Three Reasons Why You Should Rent Versus Buy in the Chicago Real Estate Market
Recently I appeared on Fox’s Good Day Chicago alongside David Wolf, President of Related Realty, and we tackled the topic of whether to rent or buy real estate in Chicago.
While rent prices have increased as much as 30% in the last three years, hitting an all-time high this summer, in most cases it still makes sense to rent. Especially since pricing has started to come down as we head into winter.
Here’s why you should consider renting:
1.) When you rent there’s no down payment. With a mortgage you need to come up with 10-20% down and jump through a ton of hoops to secure lending. With a rental, as long as you have income, strong credit score and a clear criminal record, applying for an apartment is easy.
2.) Renting offers flexibility. What does your life look like in one year? Three years? Five years? If you can’t see yourself living in the same place for the near future, then you probably don’t want to invest in a house or condo. If you are renting an apartment and you accept a job offer across the country, you can usually sublet or buy out of your lease with minimal headache. You can move on to the next chapter of your life without becoming a landlord or putting your property up for sale.
3.) Do you want a brand new and upgraded home? If the answer is yes, then renting is the way to go. Since the housing market went bust six years ago, very few new condos have been built. But during that time lots of new apartments have come online. Downtown Chicago rental buildings are “condo-alternatives,” outfitted with top-of-the-line finishes and extraordinary amenities.
You can watch the Good Day Chicago segment here!
If you are still wondering if renting is right for you, contact us and we can walk you through the options.
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