Chicago Condominiums (condos): Owner has a deed for unit, has a
separate mortgage, pays property tax on the unit plus a percentage
of the common areas and pays a monthly maintenance fee. A board of
directors governs the complex with the owner having one vote. The
condo owner has a fee simple absolute unrestricted ownership and is
individually responsible for property taxes and maintenance fees.
Use the sales price of condominiums with similar size, appeal, age,
neighborhood in Chicago, incurring similar maintenance fees, etc.
to determine market value. Ask owners in the complex what they like
and dislike about both the unit and the complex. How good is the sound
proofing? End units and upper units generally sell for more when sound
comes into play. How is its location in the complex? Is it near downtown
Chicago or will you have to commute? Next to an access street, parking
facility, pool? Look for units that are not adversely affected by
these. Stay away from predominantly rental condo complexes in Chicago, those having more occupants that are renters. They are often
poorly maintained as absentee owners usually vote against improvements
and increases in maintenance fees. When buying condos in Chicago,
it is always good to ask lots of questions.
Chicago homes for sale
(introduction)
Chicago condos
Chicago cooperatives
Chicago resale homes
Chicago gated communities
Chicago townhouses
Building a house in Chicago
Chicago new homes
Chicago luxury homes
Chicago lofts
Chicago investment property
Illinois bungalows
Chicago duplexes
Chicago triplexes
Chicago residential real estate
(attached)
Chicago residential real estate
(detached)