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!