Chicago is a large metropolitan city. However, with a growing population, housing in Chicago is becoming more and more ex-pensive. With the value of square footage in the city steadily increasing, construction of large single family homes is declining. Condominiums provide an affordable alternative to building wealth and ultimately your quality of life.  So, rather than throwing your money away on rent and paying off someone else’s investment, consider investing in your own   future. 

A condominium, also referred to as condo, is a housing tenure in which individual units are portions of property individually owned.  Each unit is property of an  owner, how-ever common areas, such as hallways and recreational facilities are jointly owned. Your ownership extends inward, from your interior walls, floors, and ceilings.  In addition, you are also a partner with all other owners in a complex. Therefore, the exterior structure i.e.. foundation, exterior walls, roofs, common area, and amenities are considered property of all the owners and are regulated and maintained by the Condominium Association.

Buying a Condo Brochure Final

*This Guide was originally published by the Spanish Coalition for Housing.