When it comes time to buy a home or a new home, the choice for many people is between a condo and a traditional single-family home. If the location is right, that decision usually comes down to which one better fits your lifestyle. That decision, however, can be a little easier once you understand the 7 benefits of a condo vs. single-family home in Chicago.
1. Lower Purchase Price
In most cases, a condo will cost less than a single-family home in Chicago. In 2018, according to the National Association of Realtors, the median sales price for condos nation-wide was $225,100 while it was $240,900 for single-family homes. Keep in mind, too, that the figure for condos included a lot of luxury condos. So the average condo purchase price is even lower compared to the cost of a single-family home.
2. Lower Monthly Expenses
Typically, a condo has lower monthly expenses and living costs than a single-family home in Chicago. For example, even though condo living means you’ll have to pay HOA fees, your homeowner’s insurance will be much cheaper because you have to buy coverage for only the interior and contents. And, of course, you won’t have the hefty expenses involved in landscaping, lawn care, and exterior maintenance.
3. Ease of Care
Similarly, because you own only the interior of a condo, you don’t have to worry about roof repairs, exterior painting, and lawn care. Home maintenance chores are drastically reduced, which allows much more time for the activities you truly enjoy.
4. Included Amenities
Another great advantage of a condo vs. a single-family home in Chicago is that all the amenities are included – things like playgrounds, exercise room, tennis courts, and swimming pools. These things just come with the condo and are included in what you get with your HOA fees. With a single-family home, you’d have to pay for installation of a nice in-ground pool yourself.
5. No Outside Chores
We’ve mentioned the fact that you won’t have any lawn-maintenance chores with a condo, but the benefits go far beyond that with respect to the outside. You also won’t have to shovel snow, clean gutters, paint trim, or anything like that. The HOA fees you pay will ensure that almost all these onerous tasks are taken care of for you.
6. Sense of Community
One important thing that a condo provides (and is often lacking with a single-family home in Chicago) is a definite sense of community. You live in close proximity to your neighbors with no yards separating you from one another. In addition, condo associations frequently organize various community events and get-togethers – which makes condo living perfect for people who are more socially inclined.
If you are an urbanite at heart, then a condo will typically give you a better location than a single-family home in Chicago. A condo will generally put you within walking distance of all the places you need to go – restaurants, shops, entertainment, grocery stores, and so on.
Obviously, then, the benefits of a condo vs. single-family home in Chicago are numerous, especially if you prefer urban living. In fact, recent years have seen a resurgence in urban living and condo purchases. The top condo draws are the proximity to places people need to go and the ease of care and low maintenance, as well as the lower purchase price and lower monthly expenses. The trick, though, is in determining whether a condo or a single-family home better meets your needs and suits your lifestyle. And then you have to locate the condo or single-family home with the best fit within your price range. But never fear: we can help you do exactly that.