Chicago Condos

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Condos, an abbreviation of the word condominiums, create a major portion of the real estate market in the metropolitan Chicago area. In 2004, 51,662 condos were sold compared to 47,212 condos in 2003. This indicates a 9.43% increase in condo sales in just one year. The median condo price increased by 9% as a result of this increased demand. An average condo was sold for 194,000 compared to 178,000 in 2003.

Chicago Condominium Information

The additional legal and economic responsibilities are attached to a condominium through your obligations to the condominium associations. These associations are a part of the condo life starting from the initial approval of the home buyer to the amount of condo assessment fees. These fees are used to maintain and repair the common areas and the overall building. Purchase costs to be considered when buying a condo are down payment, lawyer fees, condo inspection fees, condo warranty and condo insurance fees.

Advantages of Buying a Chicago Condo

What are the advantages of buying a condo? It is a well worth investment in the Chicago area as the prices are expected to continue to increase, plus most part of your mortgage payments and real estate taxes will be tax deductible. You will be building equity instead of throwing away rent fees. Condo living offers all these benefits without the responsibilities of owing a single family home can bring.