Is Buying a Chicago Condo is Better than Renting an Apartment

Are you planning on moving to the Chicago area? If you are, have you decided where you would like to live yet? When it comes to living in Chicago, there are a large number of individuals who decide to rent an apartment. While renting an apartment is more than possible, did you also know that you have another option? That option involves buying a Chicago condo.

When deciding where to live in Chicago, there a large number of individuals who are overwhelmed with some of the decisions that they must make. If you are feeling the same way, do not worry. It is completely normal to be concerned with where you will live, especially if you are relocating with your family. Although deciding whether to rent a Chicago apartment or buy a Chicago condo seems like it could be a long, complicated, and overwhelming task, it doesn’t necessarily have to be. What you are advised to do is sit down and examine all of your options, as well as the pros and cons of each.

When it comes to renting a Chicago apartment, there are many individuals who wish to do so because of the lack of responsibility. Yes, if you rent an apartment it will be your job to keep your apartment clean and in good condition, but that is where your responsibility tends to end. For example, if you are experiencing a plumbing issue, it is your landlord’s responsibly to fix and pay for any pluming repairs. As a renter, you are not the owner of the apartment or even the building complex; therefore, your responsibilities are limited, particularly when it comes to apartment repairs.

Another benefit of renting a Chicago apartment or a Chicago Condo is the commitment. Although you will likely to be required to sign a lease, typically a one year lease, it is easier to move, if you wish to do so. As a renter, you will have to pay your rent, month to month. At the end of your lease, you should have the ability to renew your lease or even not renew it, if you wish to do. When renting a Chicago apartment, it is easier to pick up and move. In fact, if you are lucky to get an understanding landlord, you may even be able to terminate your lease early, if you provide enough notice.

Although there are a number of benefits to renting an apartment in the Chicago area, there are also a number of benefits to owning a Chicago condo. One of those benefits is that you are actually considered a property owner. Condo complexes are designed to house multiple property units or building units. Each of these units, which are referred to as condos, is like a combination of homes and apartments. Many condos come with bathrooms, kitchens, dining rooms, offices, family rooms, and multiple bedrooms. Although you do not actually own the condo complex, you own your living space and you are joint owners, with the other condo owners, of all community property.

Another benefit to owning a Chicago condo is popularity. In the Chicago area, condos are highly sought after. Should you later decide, after buying a Chicago condo that you do not like the condo that you bought or if life isn’t just for you, you should easily be able to move. Yes, it will be a little bit hard to leave than if you just rented an apartment, but it is possible to do. Should you decide to sell your condo property, all you will have to do is place it available for sale. You may even want to work with the condo complex owner or association to get the ball moving quicker. However, as it was previously mentioned, condos for sale in Chicago are highly sought after; therefore, you shouldn’t have a difficult time finding a buyer.

As you can see, there are a number of advantages to buying a Chicago condo, as well as renting an apartment. It is also important to note that each has their own disadvantages. In all honesty, you need to examine your wants and your needs. Would you like to own your own place? Would you like to have as little responsibility as possible? These important questions may make determining your Chicago living arrangements a relatively easy decision.

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