in, but the building next door may offer a space for a monthly fee. If you need parking, consider the options offered by your condo building and nearby before you settle in the right Chicago condo for you.
Is Buying a Condo in Chicago a Good Investment?
Providing a simple yes or no answer isn’t really possible when asking the question, “is buying a condo in Chicago a good investment?”
The answer is different for each buyer and each situation. Some buyers will score a great deal making buying a condo in Chicago a great investment. Others will use condo buying as a way to enter the real estate market with the dreams of buying a single-family home a few years later.
The key to making sure buying a condo in Chicago is a good investment for you is to understand the process and hire a good local real estate agent. There are many factors to consider when buying a condo from the HOA fees to the condo association reserves to the maintenance and management. A good real estate agent will help you navigate the entire process making it much easier for you to buy a condo in Chicago you will love.