DON'T Buy In A Chicago High-Rise Without Watching This First...
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- Опубликовано: 19 июн 2024
- Moving to Chicago and considering living in a high-rise? In this video, we go over everything that you need to know about high-rise buildings, including the HOA fees, parking, rentals, and more.
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The estimate for the health of reserves was a very useful tip!
I'm glad you think so!
I just discovered your videos and they are very good. Loved living in a high-rise (views and convenience). Now in a city house and love the outdoor space and control. Back in the day, any building with more than 25% rentals meant a non-conforming mortgage which was a no go for me. Purchase price was cheaper but not worth it. And reserve was huge. I just couldn't afford a big special so I'd pay more for a unit with higher monthly assessment and a strong reserve. It is all about your risk tolerance.
For special assessments, I know sometimes they give you just a few months to come up with the money. Is there any protections preventing new home owners from moving in and immediately having to pay for something like a new roof? Also before buying can you ask how much reserves the building has or when the roof was replaced or if any upcoming special assessments are potentially slotted date wise? And do HOAs increase YoY like rent or is it atypical to see it increase? I feel like I heard HOAs in creasing because of chicago taxes and property "values".
Thank you for the gems bro!
Is it common to have non-smoking buildings, ie The Bristol? Is this to avoid smoke being circulated around the units and common elements?
Yeah it is. Property managers and owners don't like to have a smoke smell in their buildings because it lowers values.
Iguana
So high rise apartments have HOA fees plus rent?
I’m planning to move in September to Chicago from Milwaukee close cities but big difference lol
HOA fees are only a separate payment if you own a condo. If you rent, the HOA fees are built into your monthly rent amount. I visit MKE once a month, great city!
I would. Give me 10+ foot ceilings with big windows and 2000sqft + on one level with an amazing terrace sign me up.
You and me both!
Lawndale is the place to move
It's on the up and up 📈
Would you ever live in a high-rise?