Chicago Condo ownership is a type of ownership in real estate property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit, to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to a type of ownership. Chicago Home Estates has experience constructing and managing many condo ownership deals.
Condos for Sale in Chicago
- Apartment - Chicago Illinois Condos
- The most recognizable type of condo. This includes two, three, and four-flat walk-ups, mid- and high-rises, penthouses (which usually include roof-top decks and/or multiple levels), duplexes, and lofts
- Townhouse - Chicago Illinois Condos
- Usually multi-level, this property type can feature full basements and roof-top decks. The most common configuration for this condo type is side-by-side where each unit has windows in the front of the unit and the back and units are aligned in a row. There is also a back-to-back configuration where the windows are only on one end of each unit; at times, bungalows compose the first floor and extend the full length of both units above having windows on two ends.
- Hotel - Chicago Illinois Condos
- (also known as Mixed-Use hotel and attached condos, hotel residences, and condominium hotel residences) This ownership structure features two styles: "owner-use" and "private-use." Owner-use is where the hotel may rent out an owned unit to a hotel patron and, most commonly, the difference between an owned unit and a hotel unit is seamless and the two are integrated. Private-use is where the owned units are not rented to hotel patrons and are usually segregated from the rest of the hotel, either exclusive floors or separate wings. Hotel amenities are extended to both types.
- Villa - Chicago Illinois Condos
- (also known as bungalow townhouses and retirement villas) Typically, attached single-story units similar to side-by-side duplex. Homeowners' Associations may restrict residence by age.
- Single-Family Homes - Chicago Illinois Condos
- (also referred to as bare-land condos) On average, this condo type regards residential sub-divisions under the management of a condominium corporation. Ownership of real property includes the actual building and land, but amenities and services provided to the residing community of a certain sub-division are contracted between the property owners and the managing entity.
Pros/Cons of Condo Ownership
Although individual units are owned by residents, the common areas of the building are managed and maintained by a homeowners' association, usually referred to as a "condo association". Individual owners are responsible for the maintenance and repair of their own units, but the association and its members, collectively, hold the responsibility of maintaining and preventing disrepair to significant building mechanics. This may include elevators, central HVAC, and common area electrical systems. The primary benefits of a condo association are that landscaping and exterior maintenance are managed by the association, individual unit owners don't have to bother with general upkeep of the building, and, should a significant repair be necessary, association members share these major expenses. However, association bylaws, which vary from association to association, may dictate many aspects of a member's ability to choose personalized options for his or her own unit. Ensure you know what to expect from a condo association when determining the condo you want to own and include this as a point to discuss with your Realtor®.