Chicago condos are available in a wide range of possibilities. The main types of Chicago condos are: high rise or low rise (under 4 stories), town or row house condos, duplex (one house over another), triplex, single detached houses, stacked townhouses or detached plot condos. There are even mixed use condos that are part-commerical and part-residential. Chicago condos come in various sizes with diverse features and in every price range.
A condominium describes how a home or some other property is owned, not what kind of property it is. If you own an apartment, then it's an apartment-style condominium.
As a condo unit owner you are required to pay a monthly fee for the upkeep of the common elements. 'Common elements' are the areas shared by residents, such as lobbies, parking garages, and recreational facilities such as pools and gyms. These spaces are looked after by the condominium corporation.
The inside of the condo townhouses are owned by individual people. However, the ownership of the exterior portion (common elements) is shared amongst all the owners. The condo fees pay for this shared portion.
The shared ownership portion includes the outside of the building (including the roof), parking spaces, play areas for the kids, outside yard, outside of the building, exterior door, garage door etc.
Retirement villas are often built as bare-land condominiums. In other words, you privately own the building lot and the entire home on it, both inside the living unit and outside. But you agree with all the owners to undertake common maintenance of all building exteriors and the private yards, as well as the common property. This saves money and creates a consistent appearance throughout the development.
Often built as duplexes, but maybe even as larger groupings, "villa" describes a bungalow-style home that features all the needed facilities on the main level, including the parking. It commonly appeals to seniors who no longer want to deal with stairs, although most villas offer an unfinished basement, as well.
Some types of Chicago condos are restricted to certain sections of the society. For example some condos are only for adults. Some condos do not allow pets. However, some condos do aim to meet the specialized needs of families with small children, for example, by providing playgrounds.
Others may be built with seniors in mind. Some others allow only pet-owners! These restrictions are framed by the resident associations which run the condos.
Some new types of Chicago condos include
1. "Phased" condo. Here the common elements can now be added in stages.
2. "Common elements". These are condominiums that consist only of common elements, but no units. Like a common golf course.
3. "Vacant land" condo. Under this type of condominium corporation the units can consist of vacant land. Owners can decide what to build later.
4. "Leasehold" condo. These are units built on land that is leased by the developer. Purchasers will never own the land.
As you can see, there are many different types of Chicago condos.