In today’s world, getting a single-family home is incredibly difficult. They’re very expensive and there’s a lot of competition for every single one. Fortunately, there is a better alternative for those who don’t mind something a little different. Condos are units within larger buildings that are sold by themselves and come with quite a few benefits. Most importantly, they’re much more affordable than houses and there’s a lot less competition. But these aren’t the only benefits of buying a condo, especially in Chicago. All of this makes condos a much better option than houses for the average person. And today, we’ll go over them in our list of 6 reasons to buy a condo in Chicago, and we hope you find it useful.
1) You still get to own your place
A lot of people seem to think that owning a condo means you’re not a homeowner. However, you still fully own your living space and still counts as homeownership. Yes, your condo would be in a building you don’t own. However, you still decide what happens within your condo; you have full control of decoration and renovation. The condo still builds equity over time, and you can sell it if you want to move out. But, you are also responsible for any maintenance and repairs needed within the condo too. So, you get all of the benefits of owning a house, but with a lower price and less of a hassle. And with US mortgage rates on the rise, the lower price is a major benefit.
2) Condos are available in many more locations
One of the major benefits of condos is that you can find them almost everywhere, especially in larger cities like Chicago. This makes finding a condo in the perfect location for you much easier than it would be with a house. Additionally, condo buildings are typically made by investors who know what they’re doing. This means that they’re specifically built in places where people want to live, which makes searching for them much easier. All in all, condos are much more convenient than homes, but remember, when moving into one, experts from Golans Moving and Storage note that you need to be careful. This is because, when moving in, it’s very easy to damage property. And when moving into a condo, you need to worry about the building as well.
3) Condos require less maintenance
Yes, you’re still responsible for any maintenance which happens inside the condo itself. However, you don’t have to worry about the rest of the building at all. This means that you don’t have to pay for maintaining the roof, siding, lawn, or anything outside of your four walls. All of this maintenance is handled by the COA (Condominium Owners Association) and frees up a lot of time. Overall, this makes condos a much better option financially in the long run. With the extra money and time, you can instead focus on yourself and how to improve your health right away.
4) Condos have some amazing amenities
Another on the list of reasons to buy a condo in Chicago is the amazing amenities they come with. Condo buildings often come with gyms, pools, shared outdoor spaces, and movie theaters and other such amenities. Not all condo buildings have these, but quite a few of them do. And the best part of it is that you don’t have to pay any membership fees. All of these amenities come completely free for every condo owner living in the building. However, moving into a condo can be difficult, as we already briefly mentioned. As such, especially if you’re moving in from a house, you should let experts handle transfer during this process. In Chicago, you can find expert local movers who can help you move in with no issues.
5) Everything is paid for communally
We already mentioned the COA once, and how they cover all of the repairs outside of the condos themselves. Well, they also cover the prices of all of the amenities available to condo owners. This is done through COA dues, and every condo owner needs to pay their dues on time. Generally speaking, the higher the COA dues the better the building’s amenities. Essentially, it’s rent with added benefits and cheaper, which are then used by the building to make sure everyone can continue living comfortably. And when compared to traditional rent in Chicago, it’s much more affordable overall. Also, you won’t have to worry about questions like will mortgage rates git 10% as much, because condos are much cheaper than a single-family home.
6) Condos have higher security than houses
One of the many reasons to buy a condo in Chicago is security. There are a lot of ways to make a house secure, from cameras to smart locks. However, condos have security which simply isn’t viable for houses and never will be. Condos have lobbies that are always monitored by security guards. Additionally, your neighbors are always close, so you’re never alone in the building. And if you still don’t feel secure, you can always beef up the security within your condo as well. And while Chicago is a fairly safe city, you can never be too safe when it comes to home security. This also applies to condos, and fortunately, condo buildings take their security very seriously. As such, condo owners can rest easy knowing the building is always being kept safe.
6 reasons to buy a condo in Chicago – wrap up
There are many reasons why you would want to get a condo. From being more affordable and easier to find than houses to not having to worry about maintenance as much, condos are a great call for anyone who wants to be a homeowner more affordably. And while Chicago doesn’t struggle with real estate as much as other cities, being smart with your money is always a good idea. We hope that this list of 6 reasons to buy a condo in Chicago has convinced you to at least consider a condo, and we wish you a good day.