Buying a Chicago Condo

In 2004, 51,662 condos were sold compared to 47,212 condos in 2003. This indicates a 9.43% increase in condo sales in just one year. The median condo price increased by 9% as a result of this increased demand. Considering the fact that condo prices in Chicago are expected to rise even further, this a great time to buy a condo in Chicago as it will be a good investment. There are a lot factors that will influence the eventual deal.

Abbreviated from the word condominium, the term condo stands for a type of joint property ownership falling somewhere between renting an apartment and owning a home. In a condo, owners share the expenses to maintain the common areas. The benefits of this concept include: tax savings, stable monthly housing costs, forced savings, freedom and individuality and additional space, and most of all – the amenities that come with it. Where else can a buyer get a security guard, swimming pool, or an exercise gym only steps from their front door. The price for those conveniences and more is sharing. A condominium means shared walls, shared amenities.

Buying a Chicago condo depends on your finances and credit history. First, you should ask yourself can you really afford to buy it or should you rent it? Of course, if you have the money it is much better to go ahead and buy instead of rent. In that way, you will be building equity instead of throwing away rent fees. On top of that, condos are a well worth investment in the Chicago area as the prices are expected to continue to increase, plus most part of your mortgage payments and real estate taxes will be tax deductible.

The process of buying a Chicago condo is not as complicated as it most people think, and it can be made much easier by enlisting the help you need along the way. Using a realtor or other guide to locate the condo, hiring a real estate lawyer to help with documentation and hiring a qualified inspector to guarantee the property condition will make the process both easier and more successful.

The first step of course is choosing the condo that suits your needs. Several things should be taken into account here: location, price, included amenities, financial condition of the condominium association, maintenance obligations and security. The best way to search for condos in Chicago is online.

Once you have chosen the condo, your realtor should work with you to come up an offer on the property. In that state, your realtor should show you a few other properties in the given area of interest that are for sale or have been sold at similar prices. This will help you estimate the real value of the condo you are interested in. Your offer will include the price you are willing to pay, a time frame for an owner response, and another time frame during which you will bring an inspector to the condo.

A condo inspection must be carried out when buying a condo in Chicago. This inspection should be done by a highly qualified inspector that will everything, item by item, from the foundation to the roof of the building, including careful examination of things like plumbing, heating, sinks, tubs and practically all items that will be passed to you as part of the deal. Each problem spotted by the inspector can be used as a negotiation point in an attempt to lower the price.

Working with your real estate lawyer, read carefully your closing documentation which will include payment plans, liens and all other details contained in your contract. Be sure to fully understand what you are signing. Once you are comfortable with the contract and sure of the property and the condition of all of the items in it, you need only sign the papers and the keys are yours.

For more information, please visit http://www.bestchicagocondos.com.

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