It’s a classic condo story.
A couple decides they want a place to live and live together.
They build a home and then move out.
A little while later, the property goes on the market and the sale price jumps.
The couple moves back in and has no idea where they’ll live.
“The real question is: Where will you live?” asks Dan Fritsch, a real estate agent in Chicago.
“When the market does go up, you’re not going to want to buy a new condo unless you have the money to make it work.”
Fritch, who specializes in condo sales, says you should start with the lowest possible asking price and work your way up.
The key is to find a condominium that’s appealing to both you and the property.
Condo-dwellers need to understand that condominium prices are rising because of rising rents and a rising economy.
In order to make the move to a condo-style home, a couple should consider: Where you want to live: What kind of lifestyle?
What kind, if any, amenities you expect to have?
What types of amenities you will need?
Where do you want your children to live?
What will your commute be like?
How much will you need to pay for your condo?
What amenities you may need to include in your condominium?
How long will you be renting?
Fritskis recommended that you start with a small, one-bedroom condo that you can afford to rent.
He also recommends that you take a look at the price of condos.
The average price of a one-bed condo in Pinebrook, Illinois, was $1,200 a month.
A three-bedroom unit was $2,700 a month, and a four-bedroom was $3,400.
In Chicago, the average price was $4,100 a month and $5,400 a month for a three-bed and four-bed unit.
“A condo is a good deal, but not as good as you think,” Fritsch says.
“It will take you a little longer to move out than you think it will.
That’s why you need a good mortgage.”
In some cities, condos are being built at a rapid pace.
“You’ll see more and more of them in the market, and if you’re going to buy one, make sure you know where it’s coming from,” Friesch says, adding that if you don’t know where your condo is coming from, you won’t be able to get it.
You should also think about your age group.
“If you’re a 40-something, it’s OK.
You can have it for yourself,” Fitsch says of condos in his market.
“But a 40 year old needs a lot of amenities, and condos can cost a lot.”
If you’re looking for a new place to call home, you can also consider buying an old, vacant house.
“Most people that come to a condo building, they don’t want to be renters, they want to move into a house,” Fitesch says with a laugh.
But you may be surprised by how affordable a condo is in the suburbs.
“Condo rentals are cheaper in the inner cities,” he says.
For example, a one bedroom in the neighborhood of Glencoe, Illinois that is about 50 percent vacant, is about $5.3,000 a month — about $300 a month less than a one bed condo.
The condo owner, however, will get a full-size garage and a pool that will cost about $1 million, Fitscher says.
The homeowners insurance company will pay about $700 a year in mortgage interest.
The cost of living in a condo can be cheaper than the market price of the home, but you need the money if you plan to buy and then rent.
Fritsen says that the best thing you can do to avoid the cost of a condo-like situation is to invest in the condominium.
“There are some amazing condominium properties that are coming on the scene right now,” he explains.
Friescher also recommends investing in a property that will be more attractive to you.
“Look for properties that you’re interested in and that you think you could live in.
They will help you save money,” he recommends.
If you are interested in buying a condo, you should contact a realtor, who can help you with your condo search.
But if you have questions about buying a new condominium, you may want to check out these resources: A look at what’s on sale in Pine Brook, Illinois—A guide to the best condos in Chicago—What’s the best place to buy your next condo?