Chicago reached another major new development milestone this week. With a total of 53 tower cranes in operation over the last nine months, 2017 is the most active high-rise construction year since the recession, according to an announcement from Mayor Rahm Emanuel and the Department of Buildings. Approximately 31 tower cranes are active at this very moment and another seven are awaiting installation. Not only is the city outpacing its previous post-recession record of 52 cranes reached in 2016, but Chicago also has the most number of residential construction cranes of any major city in the nation.
Understandably, this massive wave of new development has led many Chicago home buyers (and renters) to weigh the benefits of new construction homeownership. Ultimately, every buyer must decide if the pros outweigh the list price premium. Before you start your home search, first consider the many benefits of Chicago new construction condos:
Move-in ready finishes
Modernization is arguably the most apparent benefit of buying Chicago new construction condos. Expect to see the leading interior trends that most buyers hope for: wood floors throughout, updated backsplashes, quartz or marble countertops and shiny stainless steel appliances. There’s no painting, hammering, re-tiling or demolition to do after closing on Chicago new construction condos. Keep in mind, however, these high-end upgrades are usually padded into the list price, whether you buy new construction or a remodeled resale home. From a financial standpoint, you could theoretically save more money revamping an existing property (professional installation included) compared to purchasing a new condo of the same size in the same location. For many, though, having the work completed ahead of time and eliminating those headaches is incomparable.
More amenities
Some of the best residential amenities can be found at Chicago’s state-of-the-art new luxury condo buildings. Not only are the shared spaces aesthetically updated, but each included comfort is designed to fit the modern-day downtown lifestyle. To keep things as convenient as possible, Chicago new construction condos offer perks like onsite pools, roof decks, dog runs, smart security systems, and dry cleaning services. The caveat is that these amenities aren’t cheap to maintain. Condo owners in amenity-filled buildings pay for repairs and general upkeep from their monthly HOA assessments and dues. The grander the amenities, the higher the HOA bill.
Open layouts
Although one of the top must-haves on many Chicago home buyers’ lists, open floor plans are a relatively new feature in condos and homes. “Open concept” kitchens are popular today because roles and priorities have changed drastically over the decades. Kitchens weren’t always the heart of the home, but rather a room for the matriarch to prepare meals unaccompanied. Today, cooking is considered a social event for the whole family to engage in, which is why having the culinary space open to the rest of the living area is such an appealing feature. Plus, newer homes are usually brighter than their older counterparts. If you prioritize open concept and lots of natural light, Chicago new construction condos are worth a look.
Potential to customize
Another perk of buying a new condo is if you make an offer before construction commences. Preconstruction home buyers often get the opportunity to customize finishes and potentially the layout. Those with strong opinions on color schemes, tile options, and flooring specifics are given the chance to work with the builder and personalize the space from top to bottom. Although the costs are higher, customizing before construction eliminates builder-grade finishes and features that won’t do much for your home’s resale value.
Energy efficient features
Chicago homeowners can see a substantial monthly savings with eco-friendly heating and cooling systems from new construction homes, especially considering the drastic temperature shifts that occur from season to season in the Windy City. Most new appliances are energy efficient, helping save money on utilities while minimizing your household carbon footprint. A large number of Chicago new construction condos also offer built-in smart home technology that streamlines everything from the alarm system to the window treatments. You can also rest assured that your newly-built space lacks lead paint and/or uses low- or zero-VOC (volatile organic compound) materials, improving your condo’s indoor air quality (IAQ) and overall household health.
According to a new Zillow Group report on Consumer Housing Trends, over half (52 percent) of all home buyers consider new construction homes, often due to more desirable locations, appealing features and that unparalleled feeling of freshness.
To learn more about Chicago new construction condos and consult with a Realtor about options in your price range, call Z Chicago at 312-810-2295 today.
