Useful Tips before Buying a Condo in Chicago
Buying a condo in Chicago can be a difficult affair, however with the right sort of advise you can easily sail through the process. This article lists out some tips that you will find very useful before buying a condo. If you can keep this in mind, you will definitely be successful in buying a condo.
Check out the Neighborhood
Find out who your neighbors are and if you would be comfortable living next to them, for instance if you are looking for some peace and quiet, you might not want to live next to loud college goers. You should also keep in mind that you might have to sell your condo in the future so that neighbors will make a difference. Consider the surrounding neighborhood in which your condo is situated.
Pick a safe neighborhood where the crime rate is low, which has great transport connectivity and conveniences around like parks, shopping plazas and coffee shops. See if it has local schools and working spaces, as this affects the salability of the condo.
Research the Condo Association
Understand the financial strength of the neighborhood and the condo association of the area before buying one. This association would take care of the repairs in the building, the maintenance of the common grounds and spaces and regulate the behavior of the members. Thus condo associations are powerful and you should obey its mandates.
They will also address your concerns, and you will have to regularly deal with them. Hence it is best that you keep abreast of the condo association through extensive research.
Have Your Own Emergency Fund
Because costs of a condo are often shared amongst the members, it is less expensive than buying your own house. But make sure that you keep an emergency reserve handy so that you can easily cover your share of the condo costs. This emergency fund will help you with repairs and buying new appliances, in case you want to. The condo association will not pay for these costs, so an emergency fund will help you immensely.
Do the Condos have FHA approval
You should check if the condo that you are interested in has FHA approval because in case it doesn’t, it will affect you. It will affect your ability to secure a loan or as a buyer, you might not be able to secure a purchase without a loan. Thus, without FHA approval, you might not be able to have a mortgage and might face difficulty in trying to sell it later.
Does your Condo have resale value?
Make sure that your condo has enough space so that it is easier to sell it. If it is spacious, centrally located, and is well-connected, it will be easier to re-sell it. For instance a multi-room condo sells better than a one-bedroom one, so make sure that you invest wisely. Make sure it has adequate storage and a garage which again makes it easier to sell.
If you keep in mind these factors and ask your realtor to help you with these aforementioned aspects, then you can make a sound investment on a condo. Good luck with buying your condo!