Chicago Home Buyers Checklist
- 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.
- 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?
- 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!
Search Over 16,000 Chicago Condos For Sale