Buying vs. Renting in Chicago

Buying vs. Renting in Chicago

Purchasing a home is a big responsibility and many people are hesitant to do so because of this reason. By owning your own home, you will now be responsible for maintenance of the home, keeping the home in tip-top shape inside and out, and will be faced with the fear that you will not be able to sell it when you are ready to move.

It’s true that renting can eliminate these issues. By renting over purchasing a home, you will have a landlord that will be there when something breaks. You will also not need to worry about whether you can sell the home or not because you will simply move somewhere new when you are ready.

However, there are many benefits to buying a home, especially if you are in the Chicago area. For starters, Chicago is constantly one of the fastest growing cities in the county. This has a great benefit to both buyers and sellers of homes. Not only will you be able to have many options to review when you are ready to buy, but you are likely to gain quite a bit of value in your home over a short period of time.

Another benefit is the cost savings that you will see by purchasing a home rather than renting. The average rental in the Chicago area can run upwards to $1800 for a single bedroom apartment, depending on the location that you choose. However, by purchasing a home, you will be able to have a much larger home at a fraction of the price each month.

Space is another factor that you should keep in mind. With a rental, it is likely that you will be renting a fairly smaller space in order to maintain the budget that you have in mind. However, with a home purchase, you will have the opportunity to have a larger space with the same budget. This could also mean that you have a larger outdoor space as well, which can be beneficial for those with pets and kids.

Finally, a rental will greatly limit your lifestyle. For example, if you hate the wall color in your apartment, you are basically stuck with the selection. But, with your own home, you will be able to remodel, redecorate and rearrange your home however you see fit. You will not need to ask permission to hang a new light fixture and will be able to enjoy the freedom of having a space that reflects your personality.

Making the decision to make a huge purchase like a home can be a stressful situation and a lot of thought should be put into it. There is a great deal of responsibility involved with becoming a home owner and many people may not be ready for the challenge.

However, there are many benefits to owning your own home. It is a good idea to create a pros and cons list for yourself when you are considering purchasing a new home. This may help you to see exactly what your benefits are and if making the purchase is the best decision that you can make.

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