To return to the forum homepage, please click the banner at the top of your browser.
Started by money2012, November 01, 2019, 10:24:22 AM
Quote from: money2012 on November 01, 2019, 10:24:22 AMDo you think now is a good time to buy in the Chicago market over renting?On a monthly basis renting is more expensive than the all-in housing costs putting 20% down on a purchase. Thinking I will live in the property for 3-5 years and either sell or rent out afterward. Interested in everyone's thoughts or any specific suggestions.
Quote from: Behemoth on November 20, 2019, 05:51:54 AMI am currently renting a 3BR condo in Old Town for $3,600/month. The owner just approached me and asked if I would be interested in buying it. Obviously this piqued my interested since we could avoid any realtor fees. We would plan on staying here for at least 2 more years before looking to move. Rough math shows that once you include HOA and taxes, I am paying roughly the same per month. Our condo is in a great location (off of Eugenie) and the area is only getting better. Do you think this is worth exploring or should I just eat the $86k I will be paying in rent for the next two years? I am terrified of the state's financial situation but maybe I am overestimating it. Thoughts?****
QuoteI am impressed that you are willing to rent their long-term and have already calculated how much you will spend. Do you learn to live in Chicago? Is your job stable? I'm personally getting bullish on buying physical property again.
Quote from: money2012 on November 25, 2019, 03:43:44 AM- Rent for a similar place would be roughly $2,750 per month which provides savings of ~$185 per month - Assumes 5-Year Hold, 0% Appreciation, $450 HOA fee, 1.5% annually for Insurance and Repairs, 2.32% Property Tax, 3% Closing Costs on the Buy - Also included 6% Closing Costs on Sale despite planning to hold this property much longer than 5-Years as will use as a rental once I am ready to move