Condominiums are no longer just a cheaper alternative to the single-family home or a retirement option for aging boomers, today’s condos range from affordable housing to uber luxury.  Condominium ownership has proven very popular because it is a great way to receive the benefits of home ownership, at about the price of market rent!

 

The word condominium actually describes individual ownership in a multi-unit structure, not the architecture of a property.  Apartment style buildings, townhomes and even single family home subdivisions can be called condomimiums.  The key factors are the existence of a Homeowners Association [HOA] and common elements.

 

When you purchase a condo you've purchased a lifestyle, not just a home.  You have purchased a membership into a community not just a house in a neighborhood.  You have a financial stake in the well-fare and cohesiveness or community awareness of the complex or subdivision.

 

Benefits of owning a condo include, but are not limited to:

1. A condominium is real property that can be passed on to loved ones or sold to others,

2. The unit owner has control over his or her individual unit, unlike a renter of an apartment or rental home.

3. The unit owner builds equity with each mortgage payment he/she makes and can use that equity to obtain loans or treat it like a long-term savings account only pulling out the equity once he/she sells his/her condo, unlike rent, in which you own nothing, even after years of payments.

4. Carefree living: general maintenance, garbage removal, snow removal and landscaping are items covered by the regular assessment.

5. Amenities!  Amenities can range from super simple like onsite parking lots to ultra luxurious like an onsite shopping center.  The average amenities often include a pool, community or party room, and maybe a modest fitness center and/or business center.

 

Responsibilities of owning a condo include, but are not limited to:

1. paying your regular assessments, and paying special assessments [if any],

2. obtaining and paying for insurance for your individual unit,

3. Following the Rules and Regulations and adhering to the Association Bylaws,

4. paying your mortgage,

5. paying your property taxes,

6. making repairs to the inside of your unit when needed,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Ford City Condominium Community

 

The Ford City Condominiums is a unique community in the city of Chicago.  It is a self contained neighborhood of 7 buildings incorporating approximately 320 households.  The population of FCCA is very diverse, representing nearly all ethnic/racial groups, socio-economic groups, and a variety of family types.  Ford City Condo Homeowners run the gamut from young professionals to retired seniors, from new parents to empty nesters.  Ford City Condos is a very accessible community and home to owners with varing disabilities.

 

Just like any other Homeowner's Association (HOA), The Ford City Condominium community is made up of several entities, homeowners, the board of directors, property management, staff and volunteers.  Some condo communities, including FCCA, allow renters, so some residents may be tenants and some owners may be nonresident investors.

 

The board of directors and volunteers are homeowners who have a strong sense of civic pride and are driven by the motivation to protect their investment in the community and property.

 

Click any link on the left/above to learn more about these groups and how they are working to keep the Ford City Condos strong and viable.