Owning or Renting in Chicago

Owning or Renting in Chicago from North Carolina Lifestyle Blogger Adventures of Frugal Mom

There’s a lot of talk about the East Coast versus the West Coast. The West Coast is seen as more laid-back; the East Coast is seen as more ambitious and intense. The West Coast has Hollywood; the East Coast has Broadway. That rivalry isn’t going away anytime soon, but it ignores the fact that there’s way more to the middle of the country than “flyover country.” One of the biggest, best cities in the country isn’t located by the Pacific Ocean or the Atlantic Ocean; instead, it’s located on the shores of Lake Michigan. Chicago is the third-biggest city in the country, and people who move there often find that they never want to leave.

Where to live in Chicago

So if you’re going to move to the Windy City, where should you live? Edgewater, Avondale, and West Loop are some of the popular neighborhoods in the city, along with trendier neighborhoods like Logan Square. If you’ve got a lot of money to spare, then Lincoln Park is the place where the richest residents go. If you love jogging and taking your dog on walks, head to Lakeview. There’s truly no shortage of options in a city like Chicago. Most people prefer to rent initially, at least until they’re absolutely sure they’ll be sticking around town a while. There are advantages to that, but the advantages dwindle significantly the longer you’re in town. At a certain point, you’ll probably want to buy a house or a condo. A house is nice, but something about condo just feels more urbane and sophisticated. Buying a condo means you don’t get a yard, but it also means you don’t have to deal with yard maintenance. Chicago gets a lot of snow, and if you own a house, that’s going to be all on you to shovel. But if you own a condo, there’s a chance the condo association may just hire someone to shovel all the snow in the common areas.

The Best Value

If you do decide to start searching for Chicago condos for sale, then look for neighborhoods where the prices are going up rather than vice versa. That shouldn’t be too hard to find in Chicago, but it’s something to be aware of all the same. Renting works great for some people, but an owned condo that appreciates in value is obviously more valuable than a rented apartment that does the same.

The decision to buy a condo isn’t one that should be made lightly. If you’re still wavering, it can’t hurt to hire a financial advisor like the ones you’ll find at Calder Investment Advisors. Buying real estate is usually seen as a sound financial decision, but so much of that perceived soundness depends on what and where you’re buying. There’s certainly nothing wrong with wanting to get as much information as possible before you sign on the dotted line. You should also work with a real estate agent who cares about what you’re looking for, not just what will earn him or her the biggest paycheck. Chicago is a great city; you want to make sure you have an equally great place to call home.

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