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Important Information for Buyers
Here are some useful tips that will help you avoid later problems when purchasing a condominium. Before considering the purchase of a Chicago condominium be sure to ask for the last three to six months of minutes from the condominium’s association meetings. This information will provide you with key insight into what exactly is happening in the building. It is advisable to obtain a copy of the declaration, the bylaws, and all documented rules and regulations from the condo association before making a purchase.
Make sure that you are buying into a financially sound building; it is also advisable to find out if the building has any outstanding loans with a bank. Some buildings take out loans instead of doing a special assessment. It is a common way to finance major work in the building premises such as new elevators or the exterior facade repair without conducting a special assessment. Before buying a Chicago condominiums unit, it is better to make sure you obtain a statement from the condo association of any capital expenditures anticipated by the board within the current or succeeding two fiscal years. Find out from the condo association if there are any pending suits or judgments in which the board is a party so that in future there are no legal problems faced.
If the building of the Chicago condominiums is newly constructed, find out if the parking is deeded or assigned and whether you can later sell it to a purchaser outside the building. Also, make sure you see the exact location of the garage spot before you write a contract to purchase the property so that you do not face any problems later. Buildings with substantial funds and lower assessments tend to appreciate at a faster rate than other buildings in a similar location. The assessment of the building corresponds with the level of amenities in the building.
The appreciation value of the building is a major point of consideration before buying a property. Resale of a six-flats condominium tends to be higher than three-flats Chicago condominiums. The reason for this is that a six-flat unit is more spacious since it’s area of construction is on a 50 x 125 foot lot. The more horizontal a unit is the more spacious it will be and it will have better resale value. On the other hand, vertical units tend to have more hallways and stairs, taking up the floor space and making the unit look small. They also typically do not have split bedrooms. The higher the ceilings in a unit, the larger and more spacious the unit feels. Most people typically prefer 9 foot ceilings or even higher and that should fetch them a higher resale figure.
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