Anyone interested in purchasing Chicago real estate will want to know the nuances of various types of property, such as condos and houses. Many professionals enjoy the convenience of condo ownership, which has some significant advantages.
Single family houses include exclusive property ownership rights to the interior and exterior of the structure and the land between the boundaries. Chicago condo ownership is limited to exclusive ownership of the property within the structural walls of the condo unit. Common areas in the buildings and on the grounds are maintained through the homeowners’ association.
Yard maintenance and external building maintenance is the responsibility of the homeowners’ association. All owners pay annual dues to cover these costs, such as property insurance and annual upkeep. Cleanliness of the common areas falls within the responsibility of the HOA. Issues are addressed through prescribed channels.
Homeowners have the freedom to modify any aspect of the structure or yard within the terms of zoning ordinances. In stark contrast, the condo owner must comply with covenants, conditions, and restrictions, or CC&Rs set forth by the homeowners’ association. Noncompliance with these rules will not be tolerated. Even interior changes to the condo can be limited to the terms in the contract.
An experienced Chicago realtor will guide the interested buyer through the choice between various condo property CC&Rs, by-laws and articles of incorporation. Owners will want to find the agreement that is suited to enjoying the property while retaining the property value for future resale.
To find out more about condo ownership, contact our Chicago real estate office today!