Purchasing a condo is not the same as purchasing a single family home. While you may not personally have to fix a roof or replace windows, the condo association does need to manage these things which means the cost falls on the owner. Trends in certain buildings can greatly affect the value of your condo, for better or for worse. This is why it is important to work with a real estate broker who understands not only the condo market in Chicago but understands how condo associations operate.
Paul is there to help you walk through everything in a condo purchase such as:
Review of the association budget, review of meeting minutes, understanding reserve studies, review of recent sales in the building, understanding if the building is trending more towards owners or renters…the list goes on!