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Thinking about buying a home but not sure you want the monthly expenses and upkeep hassles of a single-family home? Perhaps condominium ownership is for you.
Condos are cheaper not only because of lower prices but also lower taxes, says Sarah Delgado, condominium program manager at Lakeside Community Development Corp. "You're only paying [taxes] for the interior of your unit," she says. "When you appeal your taxes, you're much more likely to get your appeal granted because it's easy to compare [with other units]."
Those lower costs sometimes allow home buyers to locate in a neighborhood they otherwise couldn't afford, says Derick Anderson, NHC program director at Northside Community Development in Rogers Park. "In many cases, the mortgage and assessments are cheaper than rent," he says. "There's also the investment opportunity of possibly renting the condo, or selling the condo in the future if your family size grows or shrinks."
Condo owners typically face little maintenance, especially outside of their units, Delgado says. "You do have an association that takes care of that end," she says, with the caveat that some small to mid-sized buildings (typically 40 units and lower) have self-managed associations where owners are assigned chores like cleaning the hallways. "Sometimes they have contracted workers to do piecemeal jobs, like cleaning once per week," she adds.
Another advantage Delgado cites is the community of fellow homeowners who can provide informal advice, especially helpful for first-time owners, when you have a plumbing issue, for example. "The community there is built in and has had experience" as homeowners, she says.
Like so many things in life, some of those advantages have their flip sides. While condo owners face less in the way of maintenance, there are assessments to be paid that cover everything from snow shoveling to hallway cleaning, Anderson says. "You are part of a community that's defined legally," he says. "By the same token, the association has to hold up their end of the deal by providing the services."
To understand both the legal aspects and the more subtle human aspects, Delgado encourages new condo owners to read their governing documents, such as bylaws, the declaration, and rules and regulations, and to get involved with their boards by attending meetings regularly if nothing else.
"The declaration is what's drawn up when an association is founded and filed with the state and [county] recorder of deeds. It outlines the physical property and what belongs to whom--what is a common element, like the hallways and courtyards, that is part of the board's responsibility," she says. Condo buildings have "limited common elements" like porches that serve two or more units but not everyone.
Always go to the board meetings. Delgado says. "There are decisions being made about your asset," she says. "You have a share of the common areas, the roof, the building, so that's financially applicable to you. Having a voice in the board meetings is really, really important. And I tell first-time home buyers, 'Think about, at some point in the future, running for the board.' "
The bylaws and other documents spell out how homeowners and the board are supposed to conduct themselves and. in doing so, they help to reduce personality conflicts, Delgado says. "It reduces conflicts within a small community that are bound to happen," she says. "You know what the process is to take care of different issues. You don't want to be figuring that out when a pipe bursts in your wall."
To that end, organizations like Lakeside and Northside hold trainings for new condo owners about issues like bylaws and best practices that Delgado encourages people to attend. "People get lackadaisical until there's a crisis," she says. "Having structures in place upfront benefits everyone. ... I would encourage people to try to get those governing documents before you buy-and also attend a training." | 
