My husband and I recently purchased a term life insurance policy.  We're now insured to $1M (him) and $500K (me) should anything happen to either of us.  As a newly married working couple with a substantial mortgage to pay, the policy gives us assurance that if something should happen to either of us, the other would have the funds to pay the mortgage.  The policy premium will remain the same for the next 30 years... just in time for us to have paid off the mortgage. 

Total cost? $1,230 per year, or a little over $100/month.  After 30 years, my husband's annual premium jumps to a whopping $17,910.00 annually.  But we won't need life insurance at that point, so the number is irrelevant.

If you're a young couple with a mortgage on your condo and you cannot get by on a single income, a life insurance policy is a good idea.  The younger you are when you lock in a policy, the lower the annual premium. 

Or "How $561.64 became $1721.64"...

Legal fees and costs can add up quickly.  If your Association has to send an account to a collection attorney for delinquencies, all of the fees and costs incurred are charged back to the owner.  Two months' of missed assessments could end up costing over $1,000 in fees and costs to recover.  If you are having trouble paying your assessments, speak to your Board before they begin collection action.  You may be able to work out a payment plan that will save you the cost of collection.  If you do receive a 30-day notice (which will already cost you about $300 in fees and costs), take action before the notice expires to minimize additional charges.

Each year, condominium buildings over 4 units that are required to use private waste removal will receive up to $75/unit from the city by filing for the City of Chicago Refuse Rebate.

That's great news for small buildings with limited budgets. 

In order to qualify for the Refuse Rebate, your building must have a recycling program in place and the Board must educate its owners on the program.  A Recycling Certification Form must be submitted the first year you file to confirm that you have met this requirement.

You can file every sixth months or annually, but you must file by December 31st of each year for your previous year's Rebate. 

 

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