At the current juncture in the real estate market, it might seem like a smart idea to stay put in your rented apartment until things get better. The prospect of purchasing a Chicago condo in which to live indefinitely might appear all too unnerving right now. But anyone holing up in their rented space, awaiting the dawn of something better should know this: right now, we are in a buyer’s market.
Interest rates have reached historic lows—which means condos are more affordable now than they have been in quite a long time. Purchasing a Chicago condo in the current market, far from being a blind risk, is actually something of a smart and savvy business venture. In addition to this, there are numerous reasons why owning a condo is exceedingly advantageous. Here are just a few:
1. While it may seem trivial, the feeling of ownership that one is endowed with upon purchasing their very own condo is a perk that should not be underestimated. Owning your own Chicago condo means no more putting up with your landlord’s questionable design taste—you have the prerogative to shape the look and feel of your space as you so choose. You can renovate, redesign, repaint and landscape to your heart’s content, until the space you live in has become your ideal home.
2. As was previously stated, now is a better time to buy a condo than ever before, considering the great deals that abound in the current market. If you have a reliable job with a steady income and sufficient cash for a down payment and closing costs, now is an excellent time to invest in a Chicago condo.
3. As long as you have a fixed-rate term on the mortgage for your condo, you can bask in the comfortable predictability of the costs associated with paying for your Chicago condo. With a fixed-rate loan, you can rely on having to pay the same percentage rate the entire length of the mortgage (unless you refinance). This allows you to pre-calculate ahead of time how much money it will cost you to own your condo on a monthly, yearly or full mortgage term basis. Regular maintenance and general upkeep costs can also be tallied beforehand, as they can be as routine and predictable as mortgage payments.
4. When you live in a rental apartment, every month you send your rent money away to your landlord, never to be seen again. When you own a condo, however, some of the money you spend on the sale gets theoretically paid-back as the condo builds up equity. Historically speaking, the longer you live in your condo—putting money and effort into it—the more equity it accrues.
5. Living in a neighborhood where people own their condos provides a sense of community and pride that is less common in rental apartments. For one, condo owners are more likely to stay put longer, thus allowing you to build stronger inter-personal relationships. Condo buildings also have their own associations and many even host annual parties or regular activities to foster member interaction and community involvement. What’s more, property owners often assume more of an obligation to maintain their homes, as well as go the extra mile to make their condo something to be proud of.