How do we decide if we are ready or prepared to buy?
That’s a question here at Chicago Lofts we get often. There are several areas to consider when looking at the home buying process versus the rental process. We’d like to cover some of the pros and cons that come with buying a home vs. renting an apartment.
Pros to owning a home, townhome or condo (even a LOFT) often deal with finances. A huge perk to owning vs. renting is your ability to build equity… No more putting money in your landlord’s pocket. Another perk is the tax breaks you are able to take advantage of as a homeowner, there is no doubt that putting less money in Uncle Sam’s pocket can be rejuvenating. Don’t get me wrong there are some cons that come with owning but nothing that you can’t handle. With homeownership, you will have to deal with homeowner’s insurance and your homes maintenance. We have learned through our years of helping buyers that the home inspection will help you become more informed on what items will require maintenance in the years to come. Now let’s explore what people are saying about their favorite parts of renting.
We always hear people talking about what causes them to think renting is right for them. Often people list the pros they see in renting but forget about the financial burden it may be taking on their goals for saving for the future. Having a maintenance staff, ability to move after every lease, access to amenities (fitness center, pools, dry cleaners… some of these amenities are
available in condos throughout metropolitan areas) As much as it seems like it is the easy way out, we see it take a toll on your pocket book and savings.
So what should you do and how do you prepare to take the leap from renter to owner?
The first step is to start saving. The hardest part of the buying process for many is coming up with your down payment, once you have achieved this the rest will come easy and you will notice
that you could be saving monthly all while building equity and having a place to call yours. We promise you can survive and will thrive in your adventure of homeownership.