As you begin your search for a new place in Chicago, you’ll have to deal with decision after decision.
One of the most important decisions to make when considering Chicago realty, and perhaps the first you should hit, is deciding between renting and owning property.
There are costs and benefits to either scenario, just ask anyone in Chicago—homeowners and renters alike.
Depending upon your lifestyle, your future goals, and your financial situation, you might be ready to own your own home or you might be in a group of individuals who prefer to rent apartments. Chicago is certainly not lacking options in either category, but it takes time and consideration to figure out what works best for you.
—When you buy a home, in Chicago or anywhere, your home becomes more than a place to hang your hat: it’s an investment.
Whether your investment pays out later on depends on the future climate, which is somewhat unpredictable. That being said, payments on your new build equity and can give you a sense of security. I can’t say the same for rent checks.
—Even if they aren’t building equity, there are some definite benefits for those who rent apartments. Chicago is constantly changing, so a neighborhood you wouldn’t have looked twice at a few years ago might be your new Shangri La. What does this mean for you, renter?
Well, I wouldn’t suggest uprooting every time you find your favorite new restaurant, but a few years from now a neighborhood across town might suit you far better than your current neck of the woods. As a renter, moving around is a little more hassle-free than it is for homeowners, especially those who are trying to sell in a buyers’ market.
This is another point when your lifestyle certainly plays a part in your decision: if you’re a born traveler, you might not want to be making mortgage payments while your traveling abroad for six months.
—Owning a home means you are the tenant, super, and landlord, all in one. As your home begins to need work, you’ll be footing the bill for upkeep, remodeling, and necessary renovations.
If you enjoy a project or you’re pretty handy to begin with, chances are you’ll make lemons out of lemonade. Peeling paint in the foyer can mean a whole new painting project, while flooded carpet can mean the chance to pull it all up and start new.
Take some time and talk to friends who own their homes and those that rent apartments.
Chicago offers an ideal solution for everyone, whether you decide to start investing in that Victorian home in Lincoln Square or you’re happy to rent your loft in the Loop.
