What Are The Key Considerations When Buying A Chicago High Rise Condo?
“I want to live in a high rise Chicago condo. Other than price and location, what are some things I should consider when buying a Chicago high rise condo?”
Many People Love The Idea Of Buying A Chicago High Rise Condo
They want to really get that “city living” feel. Have a view, the amenities, etc.
If this is your dream, your real estate team (broker, attorney, inspector, lender) can be very helpful. They help you ask the right questions to ensure it’s the right building for you. And to ensure that you’re able to resell down the road.
That said, let’s look at the very basic, but key things to consider when buying a Chicago condo in a high rise. Things other than price and location.
- Is there any ongoing litigation that will result in financing issues for me or future buyers?
- Are there any planned special assessments?
- How much money is in the reserve fund?
- What are the monthly assessments?
- What amenities are included?
- What are the condo bylaws, rules and regulations?
- What’s the percentage of rental units in the building?
There are really a ton of important questions to ask before buying but here are the Top 4 Questions To Ask When Buying A Chicago Condo.
Note, if you’re thinking of buying a condo to list on Airbnb, our article How To Buy A Chicago Condo For Airbnb gives you some valuable tips!
Let’s Take A Deeper Look
Living in a high rise condo means paying more assessments
Assessments are monthly fees that are paid by each owner to cover ongoing maintenance of the building. They also includes staff salaries and necessary building repairs. Plus money to build up reserve funds intended to pay for larger repair projects. These can tend to be more expensive in high rise buildings. Because, in addition to being in locations that tend to be more expensive, high rise buildings often offer more amenities. They also have a larger staff than is required by a smaller building. To live in a high-rise condo, you don’t have to buy it. Here’s why some people prefer to rent a high rise condo.
When you buy a high rise condo check the reserve funds
Reserve Funds are used to pay for larger maintenance projects and other large “1-off” costs. I generally look for $2000-$3000 per unit for reserves. This depends on the age and size of the building. It’s also a good idea to ask about work that has been recently completed on the building. This way you can get a feel for what projects might be coming down the road. Especially if you’re buying into a little older high rise.
Buy a high rise condo for the amenities
Aside from location, amenities tend to be a huge draw for buyers interested in high rise buildings. These can include exercise rooms, pools, doormen, sundecks, etc. I always advise buyers to really think about what amenities are a “must have” versus a “nice to have.” Because, regardless of what amenities you use, you’re paying for them all!
Buying A Chicago High Rise Condo Isn’t For Everyone
Living in a high rise condo can be a wonderful experience for the right person. As long as you ask all of the right questions up front. And have the right team to help you ask those questions. Use the Chicago Home Search and start looking at high-rise condos now.