Buying A Rental - 5 Tips to Get a Nice Deal

It is a good time to purchase a condominium in Chicago. For the apparent reason: there are extra sellers than buyers. Nevertheless, that's not enough to get you a terrific deal. Because with condos, greater than every other kind of real estate, a low worth isn't enough. Here are 5 tricks to make sure you're getting a terrific deal buy condo chicago.

Back in 1999, I was renting a nice one-bed room condo by Foster and Damen and dealing Downtown. I used to take the bus to Sheridan and Foster and from there I'd take one of many Categorical buses that ran on Lakeshore Drive. I bought a terrific view of the Lake going to work and coming from work. On nice days, on my means residence, I'd see people on the beaches alongside the best way, young people like me on roller skates, young people like me enjoying volley ball, young people like me sunning or enjoying in the water. So, when I had enough cash for a down payment on a condominium, I stated, it is bought to be by the Lake.

The condominium I bought was in a building on the Lake, one which owned a part of the beach. The agent who was promoting the condominium identified the limits of the beach, advised me the precise size and width. I, after all, divided those by the number of items in the advanced to figure out how a lot of it was mine. Sure, I do know, you own the entire thing along with the other condominium owners. But that's not exciting. (By the best way, I owned, precisely 1 foot by 1 foot and 3 inches, which in my first-time-condominium-buyer exuberance I deemed sufficient.)

The agent also confirmed me the massive decked that overlooked my beach. It was beauty incarnate.

And that made me let her go over the parking scenario fast. She confirmed me the underground parking, advised me there have been 188 areas there. I knew there have been 188 items, that it was a first-come-first-served kind of parking arrangement. I was happy.

I bought, paid extra for the situation, for the beach, for the deck. I lived there 4 years. In 4 years, I never used the deck. In 4 years, I ran on the trail that goes from Ardmore all the best way downtown throughout my 3rd yr there, every evening for three weeks straight. I ran to Belmont and back. In 4 years, I went to the beach 4 or 5 times.

This brings me to my first tip: know your self, what you need and want.

Now, to the second tip. For the primary 2 years, parking was not relevant. Then I changed jobs and needed a car. Turned out, the 188 parking areas in the storage beneath my building had been shared with the condominium building subsequent door, become a big garage. The building subsequent door had some 80 units.

First come, first served means you set your name on a list and wait till enough house owners hand over their parking space. In my case, the wait was 2 months. I found out later, that most people needed to wait a yr or extra, that the manager preferred me so she moved me up the list.

So, tip 2, be very clear on what the parking scenario is. Do not just hear that you've a spot however go to your spot, see it. I've seen since then many condominium garages. Many have just a few spots which can be smaller than the others, large enough for a small sedan, not large enough for a van. Speaking of vans, a few of the garages haven't got enough clearance to permit vans.

The parking became a problem when I wanted to sell. There isn't any road parking. I imply, you cannot park on Sheridan and there are various condo and condominium buildings on Sheridan, Kenmore, Winthrop, Thorndale, etc. that discovering a spot often meant parking 4 or 5 blocks away. Not good if you're a woman and are available residence at night time, not good if you're human and it is winter. The block where you cross beneath the 'L' train tracks was all the time dangerous at night time, irrespective of who you were.