News

TO FIND AN OPEN HOUSE IN GLENVIEW IL   NORTHBROOK IL OR  MORTON GROVE IL

Moving forward with a home purchase is a big decision. Whether you’re a first time buyer or have multiple purchased under your belt, you might be trying to determine if you want to purchase a condo or a single-family home. There are benefits to both. Many first time buyers prefer condos for many reasons.

First off, price. Depending on what area you’re looking in, a condo is generally less expensive than a home. An association handles all of the exterior maintenance like shoveling snow and mowing grass, So if you’re on your own, this might be a better option. The monthly fee may be worth it to some. Many condos have common amenities like tennis courts and pools.

Here are a few key questions to ask your Realtor:
1. What is the financial condition of the association? In Illinois, your attorney should always ask for a recent budget of the association. It will let you know how much money they have in reserves in case a situation arises that needs to be fixed. New condo associations might set the monthly fees really low to attract buyers, so you might want to make sure they do have enough money in reserves. If money is lacking, and there’s a problem, the association could always come back to the homeowners and charge money to fix it. Be careful.
2. How do these monthly fees compare to other similar buildings? Obviously, it’s important to keep costs at a minimum but it might mean something to a buyer down the road when you go to sell your unit if the fees are too high. Ask about what is specifically covered. Are utilities such as heat and water are included? Often, fees include snow removal, exterior maintenance, landscaping, common insurance. But it’s definitely worth finding out exactly what you have to worry about on your own.
3. What about sound-proofing? Try to visit the unit you’re interested in at different times of the day. Maybe on the first viewing you’ll go in the morning and then if you see it again, go later in the afternoon. It gives you an idea of what your neighbors will be like. You’ll be able to determine if you can hear a neighbor’s TV, or people walking on the floor above you.
4. What is the percentage of renters? Some complexes only allow homeowners to rent out units after they’ve lived there for a certain number of years. Others don’t have any restrictions. Absentee owners are not as conscious of what’s going on as people who are permanent residents. So this might be helpful to know in terms of resale value.

Should you buy a Condo?  Give me a call and I can help you understand your options.

Thank You and Have a Great Day

Marina Jacobson
Broker, SFRDirect: 847-510-5009
Cell: 847-361-5605
Fax: 847-510-5109
Click Here For Your FREE Home Search
Your #1 Agent!
Certified Distressed Property Specialist
Search 1000’s of Homes at
www.MarinaJacobsonHomes.com