Chicago Condos Online - Thu March 30, 2017

Chicago Home Buyers Checklist

Costs

  • What are monthly assessment fees, and how often can you expect them to go increase (and by how much)?
  • How do assessments compare to other similar buildings?
  • How much is in the condo building’s existing association reserve? Are any large expenses anticipated in the future?
  • Is the homeowners’ association professionally managed? What is the history of their business?
  • How financially responsible is the condo association? (You can request to review the condo association’s financial statements.)
  • How long has the management team managed the building? [Note: in most cases, the longer they have been with the property, the better]
  • Ask current residents about their past experiences with the homeowners’ association management.
  • What amenities and appliances come with the unit?
  • Calculate city property taxes
  • Be sure that the purchase contract contains a professional inspection contingency, which will enable you to have the property professionally inspected before you make a commitment.

Regulations

  • Are pets allowed? If so, is there a size or number limit?
  • Are condo owners in the building permitted to rent units out?
  • What building and features and facilities do condo owners have access to? What is the policy for reserving common areas?
  • Is on-site parking provided? What are the additional costs? Is visitor parking available?
  • How much storage space is allotted for each tenant? Is it secure?

Other Questions

  • How many units are in the complex?
  • What percentage of the units are owner-occupied?
  • What does homeowner’s insurance cover?
  • What do current owners like best about the condo building?
  • What do they like least?
  • Can you hear the neighbors above, below, or on either side of you?
  • What type of heating and cooling systems are used?
  • How is the water pressure and water quality?
  • Are sales prices increasing or decreasing for condos in the building?
  • How active are current condo sales?

Print off this checklist and use it when you buy!

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