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 ...