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"Condos have less room to store things than houses with basements, attics and garages, so the buildings generally have storage spaces or private lockers for residents to put the overflow of belongings."

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Chicago Home Buyers Checklist

Costs

  1. 1. What are monthly assessment fees, and how often can you expect them to go increase (and by how much)?
  2. 2. How do assessments compare to other similar buildings?
  3. 3. How much is in the condo building’s existing association reserve? Are any large expenses anticipated in the future?
  4. 4. Is the homeowners’ association professionally managed? What is the history of their business?
  5. 5. How financially responsible is the condo association? (You can request to review the condo association’s financial statements.)
  6. 6. How long has the management team managed the building? [Note: in most cases, the longer they have been with the property, the better]
  7. 7. Ask current residents about their past experiences with the homeowners’ association management.
  8. 8. What amenities and appliances come with the unit?
  9. 9. Calculate city property taxes
  10. 10. 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

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

Other Questions

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

Print off this checklist and use it when you buy!