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Upgrades in Chicago Condominiums
These days, with inflation on the rise, you can imagine that the cost of upgrades will vary considerably. Currently, developers commonly charge their cost plus a 20% mark-up for upgrades. Some may charge even more. Therefore, before investing in a new property it is better to be calculative and try to determine the costs when you and your realtor are writing up the initial offer. By determining all costs during the contract period, you can reduce the chance that upgrade costs will exceed your budget limits. If you keep in mind that many new Chicago condos construction units are not ready for occupancy for up to a year or two, you will understand the importance of having all upgrade costs in writing as part of the initial contract at today's prices rather than at costs calculated at inflated prices one or two years later.
One of the important elements of resale value is parking. In a loft conversion or a high-rise Chicago condominiums building, parking can vary from approximately $25,000 to as much as $60,000 depending upon the level of luxury of the building and the availability of parking place in the area. Since parking spaces have dramatically increased in value, you should seriously consider purchasing a space whether or not you currently own a car. Without a parking place, the later sale of a unit may be more difficult than that of a comparable Chicago condominiums unit for which parking is included in the price.
Although your contract will specify a delivery date of the unit, provisions in the contract will often allow the developer to deliver your unit much later than the specified date without him paying any penalty. If this is an important issue to you, you should keep in constant contact with your realtor during the construction process as delivery dates can be delayed for as long as a year, and in rare occasions, even beyond that. It is advisable to speak with your attorney and include terms into the contract so that in case anything like this happens, you would be safe.
Purchasing a newly constructed Chicago condominiums residence can be a very rewarding experience and a wise investment if a person is careful and calculative. However, there are definitely a few tricks involved in purchasing new construction, including the record of accomplishment of the developer, the number of flippers purchasing in the project, and the percentage of sold units. Since most of us are not familiar with real estate market trends, it is always better to be safe by using a realtor who is familiar with the new construction market, the various developers and their products. If you rely on a real estate professional, you will spare yourself a great deal of the aggravation associated with purchasing a new construction Chicago condos home, and best of all, this representation will be at no cost to you as the developer pays your realtor's commission.
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