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Old 08-10-2008, 03:23 AM
 
2,141 posts, read 7,844,666 times
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My husband and I (childless) owned a home in Chicago for 6 years. We realized that we were only utilizing 3 rooms on a regular basis; our kitchen, bedroom and family room. The other 2 bedrooms weren't being used and our dining room was used once a year when we hosted Thanksgiving. One day of each weekend was taken up by yard work, cleaning, etc. We downsized to a 1,000 sq ft, 2 bedroom, 2 bath and it's worked out really well. Our 2nd bedroom is an office. We don't have to shovel, landscape, etc. and our weekends are free to relax or see friends or travel, etc. Our mortgage is less and that's allowed us to save and travel more. So I say - go condo. You may not earn equity at the same rate as a single family home, but you gain back a lot of time and convenience.
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Old 08-10-2008, 01:38 PM
 
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We don't know if the OP is childless or not. If they are childless and will be for a while, a condo probably makes the most sense. Once you have a couple of kids a standalone home with more space, yard, etc. starts to look better.
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Old 08-14-2008, 09:55 PM
 
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You better be making a ton of money if you want to live in a condo, in Chicago. Based upon the tone of your query, you will also need an attorney.

Quote:
Originally Posted by kellyyouse View Post
My husband and I may be relocating to Chicago and I wanted to ask about condos vs. single family homes. I like the concept of condos with regards to maintenance, apartment-type living; minimal to zero outdoor upkeep. But I'm a little confused about condo fees and assessments. How exactly do these work, and what do they even mean?

Would anyone recommend a condo over a single family home or vice versa?

Thanks,
Kelly
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Old 08-14-2008, 10:01 PM
 
11,973 posts, read 31,635,920 times
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Quote:
Originally Posted by doublenickels View Post
You better be making a ton of money if you want to live in a condo, in Chicago. Based upon the tone of your query, you will also need an attorney.
Why do you say that? There are cheap condos all over Chicago. They're not downtown, but they're around.

I guess "cheap" is always relative, however. Of course the cost per square foot is much higher than anywhere else in the midwest, but that's to be expected.
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