Investing in a vacation condo can be a very smart financial move in addition to giving you a convenient place to stay when traveling. The South Loop Chicago real estate market for these condos is one that’s experiencing rising demand thanks to the abundance of attractions in the area, such as Adler Planetarium, Grant Park, Shedd Aquarium and Northerly Island. There are also several museums, theaters and historical attractions nearby.
Before you decide whether to look for vacation homes for sale in the South Loop, though, you should take certain factors into consideration. Purchasing and owning a vacation condo is a bit different from investing in a regular home.
Consider all the Costs
In addition to the cost of the mortgage, you’ll also need to include the costs of property taxes for the area, insurance coverage, maintenance fees, utilities and applicable condo association fees. Remember that you’ll have to cover the cost of electricity, water and other utilities each month, even when you’re not staying in the condo. You can offset some of these costs by renting out your condo to vacationers when you’re not using it, if the condo association allows it.
Think About Property Management
If you’re planning on renting out your condo, consider hiring a property management company in the area to handle those arrangements. A property manager can find renters, take care of maintenance and repairs and collect the rent payments. Even if you won’t be renting out your South Loop vacation condo, you might still want a property manager to help maintain your property while it’s empty. This is another cost to consider before deciding whether or not to purchase a vacation condo.
To find out more information on available vacation condos from a South Loop realtor, contact us today.