Ask A Realtor

Ask A Realtor provides an opportunity for clients and consumers to ask pertinent and relevant questions relating to the real estate transaction. Hopefully our agents will demonstrate their wealth and knowledge and competency that will give you a better understanding of the real estate transaction.
Ben Osbun
Q


Can I negotiate on price on New Construction?

Can I negotiate on price on New Construction?
Glen, from Bucktown

A

It depends on several factors: Is it the first unit to be sold? Is the last unit to be sold? How far along is the project when you are writing the offer? Do you want custom work? Typically developers would rather offer incentives like cabinet upgrades, or countertops, than take a price reduction. If it’s the first unit to be sold and the developer needs a sale to satisfy their lenders – then that might be an opportune time to negotiate price and upgrades.

Ben Osbun

December 19, 2006 1:13 pm • In: Ask A Realtor
Geno Petro
Q


How much are Real Estate taxes in Chicago?

How much are Real Estate taxes in Chicago?
Greg, from Wrigleyville

A

Good question. Chicago property taxes are always in the arrears by approximately one year so the answer to your question will be an estimate based on the following formula: Assessed Value (usually 1/3 of Market Value); multiplied by a Value Percentage for the area (25% for example); minus Homestead Exemption ($4500 in Chicago) or Senior Exemption: Then multiplied again for your particular Taxing District. In short, plan on 1-1.5% of Purchase Price for resale properties and 1.5-2% for new construction or conversions. And remember, your 2006 Tax Bill won’t come until 2007. Bills generally get sent out by mail in August and March. For more info go to the Cook County Assessor’s website.

Geno Petro

12:04 pm • In: Ask A Realtor
Rebecca Siffel
Q


What are assessments?

What are assessments?
Colm, from Lakeview

A

Simply put, assessments are an individual owner’s share of the common monthly expenses in a condo building. These typically include the cost of personnel (doorman, maintenance staff, management staff, etc), general building maintenance, building insurance, water and garbage pick-up, but also can include things such as heat, electric and cable depending on the building. Assessments can vary widely depending on the age of the building, number of units and the amenities that are included. Since these are a recurring expense in addition to your mortgage, it is always important to factor this number into your monthly housing expenses when your are purchasing your next home.

Rebecca Siffel

12:00 pm • In: Ask A Realtor
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