Understanding Monthly Assessments in Chicago Condos and Co-ops
Monthly assessments in Chicago typically refer to fees that condominium or cooperative owners are required to pay each month to cover the costs of shared expenses and services.
Condominium owners pay monthly assessments to cover the cost of common expenses such as maintenance of common areas (e.g., lobby, elevators, hallways), landscaping, snow removal, trash removal, insurance, and utilities (e.g., water, electricity for common areas). These assessments are usually determined by the size and type of unit and the number of bedrooms.
Cooperative owners pay monthly assessments as well, which may include similar expenses as those for condominiums, but may also include mortgage payments, property taxes, and other expenses associated with the building or complex.
In both cases, the monthly assessments are typically determined by the condominium or cooperative association board of directors or trustees, which is responsible for managing the common areas and services, setting the budget, and collecting the assessments from the unit owners.
It is important for prospective buyers of a condominium or cooperative to understand the monthly assessment fees and what services and expenses they cover, as well as any rules and regulations associated with the community. It is advisable to review the association's financial statements, bylaws, and rules and regulations before making a purchase decision.