Condo Living in the NW Suburbs – Chicagoland NW Suburban IL Real Estate & Community

Here in Northwest Chicagoland many people live in Single Family Homes on good sized lots in leafy subdivisions. But have you considered alternative living options? Such as a condo?

Condo’s really can be a great option for many – however, a lot of people seem to think of Condo’s as a choice for the young and carefree or those in their golden years, but living in a condo really can be a great living choice for families, couples and more!  – it can enhance your wealth!

Asides from expected capital appreciation in the coming years as well as buying a home and paying off the mortgage it is expected that Condo’s could be a nice little investment as the aging population here in the United States gets older and wants to downsize to easier to maintain living spaces.

As with every living option, there are of course pro’s and con’s – here are some of these

Pro’s:

1. Affordability: If you are looking in a specific town or neighborhood/subdivision – condo’s can be a cheaper alternative than single family homes! Great!

2. Amenities: This is where Condo’s have the advantage over many single family homes, as many have access to things such as swimming pools, club houses, their own gym and much, much more!

3. Maintenance: This is where you can sit back and relax, most of the maintenance is taken care for you! Naturally you have to look after your unit, but generally exterior and community features are maintained by the community association – this often includes things such as the roof, exterioir paint, yard/community green areas.

4. Reserve Fund:  The Condo association collects funds and keeps them in reserve in case of larger repair work and upgrades {when they are needed). So surprise expenses should not be an issue. Anyone that has owned a home and in the middle of winter had the heating system die on them will know what I am talking about!

5. Safety: Many condos offer gated parking, security guards ensuring that you are as safe as possible.

Con’s

1. Storage: Condo’s often don’t have a lot of storage, so if you have a lot of “stuff” then it might not be the right option for you. Some occasionally have lock up units but it is rare. Likely if you still want a condo and have a lot of “stuff” then you will need to rent a storage unit – so factor that in to your monthly expenses. 

2. Lack of Privacy:  Many people like the sense of community, but if you are not a people person then it might not work for you as you could potentially have neighbors above, below and either side of you! 

3. Monthly Association Fees: All that low maintenance for you comes at a price – the Condo Association fee! The fees can range from reasonable to very expensive depending on what services you get. The downside is that even if you buy your condo with cash you still have to pay this. So remember to include this in your monthly expenses.

4. Rules: Who likes to play by the rules?! Condos often have strict rules about guests, noise, decor, and even subletting. Read your condo doc’s carefully

5. No yard: Of course having no yard means no yard work, but it also means for those who are green thumbed that they are not able to grow or plant anything and get the feeling of outside space which very few condos have.

Remember of course, all living options have their upsides and downsides but Condo’s in Northwest Chicagoland really can be a great option for you!

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estatesusing our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194