Buying your first piece of property is a big step. It is a major investment whether you are purchasing it as your main residence or as a rental property. It is definitely not something you want to do without doing plenty of research and consulting with someone knowledgeable about buying property in Chicago. An experienced real estate attorney can help you through the entire process of purchasing your first condominium.
As with any major purchase, there are questions you should ask before you make an offer on a condominium. Owning a condominium is more than simply purchasing a living space. For example, you will be subject to rules and policies that the condo association enforces. The questions below will help you find out exactly what you can expect as a condominium owner.
How much are the monthly fees?
When you buy a condo, you do not simply purchase the unit. Condominiums come with monthly fees that usually go toward the upkeep of common areas that are available to all residents. Be sure to find out what you will be paying in monthly fees to ensure that it is within your budget. Also, ask the condo association what these fees will go toward. As an owner, you have the right to know how the association is using the fees.
What are the rules?
Condominiums usually have a set of rules that each resident must adhere to. If you are a person that enjoys a healthy social life and likes to host weekend parties, you need to know if the rules of the building are compatible with your lifestyle.
How is the condo association managed?
You will want to know if the association is professionally or self-managed. A professionally managed association may be less biased versus one that is managed by neighbors.
Is the condo part of any legal actions?
You may want to avoid purchasing a unit in a building that is involved in legal proceedings. This is especially true if it turns out there have been a series of legal problems that have developed between the residents and the association.
Purchasing your first piece of property can be a complicated process. Before you start making offers, be sure that you have been advised of your rights and options with regard to purchasing a condominium.