Wednesday, June 15, 2022 / by Andrey Rudnitsky
Tips For Buying A Condo In Downtown Chicago
In this video we discuss the following tips for buying a condo in downtown Chicago. Please watch the video for the details.
1) Know your timeframe for living in Chicago. If you plan to be in Chicago for 1 to 2 years, it’s probably better to rent. If you are here for the longer term, approximately 3 or more years, you should consider buying. The breakeven point in terms of selling expenses would be approximately 3 to 4 years assuming the market does not change.
2) Know your price range. There are a lot of variables that impact the cost of owning your condo including taxes, monthly HOA dues, mortgage interest rates, down payment, etc. Knowing what you can afford is crucial and we recommend talking to a lender before starting your search to determine this.
3) What type of area would you like to live in? Chicago has many neighborhoods and each one is a little different. Do you need to be close to your office? Would you like to be in a less busy neighborhood or would you prefer to be in a high energy area with many restaurants and bars nearby? Do you want to live in and amongst high-rise buildings or would you prefer to be surrounded by 3-flats or mid-rise buildings? There is a lot to consider, deciding early helps narrow down the options.
4) Start your search early. Don’t rush things, especially when choosing a new home. Give yourself time to complete the proper research.
5) Use a broker. There is no cost to represent a buyer as the seller pays the commission for both sides of the transaction regardless of whether you are represented or not. Brokers see transactions every month and know the market. This gives them the ability to negotiate a better price on your behalf. A broker will also run the transaction for you and can recommend important vendors. Other benefits include repairmen/women and other renovation contacts. In the end a broker will help you make a better decision.
If you have any questions, please don't hesitate to reach out to our agents.
1) Know your timeframe for living in Chicago. If you plan to be in Chicago for 1 to 2 years, it’s probably better to rent. If you are here for the longer term, approximately 3 or more years, you should consider buying. The breakeven point in terms of selling expenses would be approximately 3 to 4 years assuming the market does not change.
2) Know your price range. There are a lot of variables that impact the cost of owning your condo including taxes, monthly HOA dues, mortgage interest rates, down payment, etc. Knowing what you can afford is crucial and we recommend talking to a lender before starting your search to determine this.
3) What type of area would you like to live in? Chicago has many neighborhoods and each one is a little different. Do you need to be close to your office? Would you like to be in a less busy neighborhood or would you prefer to be in a high energy area with many restaurants and bars nearby? Do you want to live in and amongst high-rise buildings or would you prefer to be surrounded by 3-flats or mid-rise buildings? There is a lot to consider, deciding early helps narrow down the options.
4) Start your search early. Don’t rush things, especially when choosing a new home. Give yourself time to complete the proper research.
5) Use a broker. There is no cost to represent a buyer as the seller pays the commission for both sides of the transaction regardless of whether you are represented or not. Brokers see transactions every month and know the market. This gives them the ability to negotiate a better price on your behalf. A broker will also run the transaction for you and can recommend important vendors. Other benefits include repairmen/women and other renovation contacts. In the end a broker will help you make a better decision.
If you have any questions, please don't hesitate to reach out to our agents.
