Amenities That Todays Chicago Condos Cant Go Without

Posted on April 24, 2015 by relatedchicago

Today’s condo dwellers recognize the many advantages of living in less space. Condos often are in great locations, offer multiple amenities and relieve residents of the worries normally associated with home ownership.

In Gold Coast Chicago real estate, expectations are high among condo buyers that they’ll find outstanding amenities. Here are some of the must-haves in today’s Chicago condos.

Access to natural areas

Whether part of the condo property or in nearby parks, green spaces are on the radar of condo buyers. Well-maintained natural areas allow a taste of the outdoors for fitness activities, picnics, socializing and more while maintaining an urban lifestyle.

Top-notch maintenance

A primary reason people choose condos is relief from the worries of maintenance. Any Gold Coast Chicago Realtor will tell you that in a Chicago condo, you should expect a full-time maintenance staff or a contracted company providing regular pest control along with both preventive and emergency maintenance services.

Fitness and social spaces

Although space within condos may be at a premium, there’s an expectation that communal spaces will provide for a variety of needs. Upscale fitness facilities including pools, spas, steam rooms, weight rooms, yoga studios and more are de rigueur. Social spaces like meeting rooms, picnic areas, coffee bars and lounges also are popular.

Security

Another major selling point of condos is security, including conveniently located and safe parking. Alarm systems, security lighting and security staff also are expected as par for the course in many Chicago condos.

Today’s Chicago condo buyer expects amenities that were considered luxuries just a few years ago: around-the-clock security and maintenance, access to natural areas, fitness and social spaces, and more. To find out more about homes for sale in Gold Coast Chicago, contact us today.

What You Need to Know About Private Transfer Fees

Posted on March 20, 2015 by relatedchicago

Exhilaration permeates the process of purchasing a Chicago condo or your dream home. However, the pathway towards becoming a homeowner lies riddled with fees for multiple reasons, and a few of these fees may be more exorbitant than others, such as Private Transfer Fees. Before you sign your name to a mortgage or rental agreement, take the time to understand what these fees reference, their average cost, and how recent government regulations impact Private Transfer Fees.

What Are Private Transfer Fees?

During construction, the developer uses his resources to acquire all of the necessary building supplies, contractors, and workers to complete the project, which reflect within the purchase price of the structure. However, some developers may ask for a fee for development with each subsequent selling of the property following completion.

How Much Are Private Transfer Fees?

According to the Federal Housing Finance Agency (FHFA), Private Transfer Fees routinely represent 1% of the homes value and cover a period of 99 years. However, the FHFA recently sought to amend the processes of charging Private Transfer Fees when government-backed housing giants are involved.

Private Fees Changed for the Better.

In 2010, the FHFA began working on modifying how Private Transfer Fees are charged and set forth a precedent for the housing market. With a final ruling in 2012, housing giants, Freddie Mac, Fannie Mae, and other Federal Home Loan Banks, were effectively stripped of the ability to charge Private Transfer Fees when the fees do not improve the community, and therefore, directly benefit the homebuyer. As a result, the majority of Private Transfer Fees were halted on most Chicago real estate transactions.

Private Transfer fees may go by many names, including Covenant Private Transfer Fees or Property Development Securities. However, the 2012 ruling by the FHFA guarantees that any such fees may not be charged by a federally-backed bank unless the fee does not result in lost equity. If youd like to learn more about these fees or a home without such fees, contact us today, and a Chicago realtor will be happy to assist you.

How to Avoid Overpaying for Your South Loop Chicago Mortgage

Posted on February 13, 2015 by relatedchicago

A busy professional interested in buying a new residence couldnt do better than homes for sale in the South Loop. The area offers all of the amenities of living in the best part of the city: easy access to transportation, museums, and restaurants, as well as the culture and social events that make Chicago great. South Loop Chicago real estate offers a wide range of prices and sizes, to fit the small family or single family lifestyle.

Finance Matters: How to Make Sure Youre Not Overpaying On Your Mortgage

Once you find the perfect place, its time to double check the points of your mortgage. Being well informed is the best way to make your decisions. Here are some key points you should be aware of when comparing lenders offers:

Interest Rate. In short, the interest rate is the rate of interest youre charged to borrow the money needed to secure your home.
APR. A lot of people completely overlook this when deciding on their price for a home, only looking at the interest rate. The APR is the cost of the loan in total, including all of the fees and points that might vary from lender to lender this is the real number you should be paying attention to when comparing.
Fees. Mortgage loans generally come with a variety of fees. Ask them to separate and itemize these fees for you, so that you can better compare one lender with another. Some fees may be negotiable, dont just acquiesce to a loan when youre not comfortable with the terms.
Lock the Rate. Locking the rate is important because it will fix your rate and fees, giving you time to finalize and close on the home.

To find out more about homes for sale, contact your South Loop realtor today!

The long-awaited Chicago summer is just around the corner!

Chicago Summer Festival Schedule 2015

Access to natural areas

Top-notch maintenance

Fitness and social spaces

Security

Host a party

Take a walk

Get involved

What Are Private Transfer Fees?

How Much Are Private Transfer Fees?

Private Fees Changed for the Better.

Earnest Money Deposit An earnest money deposit is basically where you put your money where your mouth is. Its usually expected that a potential homeowner pay at least one to two percent of the total property cost as a deposit.

Escrow Account Mortgage companies set up escrow accounts to make sure a potential homeowner has the reliable funds to pay for a home. Whether covering taxes and the mortgage insurance, this amount depends on the type of loan, location, and business dealt with the lender.

Inspection An inspection confirms that the home not only looks great, but makes sure theres no cracks, leaks, or possibility of pests living inside the home.

Appraisal An appraisal is information needed by the loan company, so lenders have an idea of the fair value of the property being purchased.

Credit Check A credit check is mandatory. Although may are free, a loan company will check all three. This is relatively inexpensive compared to buying a home.

Mortgage Interest

Walk With the Property Tax Assessor

Check for Tax Breaks on New Appliances