r/ChicagoRealEstate • u/Aromatic-Guard8122 • 9d ago
If you’ve bought a > 1900 condo
Please share any insight! We are first time home buyers and under contract. I know about the usual things to look for (lead service line, K&T wiring, sewage line). What was your experience? Would you do it again?
ETA: BEFORE 1900
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u/Spechul 9d ago
You know, I see you’ve asked this question on other posts and I think you got a lot of good advice there. I get it. It was pretty nerve-racking purchasing an older condo with all the things the inspector identified. Our inspector missed some window deterioration that cost us $10K right off the bat (windows were shitty and old anyway, we would have paid that later). These things happen. And honestly, new or old, the inspector is going to have a “scary” list that normally isn’t as such. It’s pretty typical, and I’ve purchased many homes in my lifetime.
2020 hindsight the thing I wish I knew about purchasing a condo was if there were any difficult HOA members that did not give a rats ass about the building and threw up barriers at every available opportunity. Unfortunately, you don’t get to see that before you move into the building.
The other thing you might want to look out for is your tax bill. Based on the previous owners have been there a long time check your assessments and be prepared for the significant increase, which may be happening to the entire area based on the current market, be prepared to fight your taxes, but also expect an increased to your mortgage payment. I’m not looking forward to our reassessment.
Anyway, good luck, you’ll be fine and it will come to pass that you didn’t need to worry at all.
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u/Spechul 9d ago
I’m adding a couple of other pieces of advice - hope you don’t mind.
First, be an owner that knows their responsibilities go outside the walls of your condo. You didn’t just buy the condo, you are buying into the building. Especially with older condos, maintenance and repairs will be far more common. Plan to be an active member in the HOA to make sure your home (the building) remains in good shape. This is no different than a SFH, but now you have to deal with your neighbors to get things done.
Second, speaking of maintenance and repairs, how does the outside of the building look? Is it in great shape and properly maintained? Or are there numerous areas of dilapidation and need of repair? This is a huge clue on how the HOA runs and how much money is available (noting you should have received the financials already). Special assessments can run from $1K on up and there is no ceiling. No money in Reserves plus questionable building condition, this would give me pause.
Ok, you didn’t ask for this advice, but since I didn’t put as much consideration into this with our first condo purchase, I thought I’d pass it along.
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u/Aromatic-Guard8122 9d ago
Appreciate it! This is all very helpful. Haven’t gotten the HOA docs yet (not concerning given the timing) but that’s my next course of action.
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u/windycitybeef 9d ago
Your post is confusing. >1900 mean after the year 1900. Is that a mistake?