Category: Blog

Is it Smart to Buy a Condo in Chicago? Why Chicago Is One of the Best Cities to Invest in Condos

Posted on by LLCR Staff

If you’ve wondered, “Is Chicago real estate a good investment?”, you’ve come to the right place. In this post, we’ll walk you through what makes Chicago stand out as one of the best cities to invest in condos.

Is it Smart to Buy a Condo in Chicago? Yes, and Here’s Why:

  • Variety of Neighborhoods for Different Demographics – One of the key advantages of buying a condo in Chicago is the wide range of neighborhoods, each with its own unique charm and appeal. From the trendy and bustling neighborhoods like West Loop and River North to the serene areas like Lakeview and Lincoln Park, you’re bound to find the perfect place to call home.
  • Great Public Transportation and Walkability – Chicago’s public transportation system is highly regarded, making it easy for residents to commute around the city. The “L” train system and extensive bus network connect various communities, reducing the need for owning a car. Additionally, many neighborhoods are pedestrian-friendly with walkable streets, making it convenient for residents to access amenities, parks, and local businesses.
  • Bustling Culture and Entertainment – As the birthplace of blues and home to world-class theaters, museums, and restaurants, Chicago is a cultural hub that never disappoints. From iconic landmarks like Millennium Park and Navy Pier to renowned institutions such as the Art Institute of Chicago, the city offers endless cultural and entertainment options for residents and visitors alike. Investing in a condo in Chicago means immersing yourself in a vibrant cultural scene.
  • Strong Rental Market – If you’re looking for a condo as an investment property, Chicago’s strong rental market presents a compelling opportunity. With a significant population of renters, there is a consistent demand for rental properties, providing investors with steady rental income potential. Also, as Chicago continues to attract young professionals and students, the rental market is expected to remain robust in the foreseeable future.
  • Endless Condos with Exceptional Amenities – Chicago condos boast an impressive array of amenities that elevate the living experience to a whole new level. It’s not hard to find luxury buildings that offer rooftop pools, state-of-the-art fitness centers, concierge services, private terraces, and stunning views of the city skyline and Lake Michigan. These upscale features not only enhance the lifestyle of the residents but also add value to the property and attract potential tenants for investors.
  • Great Affordability Compared to Other Cities – When considering real estate investments, affordability is a crucial factor. Chicago offers a more accessible entry point compared to cities like New York and San Francisco. While still a major metropolitan area with all its advantages, the cost of living and real estate in Chicago is generally more reasonable, allowing investors to get more value for their investment.

Whether you’re in a place to invest or settle down, it is undoubtedly smart to buy a condo in Chicago. So, if you’re ready to take the next steps to secure your property in the Windy City, connect with our compassionate team of brokers! We have the skills and experience to support you as you take advantage of one of the best cities to invest in condos.

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Is a Condo a Good First Home? Condo Living for First-Time Homeowners  

Posted on by LLCR Staff

If you’ve found yourself wondering if you should buy a condo before a house, you’ve come to the right place. For those looking for a sense of community, a low entry into homeownership from renting, investment potential, additional security and safety, access to high-end amenities that might otherwise not be available in a home, and an affordable option compared to single-family homes with a smaller down payment, a condo may make a terrific first home. 

But before you move forward with your decision, we have a wealth of information for first-time buyers. We’ll answer the burning question, “Is a condo a good first home?” and provide more helpful insights.

First, let’s take a look at the unique benefits of buying a condo.

Is a Condo a Good First Home? Explore 6 Top Benefits

1. Affordable Option with Smaller Down Payment

One of the most significant advantages of purchasing a condo as a first home is the relatively lower cost compared to single-family homes. Condos tend to be more affordable, making them accessible to buyers who may not have a substantial down payment saved up. The reduced financial burden at the outset can be particularly beneficial for young professionals or couples looking to invest in their first property.

2. Low Entry from Renting to Homeownership

Many first-time buyers transition from renting to homeownership. Condos present an ideal stepping stone in this journey. Owning a condo provides a sense of ownership and builds equity, yet it typically involves less maintenance and upkeep than owning a single-family home. This allows new homeowners to ease into the responsibilities of homeownership gradually.

3. Access to High-End Amenities

Condo living often comes with access to a range of luxurious amenities that might be financially challenging for first-time buyers to afford in a single-family home. These amenities could include swimming pools, fitness centers, rooftop gardens, communal spaces, and more. Enjoying such facilities within the condo complex can enhance the overall living experience.

4. Additional Security and Safety

Condos usually have secure entry points, such as gated entrances or controlled access to buildings. The presence of nearby neighbors can offer an added sense of security, especially for those living alone or concerned about safety. Many condos also have security systems and on-site personnel to monitor the premises.

5. Sense of Community

For first-time homeowners who value community, condos can be an excellent choice. Living in close proximity to neighbors allows for easier social interactions, fostering a more tight-knit environment. Community events and gatherings organized by the condo association can further enhance this sense of belonging.

6. Investment Potential

Condos can be a smart investment for first-time buyers. As Chicago continues to grow, demand for housing close to city centers is on the rise. The potential for appreciation in condo values over time can make them a valuable asset in the long run. Additionally, some condo owners choose to rent out their units, providing an opportunity for a passive income stream.

Now that we’ve covered the advantages condos offer let’s walk through the important steps to consider and questions to ask when finding, purchasing, and owning this property type.

Questions to Ask When Buying a Condo

1. What Neighborhood Should I Live In?

When buying a condo, the first step is identifying the right neighborhood that aligns with your lifestyle and preferences. Consider factors such as proximity to your workplace, public transportation options, and local amenities like schools, parks, shopping centers, and entertainment venues.

Research the neighborhood’s safety, growth potential, and community atmosphere to ensure it fits your long-term goals. Licensed brokers can also provide you with the scoop on the various areas throughout Chicago and their unique advantages and charms.

2. What is My Budget?

Establishing a clear budget is crucial before starting your condo search. Condos can vary significantly in price based on location, amenities, and size.

Determine your maximum budget, including a buffer for unexpected expenses, and get pre-approved for a mortgage to understand your financing options. Be realistic about what you can afford to avoid future financial strain.

3. What Taxes and Fees Can I Expect?

When buying a condo, you need to be aware of various taxes and fees associated with the purchase. These may include property taxes, downpayment, transfer taxes, title insurance, and escrow fees. Consult with a real estate professional to get a clear understanding of all the financial implications involved in the transaction.

4. What Condo Amenities Should I Look For?

With so many luxury condo amenities on the market today, prioritizing will be crucial. Assess which amenities are essential to you and ensure that the condo you’re interested in offers the facilities you desire.

If you have a pet, consider a building with pooch-friendly amenities like dog parks and grooming stations. Or, if you’re a fitness enthusiast, find an option with state-of-the-art equipment.

Other Factors to Consider When Buying a Condo in Chicago

Understand Condo Homeowners’ Associations (HOAs)

Most condos are part of a Homeowners’ Association (HOA), which manages the shared common areas and enforces rules and regulations for the community. Before purchasing a condo, carefully review the HOA’s rules and bylaws, as they can dictate everything from pet policies to exterior modifications. Additionally, inquire about the HOA fees and what they cover to ensure they align with your budget.

Assess the Building’s Maintenance and Financial Health

A thorough inspection of the condo building must be conducted before signing anything. This way, you can assess its overall maintenance and structural integrity. Look for signs of wear and tear, as well as any potential issues that may arise in the future. Additionally, review the condo association’s financial statements to ensure the building is well-managed and financially stable.

Budget for Regular Expenses

Don’t forget to consider common costs as you plan for condo living in the Windy City. Transportation costs may include public transit fees and occasional ride-sharing expenses. Food expenses will depend on your dining habits and the type of groceries you purchase. Additionally, healthcare costs, utilities, and entertainment expenses, such as dining out or attending events, should be factored into your budget.

Decorate Your New Condo

Decorating your new space is an exciting opportunity to infuse your personality and style into every corner. Start by considering your preferred color scheme and furniture layout to create a cohesive and inviting ambiance. Utilize space-saving solutions such as multi-functional furniture and wall-mounted shelves to optimize your living area. Add personal touches with artwork, decorative accents, and indoor plants to make it feel like home. Remember, the key to successful condo decor is finding the right balance between functionality and aesthetics. 

Work with a Real Estate Broker

Navigating the condo-buying process can be complex, especially for first-time buyers. Enlist the services of a reputable real estate broker with experience in condo transactions. We have a skilled team of brokers who can guide you through the process, negotiate on your behalf, and help you find the condo that meets your requirements and fits your budget.

Now that you’re armed with more knowledge about condos, we hope you feel confident that a condo is a good first home. Especially if you are looking for extra convenience, community, safety, and more, chances are you should buy a condo before a house. As you navigate this process, you don’t have to do it alone! Let our experienced team walk you through every step of the way.

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The Difference Between Buying a Condo vs. House vs. Townhouse

Posted on by LLCR Staff

Are you contemplating the perfect place to call home in the Windy City? If you find yourself entangled in the condo vs. house vs. townhouse debate, don’t stress! We can help you decipher each housing option’s unique features and advantages to find what works best for you and your lifestyle.

The Difference Between Buying a Condo vs. House vs. Townhouse

1. Level of Maintenance

If you are in a season where you’re looking for minimal upkeep, consider a condo. Condos generally require the least maintenance, as the homeowners’ association typically manages exterior care and shared spaces. Homes demand more individual responsibility for maintenance, from landscaping to repairs. If you’re a “do-it-yourself” person, who enjoys home improvement projects, this may be the right direction for you. If you fall in the middle, a townhome may be the move. This property type, with shared walls and possible HOA assistance for exterior upkeep, offers moderate maintenance.

2. Shared Amenities

Access to amenities may be a high priority if you’re seeking ultimate convenience and activities at your fingertips. Condos typically boast the most extensive shared facilities, such as gyms, pools, rooftop terraces, and more, providing residents with a luxurious lifestyle. Though offering more privacy, single-family homes might lack communal amenities, relying solely on nearby public facilities like parks. Townhomes generally strike a balance, offering shared spaces like parks or clubhouses, fostering a sense of community while maintaining a degree of personal space.

3. Affordability

Cost is a critical factor when selecting the property that makes the most sense for you. Condos are often the most affordable option, making them ideal for first-time buyers or those seeking a city-centric lifestyle. Houses typically have higher price tags due to the land and additional space they offer. Townhouses occupy a moderate price range, making them attractive to buyers looking for a mix of affordability and space. Along with the initial price tag, keep in mind that properties come with additional costs to consider, like taxes and fees. A licensed real estate professional can further walk you through these financial burdens as you property hunt to ensure your ultimate choice aligns with your budget.

4. Security

You can’t put a price tag on safety. Therefore, for many, this may be an important consideration. Note that condos are lauded for their heightened security, often featuring extra security measures, like gated entryways or 24/7 surveillance. Houses may offer more privacy but don’t typically come with security features, although you can set up a security system. Townhouses, with their shared walls and community setting, may offer a sense of security without sacrificing privacy. However, townhome owners are also responsible for setting up a security system if they want more peace of mind.

5. Level of Control over Property Decisions

While some prospective buyers value decision-making, others don’t want the added stress. Houses provide the highest degree of autonomy, allowing homeowners to make decisions freely without needing approval from others. Condos typically come with homeowners’ associations (HOAs), which may impose restrictions on property modifications and require HOA approval for certain decisions. Townhomes often fall in between, offering a balance of individual freedom and shared decision-making within the community.

6. Proximity to Neighbors and Privacy

Do you prefer increased social interaction or more personal space? Condos share walls and floors with neighbors, offering a more communal living experience. Houses provide greater distance from neighbors and increased privacy. Townhomes offer a blend of both worlds. Units provide more privacy, with either detached units or only side walls shared, while providing proximity to other residents.

7. Resale Opportunities and Limitations

Buying a property is an investment, so weighing the ROI is important. Homes generally offer greater potential for appreciation due to their standalone nature and the possibility of land ownership. However, their higher maintenance costs and limited amenities might deter some buyers. With their shared amenities and lower maintenance burden, condos attract a diverse market, boosting their resale value. Yet, little control over building policies and potential association fees may influence certain buyers. Townhomes offer more control over the property while still providing shared amenities, making them an appealing option for resale. Understanding these nuances, and walking alongside a broker, can help you make a well-informed choice tailored to your future financial goals.

8. Outdoor Access

If outdoor space is important, you will find many more options searching for houses. This option will guarantee more room for gardens, lawns, and backyard entertainment. While some condos offer balconies, this route is certainly the most limited when it comes to outside square feet. Townhouses may offer small yards or patio spaces.

9. Level of Community and Closeness

Due to the proximity of units, condos, and townhouses often provide a close-knit community atmosphere. Houses, though offering more privacy, might have limited interaction with neighbors. It also depends on the neighborhood and its culture.

10. Amount of Space

Houses typically offer the most square footage, ideal for growing families or those seeking abundant living space. Condos and townhouses provide more compact living spaces, making them suitable for individuals or smaller households.

11. Rules and Restrictions

Condos may have the most stringent rules and restrictions to maintain a harmonious living environment. Houses usually have fewer rules, giving homeowners more freedom. Townhouses fall somewhere in between, balancing community guidelines and individual liberties.

The decision between a condo vs. house vs. townhouse boils down to individual preferences, lifestyle, and financial considerations. A condo offers convenience and shared amenities, a house provides privacy and personalization, while a townhouse combines elements of both worlds. Consider your priorities carefully, and you’ll find the perfect abode to call home in the beautiful city of Chicago.

If you would like support in your decision-making and house hunting, connect with our licensed team today or follow the link below!

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Breaking Down the Costs of Owning a Condo: A Guide for First-Time Owners

Posted on by LLCR Staff

Owning a condo offers numerous advantages, from the convenience of shared amenities to a vibrant community lifestyle. However, it’s crucial to have a comprehensive understanding of the costs associated with condo ownership.

In this guide, we’ll break down the various expenses you need to consider to budget wisely and ensure a smooth condo ownership experience.

Costs of Owning a Condo

1. Monthly Condo Fees and HOA Fees

One of the primary costs of owning a condo is the monthly condo fee, also known as the Homeowners Association (HOA) fee. These fees cover the maintenance and upkeep of common areas, landscaping, security, and building insurance.

Monthly condo fees can vary significantly depending on the condo complex and its amenities. On average, condo fees in Chicago can range from $200 to $600 per month. For example, a condo in a high-rise building with extensive amenities like a fitness center, pool, and 24-hour concierge service may have higher fees, while a smaller building with fewer amenities may have lower fees.

2. Parking and Storage Unit Fees

If your condo includes designated parking or a storage unit, you may be required to pay additional fees.

Parking fees can vary based on the location and whether it’s indoor or outdoor parking. In downtown Chicago, monthly parking fees can range from $100 to $300 or more. Storage unit fees may cost an additional $50 to $150 per month, depending on the size of the storage space.

3. Repair and Maintenance Fees

As a condo owner, you are responsible for maintaining your unit. While the condo association takes care of common areas, you’ll need to budget for repairs and maintenance within your condo, such as fixing appliances, plumbing, or any interior upgrades.

Repair and maintenance costs will vary depending on the condition of the condo and any necessary upgrades. On average, condo owners should budget around 1% of the condo’s value annually for maintenance and repairs. For example, if your condo is valued at $300,000, you should budget around $3,000 per year for maintenance and repairs.

4. Special Assessment Fees

In some cases, condo associations may impose special assessment fees to cover unexpected expenses or major repairs not covered by the regular condo fees. It’s essential to be prepared for these additional costs that can arise on short notice.

Special assessment fees are usually one-time expenses for unexpected repairs or improvements to the condo building. These costs can vary widely depending on the nature of the assessment. For instance, a special assessment for a roof replacement may cost each unit owner $1,000 to $5,000 or more, depending on the size of the building and the scope of the project.

5. Utilities

Condo fees usually include some utilities, such as water, sewage, and garbage collection. However, other utilities like electricity, gas, internet, and TV are typically the responsibility of the condo owner.

Monthly utility costs will depend on your usage and the rates in your area. On average, Chicago residents can expect to pay around $100 to $150 per month for electricity, $50 to $100 for gas, and $50 to $100 for internet and TV services.

6. Insurance and Taxes

As a condo owner, you’ll need to have insurance to protect your personal belongings and liability. Additionally, property taxes are another cost you should factor into your budget.

The cost of condo insurance can vary based on the coverage and location. On average, condo insurance in Chicago can range from $300 to $600 per year. Property taxes will depend on the value of your condo and the local tax rates. For a condo valued at $300,000, property taxes may amount to approximately $4,000 to $6,000 per year.

7. Mortgage Payments

If you financed your condo purchase with a mortgage, make sure to budget for the monthly mortgage payments.

Mortgage payments will vary based on the loan amount, interest rate, and loan term. For instance, with a 20% down payment and a 30-year fixed-rate mortgage at 4%, the monthly mortgage payment on a $300,000 condo would be around $1,145.

8. Lifestyle Expenses

Owning a condo may come with lifestyle upgrades or higher living costs, such as dining out more frequently, exploring nearby entertainment options, or engaging in community events.

Lifestyle expenses will depend on individual preferences and choices. On average, dining out and entertainment expenses can range from $300 to $500 per month per person.

Being aware of the costs associated with condo ownership is essential for first-time owners to make informed financial decisions. From monthly condo fees and parking fees to utilities and insurance, understanding the full range of expenses will help you create a realistic budget and enjoy the benefits of condo living with confidence.

If you’re ready to begin your journey to buying a condo in Chicago, Luxury Living is here to help! Our team of real estate professionals have years of experience helping new buyers navigate the costs involved in homeownership, the ins and outs of the Chicago homebuying process, and more. Contact us to begin your search today!

Searching for more information on additional living expenses in Chicago to consider? Follow the link below.

Chicago Living Expenses You'll Need to Consider

What Should I Ask Before Buying a Condo? Your Essential Condo Buying Checklist

Posted on by LLCR Staff

Buying a condo in Chicago can be an exciting venture, especially for first-time buyers. However, with the vast array of options available, it’s crucial to approach the condo purchasing process with due diligence.

To help you make an informed decision, we’ve compiled a comprehensive condo buying checklist with key questions to ask before taking the plunge. From understanding insurance and budgeting to inspecting the condo yourself and exploring community details, this guide will equip you with the knowledge needed to confidently navigate the condo buying journey.

Questions to Ask When Buying a Condo in Chicago

  1. Insurance Questions:
  • What does the condo association’s insurance cover, and what should I secure with my personal insurance policy?
  • Is there a history of past insurance claims for the building or the individual units?
  • Are there any insurance coverage gaps that I should be aware of as a condo owner?
  1. Budgeting and Expenses:
  • What are the monthly condo association fees, and what do they cover?
  • Are there any special assessments or planned future increases in fees?
  • How are the condo association’s financial reserves, and are they sufficient to cover unexpected expenses?
  • What additional expenses, such as utilities or property taxes, should I budget for as a condo owner?
  1. Repairs and Improvements:
  • Are there any ongoing or planned repairs or renovations for the condo building?
  • What is the process for requesting and approving renovations within my individual unit?
  • Are there any restrictions on making changes to the unit’s layout or appearance?
  1. Included Amenities:
  • What amenities are offered to condo residents, such as gyms, pools, or communal spaces?
  • Are there any additional fees associated with using these amenities?
  • How are the amenities maintained and funded within the condo association?
  1. Rental Policies:
  • Are there any restrictions on renting out the condo unit?
  • What are the rules and regulations regarding short-term rentals, if applicable?
  • Are there any rental caps within the condo building?
  1. Condo Community Details:
  • What is the overall vibe and atmosphere of the condo community?
  • Are there any community events or gatherings organized by the condo association?
  • How is communication between residents and the condo association managed?

As you embark on the journey of buying a condo, it’s essential to gather all the necessary information and ask the right questions before making a decision. Armed with this valuable knowledge, you can approach the condo purchasing process with confidence, ensuring that your investment aligns with your lifestyle and financial goals. By following this comprehensive checklist, you’ll be well-prepared to make a successful condo purchase that meets your needs and enhances your living experience.

Ready to start your Chicago homebuying journey? Our experienced team of professionals are here to help answer any questions and offer guidance to help you make the best decision. Connect with us today or follow the link below to start your search!

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Essential Tips for First-Time Condo Owners: Navigating the Path to Successful Condo Living

Posted on by LLCR Staff

Condo living offers a unique and rewarding experience, but it also comes with its own set of responsibilities and considerations. To help you make the most of your new condo ownership journey, we’ve compiled a list of essential tips and tricks. From understanding condo rules and regulations to staying on top of renovations and being an active member of the community, these guidelines will ensure a smooth transition into your new condo lifestyle.

8 Condo Living Tips for First Time Owners

  1. Familiarize Yourself with the Condo Rules and Regulations: One of the first things you should do as a new condo owner is thoroughly review the condo’s rules and regulations. Understand what is expected of you as a resident and adhere to these guidelines to maintain a harmonious living environment. This includes understanding noise restrictions, pet policies, parking rules, and any restrictions on renovations or alterations to your unit.
  2. Review Condo Documents: Take the time to carefully review all the important condo documents, such as the declaration, bylaws, and association policies. These documents outline the rights and responsibilities of both the unit owners and the condo association. Being familiar with these documents will help you make informed decisions, understand financial obligations, and ensure a clear understanding of the condo’s governance structure.
  3. Budget Wisely: Creating a budget is crucial for successful condo ownership. Understand all the associated costs, including mortgage payments, property taxes, monthly HOA fees, and utilities. Be diligent about setting aside funds for regular maintenance and unexpected repairs. Budgeting wisely will help you manage your finances effectively and avoid any financial strain.
  4. Stay Proactive about Repairs and Maintenance: As a condo owner, it’s important to address maintenance and repair issues promptly. Report any maintenance concerns to the condo association or property management to ensure the longevity and value of your property. Regularly inspect your unit for any potential issues and stay proactive in resolving them. Taking care of small repairs promptly can prevent them from becoming larger and costlier problems down the line.
  5. Stay on Top of Insurance and Find the Right Coverage: Protect your investment by obtaining the appropriate insurance coverage. While the condo association’s insurance typically covers common areas and the building structure, it’s crucial to have personal insurance to protect your belongings and liability. Consult with an insurance professional to understand the coverage options and ensure you have the right policy for your needs.
  6. Participate in HOA Meetings to Stay Informed: Attending HOA (Homeowners Association) meetings is an excellent way to stay informed about important decisions, community updates, and upcoming projects. It allows you to voice your concerns, contribute to discussions, and understand the financial health of the association. Active participation in these meetings helps build a sense of community and fosters a positive living environment.
  7. Join and Be Part of the Condo Community: Embrace the condo community and get involved in community activities and events. Participating in social gatherings, committees, or volunteering opportunities not only helps you forge connections with your neighbors but also enhances your overall condo living experience. Building a strong community contributes to a welcoming and enjoyable environment for everyone.
  8. Take Advantage of Amenities and Respect Shared Areas: Many condos offer amenities such as gyms, pools, or shared outdoor spaces. Make the most of these facilities and enjoy the convenience they offer. However, it’s essential to be considerate of your fellow residents and follow any posted rules or guidelines. Respect shared areas by keeping them clean, properly using equipment, and adhering to designated hours or restrictions.

Becoming a first-time condo owner is an exciting milestone, and these essential tips will help you navigate the journey successfully. By understanding condo rules, staying proactive about maintenance, and more, you’ll create a harmonious living environment for yourself and your fellow condo residents.

If you’re ready to make the first step into homeownership in Chicago, let our team of experienced professionals help! We are here to guide you through the homebuying journey and answer any questions you may have. Contact us today or follow the link below to start your search!

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Is Buying a Condo Right for You? Assessing Condo Living vs Renting an Apartment

Posted on by LLCR Staff

When it comes to finding the ideal living arrangement, many individuals find themselves contemplating the decision between buying their first condo or renting an apartment. The choice between these two options ultimately depends on various factors, including lifestyle preferences, financial readiness, and long-term plans.

In this blog, we will help you assess whether condo living is right for you, considering a few key aspects. By understanding your needs and evaluating the pros and cons of each option, you can make an informed decision that aligns with your lifestyle and future goals.

Weighing the Pros & Cons: Buying a Condo vs Renting an Apartment

  1. Lifestyle Considerations: One crucial factor to evaluate when deciding between buying a condo or renting an apartment is your preferred lifestyle. Condo living may be ideal for those seeking complete privacy and full control over their living space. Owning a condo allows you to customize and personalize your unit to your liking, giving you a sense of ownership and investment. On the other hand, if you value flexibility, minimal responsibilities, and the ability to easily relocate, renting an apartment might be a better fit.
  2. Financial Readiness: Another important aspect to consider is your financial readiness. Buying a condo entails additional financial considerations beyond the purchase price. You will need to factor in a down payment, mortgage payments, homeowners association (HOA) fees, insurance, and property taxes. Assessing your financial situation and determining whether you have the means to handle these expenses comfortably is crucial. Renting an apartment typically involves less upfront costs and may provide more financial flexibility in the short term.
  3. Long-Term Plans: It is essential to evaluate how owning a condo aligns with your long-term plans. If you anticipate outgrowing your living space quickly or foresee sudden changes in your job or family situation, buying a condo may not be the most suitable option. Owning a condo requires a level of commitment and stability, as it can be more challenging to sell or move out compared to ending a lease on an apartment. Renting an apartment allows for greater flexibility and the ability to adapt to changing circumstances more easily.
  4. Investment Potential: One advantage of buying a condo is the potential for long-term investment. As a condo owner, you have the opportunity to build equity and potentially benefit from property appreciation over time. If you plan to stay in the same location for an extended period and view the purchase as a long-term investment, buying a condo can be a financially rewarding choice. Renting an apartment, on the other hand, does not offer the same potential for building equity but provides more flexibility in terms of short-term financial commitments.

Deciding between buying a condo or renting an apartment requires careful consideration of your lifestyle preferences, financial readiness, and long-term plans. By assessing these key factors, you can determine which option is the right fit for you.

Ultimately, the decision should align with your unique circumstances, ensuring that your living arrangement supports your lifestyle and future goals. If you’re ready to start your homebuying journey, reach out to our team of experienced professionals today or follow the link below!

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Key Benefits of A Real Estate Agent for Condo Buyers in Chicago

Posted on by LLCR Staff

Are you considering buying a condo in the vibrant Windy City? Finding the perfect home can be exciting yet overwhelming, especially when faced with numerous options and potential red flags. That’s where a licensed real estate agent can be your ultimate ally.

In a time when online sites and platforms may offer real estate tools, we want to highlight the benefits of a real estate agent when buying a condo in Chicago. We will explore how these licensed professionals can help personalize your search and ensure that you find your dream home, without avoidable challenges.

Researching Chicago Condos with Redfin vs. a Licensed Real Estate Broker

When it comes to researching Chicago condos, you might be tempted to rely solely on online platforms like Redfin. While these platforms offer convenience and a wide range of listings, they don’t provide the personalized guidance and expertise that a licensed real estate broker can offer.

A real estate agent possesses an in-depth understanding of the Chicago market conditions, trends, and pricing, enabling them to provide detailed insights and guide you on the best time to buy. By working closely with you, they can narrow down your search based on your specific requirements, ensuring that you focus on properties that truly align with your needs and preferences.

Easily Compare Different Types of Condos with a Licensed Broker

Another significant advantage of working with a licensed real estate broker is their ability to help you compare different types of condos easily. Unlike alternative websites, a licensed broker has access to a comprehensive database of listings and a deep understanding of the Chicago real estate market. They can provide you with a curated list of options based on your budget, desired location, and must-have features.

By leveraging their expertise, they can analyze and interpret condo market data, helping you make an informed decision that aligns with your preferences. With their guidance, you can save time and effort by focusing on condos that are most likely to meet your specific criteria.

How a Real Estate Agent Can Help You Avoid Red Flags When Buying a Condo

Buying a condo involves careful consideration and scrutiny to avoid potential red flags that may impact your ownership experience. This is where a real estate agent’s market knowledge and expertise shine. They will conduct thorough research on the condo association, examining its financial health, rules, and regulations. By doing so, they can identify any red flags such as pending lawsuits, special assessments, or issues with the association’s management.

Additionally, real estate agents have connections with reputable inspectors who can thoroughly evaluate the property and uncover any hidden problems. They can advocate on your behalf, negotiating repairs or price adjustments if necessary, and ensuring that all the paperwork is in line. With their years of experience, they can guide you through the process, providing valuable insights and advice to help you make an informed decision.

Access Off-Market Properties in Chicago with Local Brokers

Off-market properties hold a particular appeal for buyers seeking unique opportunities and potential value. These properties are not publicly listed on websites or databases, making them hidden gems in the market. Real estate brokers provide the unique advantage of offering expertise and connections that can help you gain access to these exclusive properties.

By working with a local Chicago broker, you tap into their extensive network, increasing your chances of finding off-market opportunities that meet your specific requirements. This gives you a competitive edge and allows you to explore properties that may otherwise remain hidden. A real estate agent can help you uncover these off-market opportunities, ensuring that you find a condo that best suits your needs and preferences.

Explore Upcoming Condo Developments in Chicago with Local Brokers

Chicago is a city that is constantly evolving, with new condo developments on the rise. Staying updated on these upcoming projects can be a challenge, especially if you rely solely on general real estate websites.

Real estate agents have their finger on the pulse of the market and can provide you with insights on upcoming condo developments in Chicago. They have access to information about new projects, including their locations, amenities, pricing, and expected completion dates. By working with a real estate agent, you can explore these upcoming developments and potentially secure a condo in a brand-new building with modern features and amenities.

Finding the Right Condo with Chicago Real Estate Agents vs. Zillow

While popular websites like Zillow can be helpful in providing initial information about condos for sale, they lack the personalized touch and in-depth market knowledge that real estate agents possess. Zillow’s data is not always up-to-date or accurate, which can lead to misinformation and confusion.

On the other hand, Chicago real estate agents have firsthand knowledge of the local market conditions, pricing trends, and neighborhoods. They can guide you through the condo-buying process, ensuring that you have a competitive edge and can make informed decisions. By working with a real estate agent, you have a trusted partner who will prioritize your needs, provide expert advice, and negotiate on your behalf, ultimately helping you find the right condo in Chicago.

Leveraging Your Own Licensed Real Estate Expert

As you can see, there are countless benefits of a real estate agent when house hunting. From their deep understanding of the local market conditions to their ability to easily compare different types of condos, real estate agents provide invaluable guidance throughout the entire buying process. By partnering with a real estate agent, you increase your chances of finding the perfect condo that meets your needs and preferences, ultimately making your Chicago condo buying experience smooth and successful.

If you’re ready to begin your house hunt, consider teaming up with a Luxury Living broker. Our licensed agents have the credibility to guide you through the Chicago market and secure your dream home.

Our experienced team of real estate brokers includes Top Producers, negotiation experts, and savvy marketers. With a variety of backgrounds and educations, our Chicago agents have helped thousands of clients buy, sell, or rent homes in Chicago since 2007. They specialize in guiding first-time homebuyers through the process of finding the perfect new home.

Luxury Living is here to help you achieve all of your buying and selling goals. Every team member is dedicated to providing personalized, professional, and prompt service. Our agents share insights and recommendations from proven partners, including lenders, inspectors, and attorneys. Our boutique sales team ensures exceptional service for all your real estate needs. Connect with us today or click the button below to start your search!

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How A Real Estate Agent Can Help You Avoid Red Flags When Buying a Condo 

Posted on by LLCR Staff

Buying a condo can be an exciting and fulfilling experience, but it’s important to approach it with caution and thoroughness.

With numerous factors to consider, it’s easy to overlook potential red flags that may impact your investment. This is where the expertise of a real estate agent comes into play. A knowledgeable agent can guide you through the process, help you navigate the complexities, and ensure that you make an informed decision.

In this blog, we will explore how a real estate agent can help you identify and avoid red flags when buying a condo.

Common Red Flags When Buying a Condo

Buying a condo can be an exciting and rewarding investment, but it also comes with its own set of challenges and potential pitfalls. From maintenance problems to inadequate insurance coverage, here are a few common red flags to consider when buying a condo:

  1. Maintenance Issues: Maintenance issues in a condo can lead to inconvenience and costly repairs. A skilled real estate agent will thoroughly inspect the property and review the condo association’s maintenance records to identify any existing or potential problems. They can advise you on the condition of the building, including the common areas, plumbing, electrical systems, and overall upkeep.
  2. Lack of Condo Association Insurance Coverage: Condo associations typically carry insurance coverage to protect the building and common areas. However, it’s crucial to ensure that the coverage is comprehensive and adequate. A knowledgeable broker will review the condo association’s insurance policies to verify that they provide sufficient coverage for potential liabilities, including accidents, natural disasters, and structural damages. They will help you understand the insurance terms and ensure that you are adequately protected as a condo owner.
  3. Restricted Unit Rules: Some condo buildings may have specific rules and restrictions that govern the use of individual units. These rules can range from limitations on renting out units to restrictions on pet ownership, renovations, or even lifestyle choices. A real estate agent will carefully review the condo association’s bylaws and regulations to ensure that you are aware of any restrictions and can make an informed decision based on your preferences and lifestyle.
  4. Lawsuits: Lawsuits involving the condo association or individual unit owners can be a significant red flag. They can indicate underlying issues within the building or disputes among residents. A skilled broker will conduct due diligence by researching any ongoing or past lawsuits involving the condo association or individual units. They will inform you of any legal proceedings and help you evaluate the potential impact on your investment and quality of life.
  5. High Maintenance Fees: Maintenance fees, also known as condo fees or assessments, are recurring payments made by condo owners to cover the building’s operating expenses, repairs, and reserves. Excessively high maintenance fees can significantly impact your monthly budget and affordability. A real estate agent will review the financial statements of the condo association to assess the reasonableness of the fees and ensure they are proportionate to the services and amenities offered by the building.

How A Real Estate Agent Can Help You Avoid Red Flags When Buying a Condo

To navigate the complexities of purchasing a condo and avoid common red flags, consider enlisting the help of a knowledgeable real estate agent.

  1. Market Knowledge: A reputable real estate agent possesses in-depth knowledge of the local market. They can provide valuable insights into condo prices, trends, and potential risks. By analyzing market data, they can help you determine whether a condo is reasonably priced and identify any potential issues.
  2. Pre-Screening: An experienced agent will pre-screen condos before presenting them to you. They will assess key factors such as location, amenities, condition, and price to ensure that the properties align with your preferences and needs. This saves you time and effort by narrowing down the options to those that are most suitable.
  3. Expert Research on the Condo Association: Condo associations play a crucial role in the overall management and maintenance of the building. A knowledgeable real estate agent will conduct thorough research on the condo association, reviewing financial statements, meeting minutes, and bylaws. They will look for any red flags such as inadequate reserve funds, ongoing disputes, or mismanagement issues.
  4. Connections with Inspectors: During the condo buying process, a professional inspection is essential to uncover any potential maintenance issues or structural problems. A real estate agent with strong connections in the industry can recommend reputable inspectors who will thoroughly assess the condo and provide you with a comprehensive report.
  5. Advocate for Necessary Repairs: If the inspection reveals any significant issues or necessary repairs, your agent can advocate on your behalf. They will work with the seller’s agent to negotiate repairs or financial concessions, ensuring that your best interests are protected.
  6. Paperwork Management: Buying a condo involves a significant amount of paperwork. Your real estate agent will help you navigate through the documentation, ensuring that everything is in order and that you understand the terms and conditions. They will review contracts, disclosures, and other legal documents, minimizing the risk of overlooking critical details.
  7. Years of Expertise: One of the most valuable aspects of working with a real estate agent is their years of experience and expertise in the industry. They have encountered a wide range of scenarios and can quickly identify red flags that may not be apparent to the untrained eye. Their knowledge and insights can help you make informed decisions and avoid costly mistakes.

When it comes to buying a condo, the assistance of a real estate agent is invaluable. From their market knowledge and pre-screening abilities to their expertise in researching condo associations and managing paperwork, agents play a vital role in helping you avoid red flags.

By partnering with a trusted agent, you can have peace of mind knowing that you’re making a well-informed decision and securing a condo that meets your needs while minimizing potential risks. So, take advantage of their professional guidance and expertise to navigate the condo buying process with confidence.

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Easily Compare Different Types of Condos with a Licensed Broker

Posted on by LLCR Staff

Searching for the perfect condo can be an exciting but overwhelming process. With so many options available, it can be challenging to compare different types of condos and make an informed decision.

That’s where a licensed broker comes in, offering valuable expertise and guidance that surpasses what alternative websites can provide.

Easily Compare Different Types of Condos with a Licensed Broker

A licensed broker brings a deep understanding of the Chicago real estate market to the table. They stay up-to-date with market conditions, trends, and pricing, allowing them to navigate the market with precision. When it comes to comparing different types of condos, their knowledge and insights are invaluable. They can help you assess the pros and cons of each option, taking into account factors such as location, amenities, square footage, and more.

While alternative websites can provide a wealth of information, they often lack the personalized guidance that a licensed broker offers. A broker takes the time to understand your specific needs, preferences, and budget. Armed with this knowledge, they can present you with a curated selection of condos that best match your criteria. This saves you time and effort in sifting through countless listings and allows you to focus on properties that truly meet your requirements.

One of the key advantages of working with a licensed broker is their ability to provide detailed insights into the market. They can give you a comprehensive analysis of recent sales data, market trends, and neighborhood dynamics. This information is crucial for making informed decisions and understanding the potential value of different condos. Additionally, a broker can guide you on the best time to buy, helping you take advantage of market fluctuations and favorable conditions.

When it comes to comparing different types of condos, a licensed broker acts as your trusted advisor throughout the entire process. They can answer your questions, address your concerns, and provide professional guidance based on their experience and expertise. Their goal is to ensure that you have all the information you need to make a confident and well-informed decision.

In Chicago, there is a wide range of condo options available to buyers. Here are 7 common types of condos that people can purchase in the city.

7 Different Types of Condos in Chicago

  1. High-Rise Condos: Chicago’s iconic skyline is dotted with towering high-rise buildings that house luxurious condos. These condos often offer stunning views of the city or Lake Michigan and come with a variety of amenities such as fitness centers, swimming pools, rooftop decks, and 24-hour concierge services.
  2. Loft Condos: Chicago is known for its vibrant loft-style condos, especially in neighborhoods like the West Loop and River North. These condos feature open floor plans, high ceilings, and exposed brick or ductwork, giving them a trendy and industrial aesthetic.
  3. Townhouse-style Condos: For those who prefer a more townhouse-like living experience, townhouse-style condos are a popular choice. These condos are usually multi-level units with private entrances and may include features like private patios or rooftop decks.
  4. Vintage Condos: Chicago has a rich architectural history, and many buyers are drawn to the charm and character of vintage condos. These units are often located in historic buildings and feature unique architectural details, such as ornate moldings, hardwood floors, and fireplaces.
  5. New Construction Condos: Chicago’s real estate market is constantly evolving, and new construction condos are in high demand. These condos offer modern amenities, contemporary designs, and the opportunity to customize finishes and features to suit individual preferences.
  6. Boutique Condos: In addition to larger developments, Chicago also has a selection of boutique condos. These smaller-scale buildings offer a more intimate and exclusive living experience with fewer units and a greater sense of community.
  7. Luxury Condos: For buyers seeking the ultimate in luxury living, Chicago boasts a range of high-end condo options. These condos often feature top-of-the-line finishes, premium appliances, high-end amenities, and coveted locations in prestigious neighborhoods.

So, if you’re in the market for a condo and want to easily compare different types of properties, consider working with a licensed broker. Their in-depth knowledge of the Chicago market, detailed insights, and personalized guidance will streamline your search and empower you to make the best choice. Take advantage of the expertise and experience of a licensed broker and embark on your condo-buying journey with confidence!

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Access Off-Market Properties in Chicago with Local Chicago Brokers

Posted on by LLCR Staff

When it comes to buying a property in Chicago, off-market properties hold a special appeal for many buyers. These are properties that are not actively listed on public platforms or websites, making them exclusive opportunities that only a select few have access to.

But how can you get your hands on these hidden gems? That’s where local Chicago brokers come in.

Access Off-Market Properties in Chicago with Local Brokers

Local Chicago brokers provide a unique advantage when it comes to accessing off-market properties. They have extensive knowledge of the real estate market in the city and deep connections within the industry. This allows them to tap into a network of off-market properties that may not be readily available to the general public.

Working with a broker also means gaining access to their expertise and insider knowledge. They can help you identify properties that align with your specific needs and preferences, uncovering hidden opportunities and potential value. Whether you’re looking for a fixer-upper with great investment potential or a luxurious property in a coveted neighborhood, a broker can help you navigate the off-market landscape and find the perfect property for you.

One of the key advantages of working with a broker is their ability to provide personalized attention and guidance throughout the process. They take the time to understand your requirements and preferences, ensuring that they present you options tailored to your specific needs. With their industry connections and access to exclusive listings, brokers can help you gain a competitive edge in a fast-paced market.

In addition to finding off-market properties, brokers offer valuable insights and advice based on their experience in the Chicago real estate market. They can provide guidance on pricing, market trends, and potential risks or opportunities associated with specific properties. Their expertise is invaluable in making informed decisions and maximizing the value of your investment.

So, if you’re on the hunt for your dream property in Chicago, consider working with a local Chicago broker. With their expertise, connections, and dedication to finding the best properties for their clients, brokers provide an essential resource in accessing hidden real estate opportunities.

Connect with our experienced team today to embark on your journey of finding your perfect home in the vibrant city of Chicago!

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Explore Upcoming Condo Developments in Chicago with Local Brokers

Posted on by LLCR Staff

Are you in the market for a new construction condo in Chicago? If so, you’re in luck! The Windy City is buzzing with upcoming condo developments.

To navigate through the sea of options and secure your dream home, enlist the help of local brokers who specialize in new construction condos in Chicago.

Explore Upcoming Condo Developments in Chicago with Local Brokers

New construction condos and off-market properties hold tremendous appeal for buyers, and for good reason. These properties often boast state-of-the-art features, contemporary designs, and sought-after locations. However, finding the right condo amidst the bustling Chicago real estate market can be daunting. That’s where local brokers come into play. They possess the expertise and connections necessary to help individuals gain access to properties that may otherwise remain hidden.

Key Advantages

  1. One of the key advantages of working with local brokers is their ability to keep you updated on upcoming condo developments. These professionals stay on top of the latest projects, ensuring that you are aware of new construction condos as soon as they hit the market. By being among the first to know about these developments, you can gain a competitive edge and potentially secure a foothold before the general public.
  2. Moreover, local brokers are well-versed in market trends. They understand the intricacies of the Chicago real estate scene and can provide valuable insights into the condo market. Whether you’re looking for a trendy condo in a bustling neighborhood or a luxurious penthouse with breathtaking views, brokers can guide you towards the developments that align with your preferences and investment goals.
  3. One of the most significant advantages of working with local brokers is their access to exclusive units. Many new construction condos are released in phases, with certain units being available only to brokers and their clients. By partnering with a broker, you can explore these premier units before they become publicly available. This insider access can make all the difference in finding your dream condo in a competitive market.
  4. Decision-making is another area where local brokers excel. With their in-depth knowledge of the Chicago real estate market, brokers can provide valuable advice and guidance throughout the buying process. They can help you evaluate the pros and cons of different developments, analyze pricing and investment potential, and negotiate on your behalf. Having a trusted expert by your side can bring peace of mind and ensure that you make well-informed decisions when it comes to purchasing your new construction condo.

If you’re looking to explore upcoming condo developments in Chicago, it’s worth working with a local broker. These licensed professionals offer the expertise, connections, and market insights needed to navigate the real estate market with ease.

So, why wait? Connect with a local Luxury Living broker today and embark on your journey to find the perfect new construction condos in Chicago.

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Researching Chicago Condos with Redfin vs a Licensed Real Estate Broker

Posted on by LLCR Staff

In today’s digital age, the real estate industry has experienced a significant transformation with the emergence of online platforms like Redfin, Zillow, and Movoto. These platforms have revolutionized how people house hunt.

In this post, we’ll explore the strengths and limitations of these platforms, particularly when using Redfin to find condos in Chicago.

The Power of Online Real Estate Platforms

Redfin, a prominent player in the online real estate market, provides users with a wide net of listings, offering convenience and accessibility. With just a few clicks, prospective buyers can explore a vast array of Chicago condos available for sale. This vast selection empowers buyers to explore various options and compare prices, sizes, amenities, and more.

However, it’s essential to note that the sheer volume of listings on platforms like Redfin can easily become overwhelming. While access to an extensive database of properties may sound appealing, sorting through the multitude of options can be challenging, particularly when trying to sort by factors such as lifestyle and neighborhood fit.

The Need for Professional Expertise

While online platforms like Redfin offer advanced search filters to help narrow down the options, they may not always provide a nuanced understanding of Chicago’s real estate market. When purchasing a condo or home, consulting with experienced real estate professionals armed with advice, data-driven insights, and reports on trends can be invaluable.

Real estate professionals possess local market knowledge, understand neighborhood dynamics, and can offer personalized guidance tailored to individual needs and preferences. Their expertise can help navigate the complexities of the Chicago real estate market, ensuring that buyers make well-informed decisions.

Benefits of Working with Real Estate Professionals

By collaborating with real estate professionals, buyers gain access to in-depth market analysis and insider information. These professionals can provide comprehensive reports on market trends, recent sales data, and property valuations specific to Chicago’s condo market. Additionally, they can offer valuable insights into neighborhood amenities, schools, transportation options, and future development plans.

Working with a real estate agent offers a human touch that online platforms cannot replicate. Agents can listen to buyers’ unique requirements, consider their lifestyle preferences, and suggest properties matching their needs. They can also provide guidance throughout the purchasing process, including negotiations, inspections, and paperwork, ensuring a smooth and successful transaction.

While platforms like Redfin can be a valuable starting point for condo research, they should not replace the personalized guidance and expertise of real estate professionals. By combining the power of online platforms with the human touch of experienced agents, buyers can confidently navigate the Chicago condo market.

If you have begun researching Chicago Condos with Redfin, or a similar tool, let an experienced Luxury Living broker help you finalize the search process and secure your ideal home in the Windy City. Start your search today!

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Finding the Right Condo with Chicago Real Estate Agents vs. Zillow: Get a Competitive Edge

Posted on by LLCR Staff

In the age of technology, homebuyers often turn to online platforms like Zillow to search for their dream homes.

While Zillow offers a vast array of listings, it’s important to recognize the unique advantages that come with working with expert real estate agents, especially in competitive markets like Chicago.

In this blog, we will explore why turning to real estate agents can give buyers a significant edge, from accessing off-market and pre-market listings to benefiting from their knowledge and expertise in pricing, trends, and negotiation.

1. Access to Off-Market and Pre-Market Listings

While Zillow provides an extensive range of listings, real estate agents have access to off-market and pre-market properties that may be a better fit for their clients.

Through their strong professional networks, agents can offer clients exclusive opportunities to view and purchase properties before they even hit the market.

This advantage allows buyers to get ahead of the competition and increase their chances of finding the perfect condo in Chicago.

2. Connection to Essential Professionals

Real estate agents not only help clients find the right property but also connect them with other crucial professionals in the homebuying process.

From mortgage brokers to home inspectors and attorneys, agents have a network of trusted professionals ready to assist their clients. This guidance ensures that buyers have access to reliable resources, making the entire transaction smoother and more efficient.

3. Insights into Pricing and Trends

Experienced real estate agents possess valuable knowledge and insights into pricing and market trends.

They have a deep understanding of local neighborhoods, market conditions, and recent sales, allowing them to provide clients with accurate pricing guidance. This information arms buyers with a competitive advantage when negotiating the best possible deal.

While Zillow provides some data, it lacks the nuanced expertise that comes with working directly with a knowledgeable agent.

4. Streamlined Search Process

Searching for the perfect condo can be a time-consuming task, sifting through countless listings and determining which ones align with your needs.

Real estate agents, on the other hand, understand their clients’ preferences and save them countless hours by filtering and presenting the most suitable options.

Their expertise helps buyers focus on the properties that truly match their requirements, saving them time and effort.

5. Effortless Transaction Management

Managing a real estate transaction involves numerous details, paperwork, and negotiations. By working with an expert agent, buyers can save themselves the time and effort of handling these complexities on their own.

Agents are well-versed in navigating the intricacies of the buying process, ensuring that all necessary documents are completed accurately and deadlines are met.

This level of support and guidance alleviates stress for buyers and allows them to focus on their excitement for their new condo.

While Zillow provides a convenient platform for searching listings, there are clear advantages to working with expert real estate agents when buying a condo in Chicago.

By leveraging the knowledge and expertise of a broker, buyers gain a competitive edge and increase their chances of finding the perfect condo that meets their needs and exceeds their expectations in the dynamic Chicago real estate market.

Ready to start your Chicago condo search? Reach out to our team or follow the link below to get started!

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6 Questions to Ask When Buying a Condo in Chicago

Posted on by LLCR Staff

Buying a condo in Chicago can be an exciting and overwhelming experience. With so many options available, it can be challenging to determine which condo is right for you. That’s why it’s crucial to ask the right questions when buying a condo in Chicago. To help you through the process, we’ve compiled a list of some of the most common questions to ask when buying a condo.

1. What is the monthly association fee, and what does it cover?

One of the most significant differences between owning a condo and owning a single-family home is the association fee. This fee covers maintenance and other services for the building and shared amenities. It’s important to understand what this fee covers, how much it costs, and if it fits your budget.

2. What are the rules and regulations of the building?

Each condo building has its rules and regulations that you must follow. These can include restrictions on pets, noise levels, and rental policies. Before buying a condo, make sure you understand the rules and regulations and are comfortable with them.

3. What are the building’s amenities?

Condo buildings often have amenities like a fitness center, pool, or rooftop deck. Find out what amenities are available in the building and whether they fit your lifestyle. Some amenities may come with additional fees, so make sure you understand the cost.

4. What is the condo’s resale value?

While you may not be thinking about selling your condo right away, it’s essential to consider its resale value. Ask your realtor about the condo’s history, including past sales and appreciation rates in the area.

5. What is the condo’s location like?

Location is everything when it comes to buying a condo. Consider the neighborhood’s safety, proximity to public transportation, shopping, and dining options. It’s essential to understand the area’s character and whether it fits your lifestyle.

6. What is the condition of the condo?

Before buying a condo, make sure you understand its condition. Ask about any recent renovations, repairs, or maintenance issues. You may also want to consider hiring a professional inspector to assess the condo’s condition.

Buying a condo in Chicago can be an exciting and rewarding experience, but it’s important to ask the right questions. By understanding the association fee, building rules, amenities, resale value, location, and condo’s condition, you’ll be better equipped to make an informed decision.

If you need support during your condo search, connect with one of our experts. Our experienced realtors can help you navigate the condo buying process and find the perfect condo for you. Click the link below to start your search today!

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Common Condo Questions and Answers — Expert Advice from Our Agents

Posted on by LLCR Staff

Buying a condo or home – especially for the first time – can feel like a daunting task. Where do you begin? How do you know what’s best for your budget? There are many questions to think through before making this decision, especially because buying a condo is a financial and personal milestone.

As you consider taking this next step, read on for our commonly-asked questions – and more importantly, expert advice from our team on all things related to buying a condo for the first time.

What is an adjustable rate mortgage and how does it work?

An adjustable rate mortgage (ARM) is a home loan that’s divided into two periods: a fixed period and an adjustment period. Unlike a fully fixed-rate mortgage, this type of loan relies on market conditions and can change from month to month during the adjustment period.

  • During the fixed period, which comes first, the loan is at a set rate that’s lowered to compensate for any changes that could occur during the adjustment period. 
  • After the fixed period, the loan during the adjustment period is tied to a benchmark that reflects market conditions. 

While ARMs aren’t the right choice for everyone, this mortgage type can be a beneficial option for first-time homebuyers who might sell their home before the adjustment period ends (thus allowing for a lower fixed-period loan). It’s worth discussing both options with your mortgage lender to ensure you’re opting for the one that’s right for you.

Who pays closing costs? When are closing costs due? 

Closing costs – or fees incurred during the homebuying process – can be confusing, as they vary by state and individual transaction. While the individual costs themselves can change, they usually fall into one of the following categories: property-specific costs, loan-specific costs, mortgage costs, property taxes and insurance. 

Both the buyer and seller of the condo are responsible for paying closing costs, though buyers shoulder the majority of the fees. Generally, a homebuyer can expect to pay for the title search fee, title insurance, attorney’s fee, appraisal fee, recording fees, credit report, termite inspection, lender’s origination fee, insurance, taxes, and interest. Sellers handle part of the title search fee, title insurance, recording fees and the real estate agent’s commission. 

The actual closing costs vary by area and transaction size, but you can expect to pay around two to five percent of your home’s purchase price on closing day (when these fees are due). Closing cost calculators can be a great way to determine what the exact amount might be for your condo.

Should I continue renting or buy a condo?

Though condo (and rental) prices fluctuate due to market conditions, the decision to continue renting or purchase a condo for the first time is up to your individual goals and finances. A rent vs. buy analysis is designed to audit these areas of your life and help determine desire and readiness to buy. Steps in this analysis include:

  • Use a cost calculator to understand what mortgage you can afford, as well as closing costs, taxes and HOA fees – which should all be factored into the equation.
  • Consider your life stage goals, and why you want to purchase a condo. Talking through these questions with a trusted friend or counselor is a great way to ensure that the time is right to take this next step.
  • Think about other people, such as a partner or family, who might be involved in this decision. Discuss the implications with them to weigh their opinions, too.

One of the biggest components of a rent vs. buy analysis is what you want and what you can afford. As you look at different price points and their impact on your budget, use your current rent as a starting point for what an affordable mortgage would look like.

How can I understand mortgage interest rates?

As a first-time buyer, understanding mortgage interest rates is critical. This rate is what you pay to the lender in exchange for borrowing money, and there are three types of these loans:

  • Conventional loans, which require a higher credit score and a down payment between five and 20 percent of the home’s value. These are not issued by the government.
  • FHA loans, which are issued by the government, allow you to put down as little as 3.5 percent.
  • VA loans are for veterans and active-duty military personnel, and are guaranteed by the Department of Veterans affairs. They carry no down payment requirement.

These mortgages can be paid on a fixed or adjustable basis, and last 15 or 30 years. The difference between these payout times is that a 15-year mortgage carries higher monthly payments, but lower interest rates – meaning you pay off your mortgage sooner. A 30-year mortgage means that you have more time to pay off the loan with a lower monthly payment – but at the cost of higher interest over a longer period of time.

Do you pay property taxes on a condo?

Property taxes are a hot topic in Illinois, especially in Chicago’s Cook County, where the annual average property taxes are $10,950. While it’s common to think that these taxes don’t apply to condo owners, this is unfortunately not the case – condo owners are required to pay property taxes, even if a property was gifted to you or you own a rental property.

Property taxes are, in fact, determined by a home’s assessed value and the local tax rate (which is 2.19 percent in Chicago). While these taxes can add up, there are tax credits and exemptions that can ease the burden of this cost. Upon filing your taxes, these deductions include:

  • The amount paid in property taxes
  • The amount paid in the interest on your mortgage
  • The amount of any casualty loss to your property to the extent not compensated by insurance

As you consider the cost of owning a condo, property taxes are an important line item to add to your budget. Work with your mortgage lender and realtor to understand exactly what these costs might mean for you depending on your choice of a new home.

What’s changing with mortgages this year?

One of the biggest changes to mortgage costs this year is that it’s now cheaper to have a lower credit score. Specifically, if your score is 659 and you’re borrowing 75 percent of your new home’s value, you’ll only need to pay a fee equal to 1.5 percent of the loan balance (as opposed to 2.75 percent of the loan balance, which was the fee last year). This change only applies to loans starting May 1, 2023.

While the changes to Loan Level Price Adjustments (LLPAs) can change each year, the easiest way to ensure you’re paying as little interest as possible is to ensure your credit score is in top shape before purchasing a home.

With a mortgage, interest rates, closing costs and property taxes to consider, it’s no surprise that taking the step to own a condo is a huge decision. At Luxury Living, we pride ourselves on working through every step in the process together – ultimately leading you to your dream condo at the right price. If you’re ready to take this step, reach out to our knowledgeable team today or click the link below to get started!

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Small Condo Design Ideas

Posted on by LLCR Staff

City living sometimes means forfeiting space. If you want to make the most of your limited square footage, check out these small condo design ideas for each room of the house.

Small Condo Design Ideas for Your Living Room

For many, the living room serves as the primary gathering place. Whether it’s your spot to unwind after a long day or the place to entertain guests, most folks want this room to make a good impression. There are a few tricks to spruce up and open up a living room that naturally feels small:

  • Find multi-functional furniture. Whether you find a nice pull-out couch or an ottoman that provides storage, go for pieces that serve several purposes.
  • Incorporate mirrors. Not only do mirrors add a fun aesthetic touch, but they also make a room feel brighter and bigger by adding light and dimension.
  • Go with a large rug. While a smaller living room doesn’t need large furniture, it does benefit from an expansive rug. This staple piece can help anchor the room, giving it a larger appearance.
  • Take advantage of lights. Lighting is a key design element in any room, especially the living room. Brighten your space with a mix of lights- including floor lamps, end table lamps, a ceiling fixture, or even wall sconces.

Small Condo Dining Room Design Ideas

The dining room is another area that can be great for hosting guests. Even if the room is tight, you can create an inviting and warm space with a few expert design recommendations:

  • Go for a round table. Not only does this table shape often make conversing easier, but in a smaller space, it can feel softer than a square one. If you’re leaning toward a rectangular table, try finding a slim and sleek one.
  • Find tables that extend. This adjustable feature allows you to seat more folks when needed or keep the table smaller when you’re not hosting.
  • Opt for wall lights. Rather than bulky floor lamps, add soft dining room lighting with sconces of your choice. Also, when choosing your ceiling light, consider it a main statement piece in the room. Pendant lights are also elegant options for the dining room.

Design Ideas for a Small Condo Bedroom

The bedroom is where you start and end your day, so it’s worth styling this room to your liking. If you’re working with a small bedroom, try these tips:

  • Look into a storage bed. Finding a bed that can hide your belongings is a great start to maximizing this room. Not only can you find beds with storage below, but some headboards also double as storage.
  • Stick with lighter paint colors. Think off-whites, soft neutrals, and pastels. These colors help give the illusion of larger, brighter rooms.
  • Utilize shelves. When floor space is limited, shelves are a great practical addition. Beyond traditional floating shelves, you can also get creative and add mounted magazine holders.
  • Install wall lamps. Consider installing wall lamps if you don’t have room for side tables next to your bed (or if they’re tiny) but still need some reading light.
  • Find a floor-to-ceiling wardrobe. If you have room for this furniture piece, find one that is sleek and tall. In a small space, it’s strategic to maximize the vertical space when floor space is limited.

Small Condo Bathroom Design Ideas

When discussing condo design, the bathroom isn’t often the priority. However, this room is frequented daily and should be practical and inviting. So, how can you achieve both?

  • Find aesthetically pleasing storage solutions. To keep your bathroom organized, opt for nice organizers that match your home’s overall look and feel. You may opt for something modern, like this freestanding bathroom shelf, or something a bit more elegant, like this corner shelving unit.
  • Consider storage that maximizes floor space. If you don’t have room for free-standing storage, there are other options. Consider floating shelves, over-the-toilet storage, or mirrors that double as a cabinet.
  • Incorporate a houseplant in your bathroom. Plants add a nice touch of life to a bathroom, and particular plants thrive in this humid environment. Check out this list to find which plants work well in this room.
  • Replace the hardware. It’s surprising what a difference updated hardware can have on a room. Ensure you’re happy with your bathroom fixtures, including the doorknobs, faucets, and towel rings.
  • Stick with one color scheme. Sometimes (especially in a small bathroom), less is more. Too many patterns or colors can feel like too much.

Small Condo Design Ideas for Your Kitchen

The kitchen is often referred to as the heart of the home. Many memories (and meals) are made in this room. You certainly don’t want to neglect the kitchen when designing your condo. Make the most of the special, but possibly small, space by implementing these expert opinions:

  • Invest in dividers. Adding dividers to your drawers, cabinets, or fridge will instantly help declutter your kitchen and maximize this precious space. You will quickly notice how helpful it is to have a designated spot for all your kitchen items.
  • Hang things up. If you have limited counter or cabinet space, consider adding attractive hooks to your walls and hanging up your favorite mugs or cooking utensils.
  • Keep it simple. Often less is more when it comes to the kitchen. Try and avoid going overboard with the decor or items you keep out.
  • Use light colors. This tip applies to any room, but it especially makes a big difference in the kitchen. Consider combining light colors with reflective surfaces, such as glass or stainless steel, to maximize light reflection and create a spacious feel.

Small Condo Office Design Ideas

If you work from home but have a small office, maximize this room and your productivity with these pointers:

  • Choose small and multifunctional furniture. When working out of a tight space, less is always more. Try to avoid bulky and clunky furniture or decorative items. Also, when space is premium, you can make the most of it by choosing furniture that serves more than one purpose. For example, you may opt for a storage ottoman as your seat or a foldable desk that can be easily stored away.
  • Find smart storage solutions. Thoughtful and well-organized storage can make a huge difference, especially in a small shared working space. Try finding desks with built-in drawers, file cabinets that can fit under desks, or overhead shelving that can hold storage containers. 
  • Don’t waste wall space. Don’t forget about vertical space when decorating, especially when the floor space is limited. Consider installing floating shelves or bookcases.

Design Ideas for a Small Condo Patio

If you are fortunate to have outdoor space, there are ways to intentionally enhance and set this area up:

  • Set the tone with the right furniture. Not only is outdoor furniture often the focal point, but it is also where you’ll most likely spend your time if you are outside. Find furniture that fits your style while remaining practical. You can find multi-purpose furniture pieces, like ottoman benches, that provide storage and seating.
  • Outdoor throws are a must. Not only do blankets add a nice decorative touch to a space, but they also come in handy when the temperature cools down. Store the throws in an outdoor ottoman, and bring them out when you spend an evening on the balcony.
  • Consider a fireplace.  Along with blankets, outdoor fireplaces are ideal on cooler nights. They also add a cozy element to the space. There are plenty of smaller firepits intentionally built for patios with limited square footage.
  • Spruce it up with greenery.  Outdoor plants bring a space to life. Spend a day at a local plant shop or farmer’s market and find plants that fit your preference. You can then pot your plant in unique pot stands, hang them from the ceilings, or take advantage of window boxes. 
  • Distinguish zones. If your space allows, consider separating it into different spots to maximize the functionality. Maybe one section is for dining, while the other is for games or grilling.
  • Incorporate mirrors. Instead of traditional wall art, try hanging mirrors on your exterior walls. This move can accentuate a good view and ensure people can capture it, regardless of where they’re seated.

With these small condo design ideas, we hope you are prepped and ready to make the most of your home, no matter the square footage! If you are in the market for a new condo, let our experienced team walk you through the process to secure your dream home. Click the button below to start your search today!

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8 Small Condo Patio Ideas

Posted on by LLCR Staff

Living in a condo with limited outdoor space doesn’t mean you can’t enjoy the fresh air and sunshine. A small condo patio can be transformed into a cozy outdoor oasis with a little creativity and some smart design choices. Here are some small condo patio ideas to help you make the most out of your space.

8 Small Condo Patio Ideas

  1. Keep it simple. In a small space, less is often more. Stick to a simple and cohesive design scheme that includes only the essentials. Choose furniture that can be easily moved around and stored away when not in use.
  2. Add greenery. Plants are a great way to bring life to a small patio. Consider adding a vertical garden, hanging plants, or potted plants to add some color and freshness to your outdoor space. Just make sure to choose plants that can thrive in your patio’s lighting conditions.
  3. Incorporate lighting. Outdoor lighting can create a cozy and inviting ambiance in a small patio. String lights, lanterns, or candles can add warmth and brightness to your space.
  4. Use a color scheme. Choose a color scheme that complements your condo’s interior and creates a cohesive look. Stick to two or three colors to avoid overwhelming the space.
  5. Optimize storage. In a small patio, storage is key. Use multifunctional furniture, such as a bench with storage underneath, or install shelves or hooks to maximize vertical space.
  6. Add seating. A small patio can still be a great spot for outdoor lounging. Choose a small bistro set or a couple of chairs and a small table to create a cozy seating area.
  7. Use outdoor rugs. Outdoor rugs are a great way to define your patio space and add texture and color. They can also help make your space feel more like an extension of your indoor living space.
  8. Incorporate water. features If you have the space, consider adding a small water feature like a fountain or a bird bath. The sound of running water can create a calming atmosphere and add an extra element of relaxation to your outdoor space.

A small condo patio can be transformed into a cozy and inviting outdoor oasis with a handful of design ideas. By incorporating elements like greenery, lighting, storage, and seating, you can create a space that feels like an extension of your indoor living space.

Interested learning about more small condo design ideas? Follow the link below!

Small Condo Design Ideas

8 Small Condo Bedroom Design Ideas

Posted on by LLCR Staff

When it comes to small condo bedroom design, the goal is to create a space that feels cozy and inviting while maximizing the limited space available. Here are some ideas to help you make the most out of your small condo bedroom.

8 Small Condo Bedroom Design Ideas

  1. Opt for a Murphy bed. A Murphy bed, also known as a wall bed, is a great space-saving solution for small bedrooms. It can be folded up and stored away during the day, leaving you with ample space to move around. You can also customize it to include built-in storage or a desk.
  2. Use multifunctional furniture. In a small bedroom, every piece of furniture needs to serve more than one purpose. Consider a storage ottoman that can double as a seating area or a bedside table with built-in drawers.
  3. Add mirrors. Mirrors are a great way to create the illusion of more space. Hang a large mirror above the bed or place a full-length mirror in a corner of the room.
  4. Keep it light and bright. A small bedroom can feel cramped if it’s painted in dark colors. Opt for light and neutral colors to make the space feel larger and brighter. You can also add pops of color through accessories like throw pillows or artwork.
  5. Hang curtains high. Hanging curtains close to the ceiling and letting them touch the floor creates the illusion of taller ceilings and more space. Choose light and airy curtains to keep the space feeling open.
  6. Invest in good lighting. Proper lighting can make a small bedroom feel larger and more welcoming. Use a combination of overhead lighting, table lamps, and floor lamps to create a cozy and inviting ambiance.
  7. Embrace vertical space. When you’re short on floor space, it’s important to think vertically. Install floating shelves or bookcases to maximize wall space and create additional storage.
  8. Keep it clutter-free. In a small bedroom, clutter can quickly take over and make the space feel even smaller. Keep surfaces clear and use storage solutions like baskets or under-bed storage to keep items out of sight.

A small condo bedroom can be transformed into a cozy and functional space with a little creativity and some smart design choices. By incorporating space-saving solutions and maximizing every inch of available space, you can create a bedroom that feels like a peaceful retreat.

For more design ideas for your small condo, click the link below!

Small Condo Design Ideas

5 Small Condo Bathroom Ideas

Posted on by Lindsay Smith

Whether you’re a brand-new condo owner or have been in the game for a while, you know that great condo design means maximizing your space. Unlike a stand-alone house, a condo offers unique challenges and opportunities when it comes to making your area both beautiful and functional.

In no room is this adage more prevalent than the bathroom. As likely the smallest room in the house, it needs to serve many purposes while feeling clean and aesthetically pleasing; this is especially true if you’re living in a condo with one bathroom.

Read on for 5 ideas to brighten a small condo bathroom.

5 ideas for your small condo bathroom

  1. Use beautiful storage solutions. Your bathroom will doubtless need to utilize storage for toiletries, cleaning supplies and makeup. While it might be tempting to use cheap storage bins, upgrading to storage that catches the eye, like a cabinet (we like this one from Wayfair), is a simple way to maximize space while keeping things pretty.
  2. Select a color scheme. As crazy as it sounds, a small room such as a bathroom can easily become crowded if colors clash. By choosing one color or color scheme, each element of the room – from your towels to your bath mat – will feel cohesive and selected.
  3. Consider swapping out lighting. Depending on how old your condo building is, your overhead/vanity light fixture might make your bathroom look outdated (no matter how updated your decor is). While slightly more intensive, opting for more modern lighting (we like this affordable yet chic sconce from Pottery Barn) will instantly brighten (literally!) your bathroom space.
  4. Embrace tile. If you’re willing to roll up your sleeves, a tile change might be the best way to make a small bathroom space feel large. White tile, especially, catches light and instantly makes the room feel bigger and brighter. 
  5. Think vertically. As you consider storage and design solutions for your bathroom, think about showing your walls some love, too. Whether you opt for fun posters, shelving or over-the-toilet storage, adding vertical elements to the room will draw the eye upward, making your space feel tall.

No matter how you would approach taking advantage of your small condo bathroom, the Luxury Living agents are here to help you find the condo of your dreams. Reach out today or click the link below to explore more small condo design ideas!

Small Condo Design Ideas

7 Small Condo Dining Room Ideas

Posted on by LLCR Staff

If you’re living in a small condo, you may be challenged with limited space when it comes to setting up your dining room. But even with a small space, you can create a functional and stylish dining area that suits your needs. In this blog, we’ll share some small condo dining room ideas to help you maximize your space.

7 Small Condo Dining Room Ideas

  1. Go for a Round Table. Round tables are a great option for small spaces as they can easily fit into a corner or against a wall. They also make it easier to navigate around the room without bumping into sharp edges. A round table also provides a cozy atmosphere that encourages intimate conversations.
  1. Use Foldable or Extendable Tables. If you need a larger table for when you have guests over, consider using a foldable or extendable table. This type of table can be expanded or folded down when needed, saving space when it’s not in use.
  1. Use Multi-functional Furniture. Furniture that serves multiple purposes can help you save space in a small dining room. For example, a bench with built-in storage can provide seating while also serving as a place to store your extra dishes and linens.
  1. Hang a Mirrored Wall. Mirrors can create the illusion of a larger space, and hanging a mirrored wall in your dining room can do just that. Mirrors reflect light and can make the room feel brighter and more spacious.
  1. Use Light Colors. Lighter colors can make a space feel more open and airy. Consider using a lighter color palette for your dining room walls, curtains, and furniture to create a bright and welcoming space.
  1. Opt for Slim Seating. Choose seating options that don’t take up too much space, such as slim chairs or stools. This will allow you to fit more seats around your table without overcrowding the room.
  1. Hang Pendant Lights. Pendant lights can add a touch of elegance to your small dining room while also saving space. Hang them above your table to create a focal point that draws the eye upwards.

Creating a functional and stylish small condo dining room is possible with the right ideas and inspiration. If you’re ready to ready to start gathering design ideas for the rest of your condo, be sure to check out our small condo design guide below!

Small Condo Design Ideas

Chicago Rent vs. Buy Analysis for 2023

Posted on by LLCR Staff

Buying a home or condo is a huge deal; doing so is both a life milestone and financial transition. But how can you know you’re ready for that jump? 

A rent-versus-buy analysis is a great place to start.

What’s a rent vs. buy analysis?

As the name of this exercise suggests, a rent vs. buy analysis is an audit of your life goals and financial outlook to understand if renting or buying is the right decision for you. There are many different approaches to this analysis, but a logical starting point is a rent vs buy calculator from financial institutions such as Fidelity.

A step-by-step approach to this analysis might look like:

  1. Use the financial calculator to give yourself an understanding of what your existing financial situation enables you to do. As you do so, note that closing costs, your mortgage, taxes and HOA fees should all be factored into a home-buying budget.
  2. Consider your life stage and goals. Is owning a home part of starting a family for you? Do your financial goals include investing or owning property? Is there a neighborhood you’ve always dreamed of living in? While these reflections are possible on your own, it might be helpful to speak with a trusted friend or counselor.
  3. Consider others involved in the decision. Is owning a condo or home a mutual desire between you and your spouse? Do you have other family members who need taking care of? This step is especially important, as it’s directly linked to property values: if being close to loved ones necessitates living in a certain area, that area’s home values will impact your mortgage costs.

As you walk through this exercise, consider the fact that you can flex your budget to different home options. If owning a home in the short-term is important, you might aim for a lower cost; conversely, you might prefer to wait and save for a higher home price.

Buying at different price points

In addition to a rent vs. buy calculator, you might also consider your current cost of rent when assessing your readiness to purchase a home. The below mortgage estimates (over 30 years at current interest rates) are based on current interest rates and rent costs, and are inclusive of budget for closing costs, taxes and HOA fees; they also assume a 20% down payment. For example:

  • If you live in a studio at The Elle (801 S. Financial Place), your $1,700 monthly rent would translate to a mortgage for the same amount for a $310,000 home. 
  • If you live in a one-bedroom at Emme (165 N. Desplaines), your $2,500 monthly rent would translate to a mortgage for the same amount for a $500,000 home.
  • If you live in a two-bedroom at Park ONE (1140 N. Wells), your $3,500 monthly rent would translate to a mortgage for the same amount for a $700,000 home.

No matter your price point or timeline, our experienced and knowledgeable Luxury Living team would love to help you on your home- or condo-buying journey. Reach out to us or follow the link below to get started!

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Do You Pay Property Taxes on a Condo? Find Out in Our Condo Taxes Guide

Posted on by LLCR Staff

The topic of taxes may not make for the most riveting conversation, but it’s important to understand your lingering tax questions if you anticipate buying a home soon. A question our real estate team commonly hears is, “do you pay property taxes on a condo?”

If you’ve wondered the same thing, sit back, relax, and let us walk you through condo taxes in this condo property tax guide.

Property Taxes on a Condo

To get straight to the point, the answer to the above question is “yes.” Condo owners should expect to pay property taxes on a condo. In Illinois, you are required to pay taxes on any property you own, even if a property was gifted to you or you own a rental property.

While there is a common assumption that property taxes are lower for condo owners than single-family homeowners, this is not always the case. Property tax is determined by a home’s assessed value and the mil levy or local tax rate.

In Illinois, there is no standard property tax rate. Chicago’s average property tax rate is 2.19 percent, and the average annual property taxes are $10,950. Unfortunately, Illinois, Chicago in particular, is known to have steep property taxes. In fact, it’s the second-highest property tax burden following California.

However, Illinois does have a list of property tax exemptions to help ease the tax burdens for some folks.

The property tax cycle in Illinois generally extends over a two-year period. A tax year is the year of assessment and reflects the value of real property from January 1 through December 31 of that year. The actual tax bills are paid in the year following the tax year. In most counties, property taxes are paid in two installments, usually June 1 and September 1.

Other Condo Tax Implications

As a condo owner, there are a few other helpful tax pointers to keep in mind.

When you file your taxes, you should see if you qualify for the property tax credit on the individual income tax return.

To save on annual taxes, homeowners can take the following deductions:

  • The amount paid in property taxes
  • The amount paid in interest on your mortgage
  • The amount of any casualty loss to your property to the extent not compensated by insurance.

If you ever sell your condo, the State of Illinois charges a transfer tax of $1 per $1000 of the sale price. The county will charge $. 50 per $1000 of the sale price. For example, a sale price of $350,000 will generate a state and county transfer tax of $525.

Additionally, since property taxes are paid in arrears, home sales generally include a prorated property tax credit to the buyer. For example, if the annual taxes on your home are $5,000, and your sale closes beginning of April, you will credit the buyer the taxes for the three months of the year before they purchased the home. At the end of the year, the buyers would pay the full property taxes owed. 

We hope this brief guide has helped answer some of your questions beyond “do you pay property taxes on a condo.” If you want additional support during your condo search, connect with one of our experts today!

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How Does an Adjustable Rate Mortgage Work? Learn About ARMs

Posted on by LLCR Staff

As inflation cools and mortgage prices dip, especially in the Chicagoland area, more renters might consider becoming homeowners for the first time. This life milestone is also a financial decision that comes with many choices along the way; once you’ve worked your way through the house or condo selection process, your next step is choosing which type of mortgage you want to move forward with.

When buying a home, you have two choices for how to structure your mortgage: a fixed-rate and adjustable rate mortgage. Just as it sounds, a fixed-rate mortgage keeps your interest rate (you guessed it!) fixed for the full life of the loan. Conversely, an adjustable rate mortgage is slightly more complex, but might offer more flexibility.

What is an adjustable rate mortgage (ARM)?

An adjustable-rate mortgage features pricing that reflects benchmarks created by market conditions for at least part of the life of the loan. The life of an adjustable rate mortgage is divided into two distinct periods:

  • Fixed period: just like a fixed-rate mortgage, the fixed period of an adjustable rate mortgage is the initial loan period where your rate does not change. What differs from a fixed-rate mortgage, though, is that this rate is lower to compensate for fluctuations during the adjustment period.
  • Adjustment period: following the fixed period, your rate will either increase or decrease based on a benchmark that reflects market conditions.

During the adjustment period, the benchmark is based on a variety of factors, such as the specific type of ARM loan you opt for. According to Investopedia, this benchmark is also capped to ensure there’s a maximum amount that a buyer would pay – regardless of what happens in the market.

Comparing ARMS and fixed-rate mortgages

It’s important to consider these options carefully, as they have long-term financial implications. While fixed-rate mortgages certainly offer predictability and protection from increases in interest rates, ARMs are also worth considering, according to Rocket Mortgage, for a few reasons.

Given the recent fluctuations in the mortgage market and continued impacts of inflation, adjustable rate mortgages are becoming a popular option. ARMs are especially beneficial for first-time home-buyers who might sell their home before the adjustment period is up. This loan type also offers the benefit of lower rates for the first few years (during the fixed period), allowing buyers to reap savings during that time before transitioning to a rate that reflects market conditions.

No matter where you are on your home buying journey, our experienced and knowledgeable team at Luxury Living Chicago is here to help every step of the way. Reach out today or follow the link below to start your search!

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Who Pays Closing Costs? When Are Closing Costs Due? & More FAQs

Posted on by LLCR Staff

Closing on a home is an exciting step but one that often comes with questions. Our realtors typically get a batch of inquiries from prospective condo buyers around closing costs specifically. Folks want to know who pays closing costs, when are closing costs due, and how you avoid unexpectedly not being able to afford them.

Find out answers to these common questions in this guide below..

What are closing costs?

If you’re brand new to home-buying and the corresponding lingo, don’t worry. We are starting with the basics by defining closing costs.

Closing costs are the fees accrued during the home-buying process. 

Common costs include lender fees, title search fees, title insurance, attorney’s fee, appraisal fee, recording fees, credit reports, inspections, and agent’s commission.

It’s helpful to note that most of these fees and additional ones fall into one of the following four categories:

  • Property-specific costs
  • Loan-specific costs
  • Mortgage costs
  • Property taxes and insurance

Who pays closing costs?

So, who’s dishing out the cash to cover these costs? Well, both the buyer and sellers are responsible for a portion. However, note that the homebuyer generally shoulders most of these fees.

A buyer can expect to pay for the title search fee, title insurance, attorney’s fee, appraisal fee, recording fees, credit report, termite inspection, lender’s origination fee, insurance, taxes, and interest.

On the other hand, the seller should be prepared to fund a portion of the title search fee, title insurance, recording fees, and real estate agent’s commission.

When are closing costs due?

Closing costs typically must be paid on closing day when you sign off for your condo. Hence, why these additional fees are called “closing costs.”

How much are closing costs?

While budgeting for your exact closing costs can be challenging, you can certainly guestimate beforehand by looking at average fees, professional trends, and expert advice.

In Illinois, the average closing costs run around $4,893.99 before tax and $6,529.74 after tax. Keep in mind, though, that homes in Chicago are more expensive than those in other areas of the state. And higher home prices generally mean higher closing costs.

As another helpful rule of thumb, expect to pay roughly two to five percent of the home’s purchase price on closing costs. You can also use online closing costs calculators to help gauge what you would owe in additional costs.

How do you avoid unexpectedly not being able to afford them?

Although it’s hard to anticipate exactly what you’ll owe on closing costs, you can use that two to five-percent rule of thumb mentioned above to reserve an approximate amount of money beforehand.

Consider having more than five percent of the home price set aside just to be on the safe side. 

While you can now answer important questions like “who pays closing costs” and “when are closing costs due,” connect with one of our experts if you need additional support during your condo search. We would love to guide you through the exciting process of buying a home!

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How to Save for a House in 2023

Posted on by LLCR Staff

Homeownership is an exciting and worthwhile milestone, but it requires strategic planning. If you’re looking to buy your first home, you’ll need to start putting away more money in advance to save up. Learn about the different costs of owning a condo and how to save for a house of your own.

How to Save for a House

The Average Condo Cost in Chicago

How much you save for your future home depends on how much you plan to spend. Before you even begin the saving and planning process, it’s crucial to research and set goals beforehand.

If you are leaning toward a condo, rest assured that these homes may be more affordable than a free-standing home, especially in downtown Chicago. 

At the moment, the average condo in the Windy City runs around $438,000, while the average free-standing home costs $466,000.

Many factors affect the cost of a home, but as you browse other condos on the market, begin to set some price goals. Consider having your “non-negotiable” goal, along with a stretch goal, which could allow you to afford more of your dream home wishlist possibly.

Keep in mind, the average price point of Chicago condos also varies depending on the neighborhood.

Condo Closing Costs

As you figure out exactly how much your ideal home will cost you, you’ll have to also consider condo closing costs. These are the fees charged for obtaining a mortgage.

While your closing costs include expenses beyond your down payment, the down payment will be your most significant fee. A down payment is money that you provide during a real estate transaction and typically is a percentage of the property’s sale price. 

Depending on your loan program, you may be required to put anywhere from 0% to 20% or more down. Veterans and qualifying service members can take advantage of a VA loan with no down payment requirement, as long as the condo is on their approved list. First-time buyers can use an FHA home loan with only 3.5% down required (again, if the condo is approved).

The overall loan amount also factors in. A higher down payment may be required in certain high-cost areas, such as downtown Chicago, since your loan amount may exceed the conforming loan limit. Also, note that putting less than 20% down will result in mortgage insurance — an additional fee added to your monthly payment.

Be prepared to possibly pay for other costs as part of the mortgage process. There may be an application fee, processing fee, origination fee, and underwriting fee.

Additional condo closing costs include homeowners insurance, attorney fees, title fees and title insurance, municipal fees, credit report fees, discount points, and recording fees. Fee amounts will vary depending on where you’re moving, what mortgage company you financed the condo with, the attorney you’re working with, and so on.

Monthly Expense Tracking

As you start to save up, it’s essential to track your spending habits and learn where you may need to cut back.

There are plenty of practical ways to track those expenses every month, so find what method works best for you.

If you don’t want to give much thought to this effort, consider downloading an app, such as Mint, to help. This free and simple-to-use app connects with your bank and automatically categorizes all of your expenses for you. Those spreadsheets fans can create their own from scratch or download free templates online. 

Regardless, you want to make sure there is more coming in than going out. Most experts recommend putting at least 20 percent of your income into savings, but when you have big financial goals, like buying a home, you may want to try to set a bit more aside.

As you look at your regular spending habits, evaluate where you’re doing well and what could change. Maybe you’ll be shocked by how quickly Uber rides cost you and commit to taking public transit more moving forward. Whatever improvement you find you need to make, be sure to hold yourself accountable (or find someone to help you).

Easy Ways to Save Money

Even if your end goal is a stretch, don’t feel overwhelmed. Saving begins with small steps. It’s about learning practical ways to cut back on your everyday purchases.

Many people swear by apps to help them save. There are a handful of free apps out there designed with this intention. Acorns is a fan favorite that makes saving simple. This app keeps the change every time you swipe your linked credit card and then sends that spare money to an investment portfolio for you.

Others rely on coupons to help cut down on costs. If you’re more old school, there are still weekly printed ads, but the online world has also made deal hunting much easier. 

On the topic of online shopping, consider purchasing your must-have items this way. You are less likely to make impulse purchases when you don’t have shiny objects catching your attention every time you walk down an aisle.

As you save, don’t underestimate small sacrifices. Forgoing that regular Starbucks beverage to stick with at-home coffee or choosing to walk home instead of Uber will make a difference on your bank account. Just be patient!

Save Money Online

These days, many of us shop from the comforts of our own homes. As you online shop, it’s still important to be spending-conscious.

Similarly to in-person shopping, it’s essential to shop with tunnel vision. Know what you need, write down what you need, and only buy those items.

Using coupons is just as important online. In fact, it may be even easier to hunt down those deals. Consider downloading the honey web browser extension to ensure the lowest price. It automatically applies eligible coupons to your cart.

Once items are in your cart, let them sit there. Step away from your computer for a bit to help you decide if it’s a must-have purchase or if it was more of an impulse decision.

While online shopping, it may also be worth it to chat with customer service. Ask a few questions about the products you’re considering and see if there are any discounts available.

Save Money on Groceries

For many, too much money is spent on delicious food and dining out. And we don’t blame you— especially with all of the Chicago restaurant options.

However, these expenses can really backtrack those trying to save, especially for a home.

Eating is a necessity, but there are ways to spend more wisely on food. Often the first step involves limiting how often you eat out. Then, it may be deciding to pick the more affordable grocery store. 

Regardless of which store you choose, it’s helpful to prepare before your grocery trips. Make a list of exactly what you need, and hunt for any coupons that may shave a few bucks off your purchase.

As you browse the isles, look down low and go for the generic brands. These options are often identical and always less expensive than those specialty brands.

Taking notes on how to save for a house isn’t too tricky – the hard part is putting those tips into practice. As you save up for your dream home in Chicago, let the Luxury Living Chicago Realty team help you in the process!

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5 Small Condo Office Ideas

Posted on by LLCR Staff

Working from home has become increasingly popular in recent years, and the COVID-19 pandemic has accelerated this trend even further. If you live in a small condo and need to set up a home office, you might be wondering how to make the most of your limited space. Don’t worry – with a little creativity, you can create a functional and stylish workspace that fits your needs. In this blog post, we’ll share some small condo office ideas to help you get started.

5 Small Condo Office Ideas

1. Opt for a small desk

When it comes to setting up a home office in a small condo, one of the most important considerations is the size of your desk. While you might be tempted to go for a large, imposing desk, this will only take up valuable space in your already-limited room. Instead, opt for a small desk that can fit comfortably in a corner or against a wall. Look for a desk with built-in storage or drawers to help you stay organized.

2. Make use of vertical space

In a small condo, it’s important to make use of every inch of available space. One way to do this is to take advantage of your vertical space. Consider installing shelves or floating bookcases above your desk to store books, files, and other items. You can also use wall-mounted organizers, such as a bulletin board or a pegboard, to keep your workspace tidy.

3. Choose multifunctional furniture

When space is at a premium, it’s important to choose furniture that serves more than one purpose. For example, you could use a storage ottoman as a seat for your desk, as well as a place to store files and other items. Or, you could invest in a desk that can be folded up and stored away when not in use. Look for furniture that can be easily moved or repurposed as your needs change.

4. Use lighting to create a cozy atmosphere

Lighting can play a big role in making your small condo office feel cozy and inviting. Consider using a mix of natural light and task lighting to create a warm and inviting atmosphere. You could also add some soft, ambient lighting, such as a desk lamp or a string of fairy lights, to create a calming effect.

5. Incorporate plants and art

Finally, don’t forget to add some personal touches to your small condo office. Incorporating plants or artwork can help make the space feel more welcoming and less sterile. Choose plants that are easy to care for, such as succulents or air plants, and hang some of your favorite artwork or photos on the wall to add a personal touch.

Setting up a home office in a small condo can be challenging, but it’s not impossible. By using these small condo office ideas, you can create a functional and stylish workspace that fits your needs and makes the most of your limited space. Remember to choose multifunctional furniture, make use of vertical space, and incorporate personal touches to make your workspace feel like a true reflection of your style and personality.

Ready to find the condo home office space of your dreams? Connect with our team today, we’re here to help!

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Small Condo Design Ideas

7 Small Condo Living Room Ideas

Posted on by LLCR Staff

Small condo living rooms can be challenging to decorate, as you want to maximize the space while still creating a comfortable and stylish environment. But don’t worry, there are plenty of small condo living room ideas that can help you make the most of your space.

7 Small Condo Living Room Ideas

  1. Choose a light color scheme. A light color scheme can make a small living room feel more spacious and airy. Consider painting the walls a light shade of white, beige, or pale gray. You can also use light-colored furniture and accessories to create a cohesive look.
  1. Use multifunctional furniture. When dealing with a small living room, every piece of furniture counts. Consider using a sofa bed or a daybed that can double as a guest bed. A storage ottoman can serve as both a coffee table and extra storage. A console table with storage can serve as a media center and a place to store books and magazines.
  1. Hang shelves or built-ins. Shelves and built-ins can provide extra storage and display space without taking up valuable floor space. You can hang shelves on the walls or install built-ins around the TV or fireplace. This will also help to add some depth and character to your living room.
  1. Create a focal point. A focal point can draw the eye and make the space feel more open. Consider using a statement piece of art, a bright accent wall, or a statement rug to create a focal point in your living room. This will help to create a visual interest in the room and make it feel less cramped.
  1. Keep window treatments simple. In a small living room, it’s important to keep window treatments simple. Avoid heavy curtains or window treatments that take up too much space. Instead, opt for simple blinds or sheer curtains that let in natural light and create a more open feel.
  1. Use mirrors. Mirrors can help to create the illusion of a larger space by reflecting light and adding depth to the room. Consider hanging a large mirror on the wall or using mirrored furniture to create a more open and airy feel in your living room.
  1. Don’t overdo it with accessories. When it comes to small condo living room ideas, less is often more. Avoid over-cluttering the space with too many accessories. Instead, choose a few statement pieces that can add personality and style to the room without overwhelming the space.

In conclusion, decorating a small condo living room can be challenging, but it’s definitely doable. With these small condo living room ideas, you can create a comfortable and stylish space that maximizes every inch of your living room.

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Small Condo Design Ideas

Our Complete 2023 Winter Preparation Checklist

Posted on by LLCR Staff

As a homeowner, Chicago winters require preparation, mentally and practically.

Before a harsh winter sets in, use this winter preparation checklist to fully winterize your condo and prepare you and your family to weather any storm.

Make Your Home More Energy Efficient

Decrease your spending and increase your energy efficiency with a few simple steps. Start by completing a quick audit – either by yourself or by hiring a professional. The audit will assess the current state of your home’s efficiency and help identify areas for improvement.

Here’s what you want to look out for:

  1. Locate air leaks. Make sure all windows and doors are properly sealed to keep the heat in and cold out. Also, examine the less obvious spots where air may be getting out. Check for cracks in places like exterior corners, electrical outlets, switch plates, baseboards, vents and fans, and fireplace dampers. If you find any leaks, begin sealing! Depending on the leak, this may involve plugging and caulking holes or weatherstripping.
  2. Check insulation levels. Poor insulation levels can lead to a significant loss of heat through your home’s floor, ceilings, and walls. While this is more common with older properties, it always helps to check and avoid costly projects later. There are a few ways to check these levels non-invasively. Replacing old or inefficient windows can also improve your home’s insulation.
  3. Inspect HVAC systems and equipment. Regular maintenance on your heating and cooling systems can extend the life of your equipment while saving you energy and money. This involves cleaning your air conditioning filters and replacing your furnace filters about once a month during winter months. Upgrading to higher energy-efficient products can also make a big difference.

Prepare Your Patio

If you’re fortunate to have a patio to enjoy during the nice seasons, protecting it during the chilly seasons is important. There are a few easy ways to prep this outdoor space:

  1. Store or cover outdoor furniture.
  2. Remove plants or bring them inside.
  3. Remove leaves or debris from the patio floor.
  4. Add sealant to any stone groundwork.
  5. Periodically check on the area.

Snow Removal

Snow may be easy to admire from the inside, but it can be a real pain when you have to leave home. Make sure you have a snow removal game plan before it falls.

Keep in mind that condo homeowner associations often cover the cost of snow removal for common areas, like parking lots and community amenities. Also, a third party may handle shoveling snow if you have a unit on the first floor. However, make sure you confirm with your HOA.

If you have a unit with a balcony or patio, you will likely be responsible for maintaining this space. Consider investing in a personal shovel before snowfall.

Test Smoke Detectors

With most house fires happening during the winter, testing your smoke detectors before the snowy season hits is an easy way to keep your place safe. Smoke detectors should be tested at least once a month, according to the U.S. Fire Administration (USFA), and batteries should be replaced at least once or twice a year (or whenever you hear an ongoing chirping sound).

Follow these simple instructions to make sure your condo’s smoke detectors are working properly:

  1. Alert anyone in your home (especially children) before you start the test. When active, the detectors make a loud, high-pitched noise.
  2. Station someone else at the furthest point from the alarm in your home to ensure the alarm can be heard throughout the entire house. 
  3. Press and hold the button on the smoke detector. It may take a few seconds to start, but you should soon hear the device making a loud, ear-piercing siren. If the sound is weak or nonexistent, replace your batteries.

Avoid Freezing Pipes

No one wants to deal with frozen pipes in the wintertime, especially the hassle that can ensue. Follow these tips to keep your lines functioning properly:

  1. Pay attention to the weather forecast. Know when temperatures are expected to drop below 32 degrees Fahrenheit. These freezing temps put indoor and outdoor pipes at risk of freezing.
  2. Keep the thermostat above 55 degrees, even if you’re heading out of town. This will help keep your bill down while also protecting your pipes.
  3. Disconnect external hoses or exposed pipes outside your unit. This allows water to drain from the supply line, preventing an overnight freeze from bursting either the faucet or the supply line.
  4. Open cabinets under kitchen or bathroom sinks when temperatures reach freezing, especially those located against an outside wall. It allows warmer air to circulate around the pipe. You can also set a small lamp with an incandescent bulb near the lines. 
  5. Keep faucets dripping during a hard freeze. Running water will help generate some heat, and the open faucets also relieve pressure, so even if some water freezes, it will be less likely to burst the pipe. Make sure to drip both hot and cold water because even water from the hot water heater can free quickly after leaving the heater.

Prepare for a Blizzard

It is highly unlikely you’ll go through a Chicago winter without experiencing a few blizzards. You can proactively prepare for these snow storms to help keep you and your loved ones safe and comfortable when they hit the forecast.

Here are some strategies:

    1. Stay up-to-speed with the forecast. Follow the storm’s progress and be ready to adjust your plans if needed.
    2. Stock up on essentials. Ensure you have enough food, water, and other emergency items you may want on hand if you’re stuck at home for an extended period.
    3. Insulate your home. Double-check that there aren’t any cracks or gaps in your windows and doors.
    4. Prepare your heating system. It’s important that your furnace and chimneys are clean and in good working condition. It may be worth investing in backup heating options, such as a portable heater.

We hope that this winter preparation checklist gives you the steps and confidence to stay safe as the temperatures drop and the external conditions worsen. If you’re looking for a condo this winter, connect with one of our licensed brokers to help you secure your dream home that you can enjoy during any season!

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What You Need to Know About the Changing Mortgage Costs in 2023

Posted on by LLCR Staff

If you’re thinking of getting a new mortgage in 2023, it’s important to know that some things have changed that will affect the cost of your mortgage. These changes are because of updates made to Loan Level Price Adjustments (LLPAs) by Fannie Mae and Freddie Mac, who guarantee most new mortgages.

The Future of Mortgage Costs in 2023

One big change is that it will now be cheaper to have a low credit score. Before, if your score was under 680, you would have to pay a fee equal to 2.75% of the loan balance. Now, if your score is 659 and you’re borrowing 75% of the home’s value, you’ll only have to pay a fee equal to 1.5% of the loan balance. That’s a difference of $3,750 in closing costs on a $300,000 loan.

It’s worth noting that these changes only apply to loans that are guaranteed by the agencies starting May 1st, 2023. This covers most loans in the US, but there are exceptions, such as FHA/VA loans, certain jumbo and specialty products, and non-conforming loans that are not guaranteed by the agencies.

So, what does this mean for potential homeowners in 2023? It’s crucial to be aware of the updates to LLPAs and how they will affect the cost of your mortgage. Additionally, having a good credit score before applying for a mortgage is essential, as this will have a direct impact on the fees and costs you will incur.

In short, the changes to LLPAs from Fannie Mae and Freddie Mac could mean higher costs for those with a low credit score when it comes to getting a mortgage. To avoid these extra fees and costs, it’s important to familiarize yourself with the changes and make sure your credit score is in top form. By doing so, you can increase your chances of securing the mortgage you need to purchase your desired home.

To learn more about what this means for you, contact one of our experienced professionals today! Our team is well-versed in the Chicago condo market and can help answer any questions you have on this topic and more.

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