Living in a Chicago Condo is not that different from living in a home (in many respects), but you'll want to explore whether the differences appeal to you or not.
For instance, you must pay a monthly assessment fee when you buy a condo - this assessment allows the condo corporation to maintain the common elements of the building, or complex, the hallways, pool, security, garage, and all other common elements.
When you own a home, you always have "hidden" monthly upkeep costs (fix the plumbing, clean the gutters), but this monthly condo assessment fee can often irritate former homeowners. A lot of people however, find it a relief to have someone else take care of these details and all they have to do is write and sign the check.
Also, before buying a Chicago condo, make certain that you find exactly what these monthly assessment fees cover. This is, of course, very important, since sometimes the assessment covers everything, including heat, water, insurance, parking, cable TV and electricity costs, and sometimes it covers very little except upkeep and maintenance of the common areas.
Also, and this can be an issue for some people, you'll now be "living by committee," to a certain degree. Most Chicago condos have restrictions concerning the common areas of the building, or the visible parts of your unit, such as what color your door must be. Bear in mind, though, that these restrictions are aimed at maintaining a uniform-looking exterior and are designed add to the value of your condo.
Also, know the rules and regulations before you buy. Make sure if you're an animal owner - that pets are allowed in your building.
If you've never lived in a condo before, you may not have thought about how expensive a condos amenities may be, and translated into the monthly assessment fee. Generally speaking, the more the amenities, the higher the assessment fees. It can take a lot of cash to maintain swimming pools and elaborate work out equipment. However, if you belong to a gym, you may be able to cancel your membership, saving you significant money and time. A well-equipped gym could be a real advantage during the long Chicago Winters.
Security is a concern also. If you travel frequently, it may be worth a lot to you to have a very secure home with a gatehouse or doorman whom all visitors must pass by. You should thoroughly check out and discuss all our your security needs and concerns before buying. Your view and exposure (to sunlight, that is) is also very important in a condo - a southern exposure or lake view can sometimes cost thousands more than a northern, city view. If a lake view is important to you, and it is to many people - bear in mind that you'll pay more for a Lake Michigan view. A balcony or terrace may be important to you. Are you a Gardner and want to have plants on your balcony? You need to consider exposure; a north-facing balcony that is covered overhead by the balcony above doesn't make for the best growing conditions.
If you really, really feel the need to have a backyard, or ground-level outdoor space, you can always consider a town home condominium. Although not as likely to have 'common element' swimming pools or gyms, most town home condos offer more private outdoor living space for each owner. These, of course, have more of a "house" feel than hi rise condos.