Chicago condos for sale are an increasingly popular housing option. So, what do you need to know before you close the deal on your new condo?
1. Expect to read the notes from meetings of the Condo association. This is a way to find out what any members like or don't like. Is it the heating system or is it the front entrance that is constantly having difficulties? Is the managing agent having troubles overseeing the affairs of the development?
2. Are the other residents paying association dues on time? If not, it might be either because owners are angry with the board members or that there is not enough money for the association.
If the Chicago Condos on the market that you are interested in are listed too cheaply, it can be a sign that the sellers are hiding potential problems - so investigate carefully! Being in a badly overseen apartment block could be very unpleasant.
3. Is there a reserve fund? Not having a major repairs fund can mean serious hardship when heavy undertakings need to be seen to as the unit gets older and fixes become crucial.
4. Does the association have a reasonable insurance insurance policy for the full condo building? Most especially, request a copy of the insurance, which sums up the association's policy. Certify that the replacement values are compensated to the full. Then make sure that the insurance has a building-ordinance clause. This will help if the entire building must be reconstructed to meet current building codes. Lastly, make sure that you understand exactly what the association policy covers and what you would need to insure yourself. Get a lawyer and/or insurance agent to tell you the items if you do not apprehend any component under the insurance policy.
5. What are the by-laws of the association? Are the laws in keeping with state and federal laws? Again consult with property legal professionals. A condo involves lots of more rules and by-laws. So, get hold of a local real estate attorney and have him or her analyze the association bylaws. Are they too restrictive? Some laws may not be very clear so have them explained.
6. Are renters treated unfairly? If 1 in 10 peopl rent the units, there have to be well-defined rental policies, either represented in the by-laws or appended as an amendment. Ask other occupants what they have observed. Additionally, demand to go through the association's rental lease, and have a real estate attorney look it over. Of course, these bylaws can be amended in the future.
7. Will I be responsible for managing my condo block? Take special note of a condo whose tenants manage the place for themselves. These could imply drawbacks for proprietors that live elsewhere.
If the development is managed by an outside company, investigate the management firm fully. Ask other people in the area. And don't forget to talk to the day-to-day manager in person. Mediocre managers can make it very hard to get anything done.
Be careful not to get too set on a specific condo just because it looks nice. You could get stuck with a stinker unless you fully look into all Chicago condos for sale.