Renting vs. Buying a Home in Chicago

Housing - April 18, 2019

As in every aspect of life, there are pros and cons for some things. What you can always do is to have a pen and paper and start writing what are the pros and cons of certain things. In this way, you may find yourself an answer. Renting vs. buying a home in Chicago is something that you should weigh. What is better for you?

Of course, it all depends on your current status. Your budget, are you single or you have a big family maybe. These are all the things that you should bear in mind when thinking about buying as opposed to renting a home in Chicago. Here, we will try and recommend you some good moving companies such as  Oak Park movers and we will try to weigh in for you pros and cons for this situation, by trying to go through any life status you are currently in.

Renting vs. Buying a Home in Chicago is a big question to ask yourself when moving to this city
Chicago is a great city to live in whether you rent or buy

Renting vs. buying a home in Chicago – what is better for you?

As we mentioned already when you decide whether to rent or buy you need to have your story straight. What do you need exactly, how big of an investment would be buying a home is for you? Let’s state the obvious for starters. Buying an apartment or a house is a huge investment. What you need to know is that not only do you need money to buy a home but there are other, hidden expenses. Any house or an apartment that you buy will need some touch-up. That is why you should choose carefully and give yourself enough time. This is not shoe shopping, and you cannot let yourself be impulsive. This decision whether to buy or rent needs to be very well informed in case you are not from Chicago.

Pros for buying a home vs. renting in Chicago

Of course, there are a lot of pro reasons for purchasing a home. If you have enough money for this endeavor why would you rent? Buying a home means that you are stable financially or that your credit score is really good. So, check your bank account and options for buying a home and see how you are standing. What is very important when you are buying a property, real estate, apartment, house, call it whatever you want, is that you must be sure that you won’t be moving any time soon.

You can never know how the process of real estate will go in that particular neighborhood where you made the purchase. It can go for the best of course, but you also have to think that it can go to the worst and that when, and if you decide to sell, you will lose money. However, since we are talking about the pros of buying a home, just think about not having to worry about the rent every single month.

Cons for buying a home

When we are talking about renting vs. buying a home in Chicago then you have to have a lot of things clear. Buying a home is not something that you can do impulsively. When you buy a home, you cannot easily move anymore. You are pretty much tied to a place, which is not necessarily bad.  However, this is a huge responsibility, and if something breaks there is no landlord to help you. It is all up to you to fix what is broken. Or to call a handyman who will charge you well for his services.

Renting vs. buying a home in Chicago
It is extremely important to weigh the pros and cons of buying and renting

Owning a house means that investments never stop. There is always something to do, something to buy for your home. Especially if you buy a house instead of an apartment. When moving to Chicago, the situation is pretty much the same as in any other bigger city. There are good neighborhoods and then there are bad neighborhoods. By choosing the right one, you will save money from the start. However, choosing the wrong neighborhood can cost you if you try to sell.

Why is it good to rent and not buy a home in Chicago?

There are a lot of good reasons why it is better to rent in Chicago than buy a home. One of those reasons is that you don’t need the money for down payment. This may cost you a lot, down payment usually goes up to twenty, thirty percent of the price. Another great reason to rent instead of buying is that you cannot lose money if the price of your current home goes down. Your landlord may be worried about that, but not you. If you want to move, all you need to do is tell the owner that in the next month you will be gone from the apartment.

  • No down payment
  • You cannot lose money
  • Easy to move
  • When something breaks you can call the landlord
  • No extra expenses
  • No bank visits every couple of days or months

We can count a lot more than this, but at the end of the day, the decision is up to you and no one else. Renting vs. buying a home in Chicago is a question that many people ask, but after reading the pros and cons for both cases, you are the one who should make an informed decision.

Buildings and streets in Chicago
Will you be staying here for a while? Think about that when you decide to buy a property

Renting vs. buying has always been on the mind of a lot of people. You get scared that you will make a huge mistake, because if you buy, it may cost you a lot, and if you rent you are paying for something that will never be yours. So, what to do? What is the answer? At the end of the day that is something completely up to you, and your situation. What makes this decision somewhat easier is a good moving company, such as Lakeview movers, so from that side, at least, you know what to choose. Good luck with renting or buying and believe that whatever choice you make at this point is the right one, nobody can see what the future holds.

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