Your Checklist for Downsizing to a Luxury Condo in Chicago
People relocate to Chicago for many reasons. The city boasts a dynamic culture and a robust economy, offering numerous job opportunities.
For many buyers, luxury condos will be an attractive option. They offer access to some of the city’s premier neighborhoods. Buyers also love the stylish designs and high-end amenities.
However, many buyers will need to downsize when they move to a luxury condo in Chicago. If your previous home was larger, you may not have enough space for all your belongings. You may also need to adjust your lifestyle to accommodate less space.
Read on as we provide a quick guide to help luxury condo buyers downsize.
Chicago Real Estate Market Watch
Recent reports indicate that the average home for sale in Chicago is selling at 3.9% over the asking price. However, Chicago real estate trends are always changing. Contact the MG Group for assistance buying or selling homes anywhere in Chicago.
Downsizing Your Lifestyle for a Luxury Condo in Chicago
Explore Neighborhoods With Luxury Condos
Chicago offers many options for luxury condos. You’ll also find condo communities spread across diverse neighborhoods. West Loop might be a popular choice for professionals moving to the city. Places like Lincoln Park and Hyde Park can be great for walkability. Streeterville also has several upscale condo buildings. However, there are many more places to look for luxury condos in Chicago.
Think About the Space Differences
Moving to a condo often means having less space. That means buyers must assess their current lifestyle and how it will fit with their new home. Start by comparing the size and layout of your current home with the condo you plan to move to. Measure the furniture, assess your storage needs, and be realistic about what you need to keep. For example, do you need to bring your large dining set or all the furniture in your current living room?
Remember the Financial Differences
Downsizing to a condo might be more affordable than moving to a home. It may also help reduce some maintenance costs and lower utility bills. However, there are financial considerations you must take into account. For example, luxury condos in certain Chicago neighborhoods can be more expensive than larger homes located outside the city. Beyond that, you’ll have condo association fees, property taxes, and the potential for special assessments.
Downsizing and Decluttering Your Possessions
Decluttering is a key step in preparing for a downsized condo lifestyle. The first tip is to start early. You’ll have an easier time decluttering your life and downsizing possessions when you have more time. A good strategy is to go one room at a time until you get through your entire house. Be honest about what you use and need in your daily life. Go through everything and sort items into categories based on whether you want to keep, sell, donate, or discard them. The less you bring, the easier your move will be. It will also make it easier to fit your life in the new space.
Evaluate Your Storage Options
Being smart about storage and organization will be essential when transitioning to a smaller space. Implementing storage solutions, such as shelves, can be helpful. You may also want to consider purchasing furniture that doubles as storage or folds up when not in use. Many condo buildings also offer on-site storage. You could also consider renting off-site storage for items you don’t use regularly but need to keep.
Leverage Community Amenities
High-end amenities are among the key draws of living in a luxury condo. Many buildings offer fitness centers, pools, lounges, and other shared amenities. Since your HOA fees cover these features, you might as well utilize them to their full advantage. In some cases, they might even help you downsize. For example, a community gym could allow you to get rid of your home fitness equipment.
Are you looking for a luxury condo in Chicago? The MG Group is ready to help you find the right fit. We can guide you through the best neighborhoods and help you assess communities. Reach out now to start your search for the perfect condo.
