Chicago Homes For Sale Home > Real Estate In Chicago
Good Tips To Keep In Mind When Looking
to Buy Real Estate In Chicago After Renting
What First Time Buyers Should Consider
When Scouring the Chicago Real Estate Listings
Colin and Stephanie Anderson had lived in two different Chicago apartments the past three years. But Stephanie's parents had been urging them for some time to look into owning real estate in Chicago instead of renting it.
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"We sat down and took a good hard look at it to see if owning Chicagoland real estate made sense in our case," said Colin, a 28 year old compensation specialist. When comparing renting vs owning your own home, the Anderson's came up with this list of benefits and drawbacks. Each month when you write a mortgage check it doesn't all go down the drain like rent does. You are building equity and value over time. You can't beat the inflation hedge owning real estate in Chicago gives you. And with a fixed rate mortgage your housing expense is locked in and so should be stable for years. |
As the property owner you've got more privacy. Plus you have the freedom to crank up the stereo without worrying what the neighbors a wall away will say. An intangible benefit that can't be overlooked.
What's more April 15th can become a day of rejoicing rather than a day of dread. As the tax write-offs that come from having your name on the deed can be hefty. Try that as a renter. Well actually don't.
Yet renting isn't all bad. You can often pick up and leave with 30 days notice. Much harder to do that once you've signed your life away to own one of the Chicago homes for sale.
When the faucet leaks you call the landlord not the plumber with the bill going on their tab not yours.
And that $10,000 down payment to buy Chicago, Illinois real estate? Naaah. That stays in your bank account rather than being handed over at the closing table.
The Anderson's decided the benefits tipped the scales towards owning real estate in Chicago. They quickly got up to speed on how to use the MLS as well as how to read the Chicago real estate listings so they could leave Chicago apartment living behind as soon as possible.
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