Rent or Own? willtveit.com | dreamtown

Should you rent or own?

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Will Tveit |  MBA - Broker - Realtor - Agent

Dream Town Realty  |  Chicago  -  North Shore

1567 Maple Avenue, Evanston, Illinois 60201

willtveit.com | will@dreamtown.com | 312.498.8348

Open House | Morton Grove, Illinois | 9134 National Ave | willtveit.com - dreamtown

OPEN HOUSE |  September 17th

From 12 Noon to 2 P.M.

9134 National Ave, Morton Grove

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🏠Virtual 3D Tour

🏠Virtual 3D Tour

Co-op Apartments vs Condos | willtveit.com - dreamtown

REAL ESTATE: Chicago & North Shore

Co-op Apartments vs. Condos

	CO-OP APARTMENTS	CONDOS
Assessments	Co-op monthly assessments cover the same expenses as for condos (see right) plus 1/12th of the property taxes (see Property Taxes below) and any building mortgage (see Financing Special Projects below).	Condo monthly assessments cover expenses for staff, maintenance, reserves, and any utilities provided by the condo association.
Financing	Down payment requirements are higher for most co-ops in Chicago. A few require a minimum of only 20% down. Many allow 50% financing. Some are cash only.	The condo associations don't set minimum down payments.
Financing Special Projects	Co-ops are able to finance special projects via a mortgage for the building. In some circumstances, owners may be able to deduct their portion of the interest on that mortgage. Consult your accountant for details.	Condo associations are not able to mortgage the common elements of the building. If there is not enough money in the association's reserves, the association can have a special assessment paid by the owners.
Form of Ownership	Buyers purchase shares of the corporation that owns the co-op apartment building. A proprietary lease gives the buyers the right to occupy a specific apartment.	Buyers own their unit and become members of the condo association which owns the common elements.
Purchase Approval	After signing a contract to purchase a co-op apartment, buyers must submit to the co-op's board an application including financial information and letters of reference (both professional and personal). Buyers must also be interviewed by the co-op board. The focus of the approval process is on the buyer's ability to pay their monthly assessments since an inability to do so would put a financial burden on the rest of the co-op owners. The board must abide by Fair Housing Laws.	A very few condo associations reserve the right to approve buyers. Approval is much less involved than for a co-op, The association must abide by Fair Housing Laws. Some condo associations have the right of first refusal allowing them to purchase a condo, if they feel the price is too low.
Property Taxes	Since there is only one property tax bill for the entire apartment building, an owner's portion is paid to the co-op through the monthly assessment.	There is a property tax bill for each unit payable directly by the owner of the unit.
Renting Units	Most co-ops in Chicago do not allow apartments to be rented out. A few allow rentals on a limited basis such as a maximum of 2 years.	Many condos allow units to be rented out, but have rules such as the minimum length of leases. More condos in Chicago have been prohibiting rentals for new buyers recently.
Transfer Fees	A few co-ops charge a transfer fee of 1% to 3% of the sale price. This is in addition to Chicago's buyer transfer tax which is 0.0075% of the sale price.	Condos don't have transfer fees. As with co-ops Chicago's buyer transfer tax which is 0.0075% of the sale price applies.

OPEN HOUSE | New Construction | 1141 Darrow Ave, Evanston, IL 60201 | willtveit.com - dreamtown

OPEN HOUSE - Sunday, May 14, 2017, from 12 to 2 p.m.

1141 Darrow Avenue, Evanston, Illinois 60202

3 beds + 1 below grade  |  3.5 baths  |  $799,000

 New Construction! Gorgeous hardwood floors, open floor plan & lovely block in great location. Kitchen features white cabinets, glass backsplash, quartz counters, stainless steel appliances. Second floor with  laundry & 3 large bedrooms including master with stunning bath. Basement features 9 foot ceilings, wet bar, bedroom, office and HUGE recreation room. Must see!

Open House in Prospect Heights | April 2, 2017 from 1 to 3 PM | dreamtown - willtveit.com

Open House in Prospect Heights, Illinois

Sunday, April 2nd, from 1 to 3 PM

105 S School Ln, Prospect Heights, IL 60070

Offered at $619,000

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WillTveit.com  |  Buy  -  Sell  -  Invest

Will@dreamtown.com | 312.498.8348

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Will Tveit

Broker | Realtor

Dream Town Realty

Chicago & North Shore

will@dreamtown.com

 www.willtveit.com

312.498.8348

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Open House in Evanston | March 12 from 1 to 3 PM | dreamtown - willtveit

OPEN HOUSE in EVANSTON

March 12 from 1:00 to 3:00 PM

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3231 Otto Lane, Evanston, IL 60201

3 bed / 2.5 bath

Offered at $639,000

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Pretty and stylish center entry Colonial is move-in ready! The gracious entry leads to a large living room with fireplace. Separate dining room can seat 10. 

Huge family room with built-ins. Pretty cooks kitchen with butcher block and Caesar stone counter tops and stainless steel appliances opens to the HUGE family room and breakfast area. Upstairs are three large bedrooms including a sumptuous new master bath. 

Finished basement with fireplace and office nook. Located on a quiet and secluded cul de sac, this solid brick home will charm you! Open the back gate to the pond, walking trail, tennis courts and playground of Lovelace Park just across the street. 

Easy access to the expressway and walk to Central St. shops. Willard Elementary school too!

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