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Real Estate 101: Vocab Lesson

WHEN STARTING ANYTHING NEW, THERE IS A LEARNING CURVE.

WHEN LOOKING FOR A HOME, THERE ARE GOING TO BE NEW TERMS THAT YOU MAY NOT BE FAMILIAR WITH.

THE GOAL OF TODAY'S POST IS TO ARM YOU WITH SOME REAL ESTATE KNOWLEDGE. HERE ARE A FEW TERMS TO REMEMBER SPECIFICALLY WHEN LOOKING AT CONDOS. NEXT TIME YOU WALK INTO AN OPEN HOUSE, YOU CAN IMPRESS THE AGENT WITH YOUR NEW UNDERSTANDING OF REAL ESTATE!

  • HOMEOWNER ASSOCIATION FEE: A MONTHLY FEE PAID TO THE HOMEOWNERS ASSOCIATION, WHICH PAYS FOR BUT IS NOT LIMITED TO: WATER, COMMON INSURANCE, SCAVENGER (TRASH REMOVAL) SNOW REMOVAL, MAINTENANCE, ECT.
  • ASSESSMENT: ANOTHER TERM FOR HOMEOWNER ASSOCIATION FEES
  • SPECIALASSESSMENT: MONEY NEEDED FOR A BIG COMMUNAL PROJECT. SAY THE ROOF NEEDS REPAIRS OR THE LOBBY IS GOING TO BE RENOVATED - A SPECIAL ASSESSMENT IS WHEN EACH HOMEOWNER NEEDS TO PAY THEIR SHARE OF THE BILL.
  • RESERVES: THE AMOUNT OF MONEY THAT THE HOMEOWNERS ASSOCIATION HAS SAVED UP. WHEN THERE IS A SPECIAL ASSESSMENT OR DISASTER HAPPENS, THE ASSOCIATION HAS MONEY SAVED IN ORDER TO COVER THE COST.
  • TAXES: YES, YOU MOST LIKELY KNOW WHAT PROPERTY TAXES ARE. BUT SOMETHING INTERESTING ABOUT ILLINOIS IS THAT WE PAY TAXES A YEAR IN ARREARS (yOU PAY 2016 TAXES IN 2017). HOMEOWNERS PAY TAXES TWICE A YEAR, IN MARCH AND AUGUST.

IF YOU HAVE ANY SPECIFIC QUESTIONS ABOUT REAL ESTATE, SHOOT ME AN EMAIL @ LAKEANDLUXURYCHI@GMAIL.COM!

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