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New Condos in Chicago: Not Always Free of Repairs

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By : Jameson Real Estate    99 or more times read
In the markets where there are tons of new condos in Chicago, like the South Loop or River North, you may be lured to buy because of the area's cachet, newly constructed buildings or lowered prices. But owners in many new developments face huge monthly assessments from their condo association-- they are paying for repairs caused by faulty construction.

In the rush to finish and sell new condos and avoid foreclosure, some developments have been caught cutting corners, and their residents pay the price. Condo association assessments have to be raised both to pay for the needed repairs and to fund legal costs when battling the developer over poor construction. When buying a condo in Chicago, make sure you consider all of the implications of buying in a new building versus buying a vintage or rehabbed condominium.

Buying Vintage in Chicago
When unexpected repairs and ensuing legal battles make buying new construction risky, consider buying vintage in Chicago. Some of the benefits of buying vintage include:

  • You can talk to a former resident of your condo. Buying vintage allows you to interact with someone who has lived in the property before you, and can talk to you about the property and its character. You can't get this added insight on your property when you are buying a home that is still under construction and has never been lived in.

  • You are buying into a community. Vintage condo buildings usually have established associations and other long-time residents. While you need to make sure you buy in a building where you fit in with the other residents, once you find that vintage building, you have a supportive community already in place that is knowledgeable about your building and neighborhood.

  • With a lower price, you can afford elite neighborhoods and more personal renovation. Vintage condos, of course, come with a lower price tag. By buying vintage, you can find an older condo in an affluent neighborhood that you might not have otherwise been able to afford. Additionally, the lower price on a vintage home means you can invest more personalized renovations after you move in the money that you saved on purchase.

Buying Rehabbed in Chicago
By investing in a rehabbed condo in Chicago, you can get the best of the new construction and vintage worlds.

  • You can still pick and choose finishes, appliances, etc. Depending on when you enter the contract on a rehabbed vintage condo, you can get in early enough on the renovation to make decisions about how to finish the condo, giving you some of the flexibility of a new construction property.

  • You can price into better neighborhoods. Like buying vintage, buying a recently rehabbed condo can get you into a historic building in an exclusive neighborhood.

And remember, whether you decide to buy new, vintage or rehabbed, make sure to have your potential new property professionally inspected. An inspector may bring up reservations that will help you decide whether to buy new or vintage.

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