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Turnip price is 515!
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Eta on when bars will be fully open? 🧐
Rising Star
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wish i had friends 😭
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That’s tough to answer IMO.
I personally would not have bought a place here if I didn’t plan on living here for the foreseeable future (aka forever). The taxes are high and it’s one of those things that typically takes more than just 2 years to recoup your investment once you consider closing costs, renovations, etc.
And on the point of renting out once you leave...becoming a landlord can be a headache. Especially if your spot is in LP or Lakeview because that’s where most transients tend to land. Could potentially have to deal with a revolving door of young 20 somethings that would tear the place up because it’s not theirs so they don’t care.
If you aren’t planning on being in the city, there is nothing to indicate that a price spike on real estate is forthcoming (if anything a slight decline may continue as taxes continue to rise due to the pension issue), so I would suggest just keeping your money in the market instead of parking it in real estate
Probably not in this environment and in that short of time. Typically 5 years planned stay is the window where it makes sense to buy.
Rising Star
Because of interest, hoa/assessments, insurance. It's rare for buying to make sense in Chicago earlier than a 10 year time frame purely on the financials (there are plenty of buy vs rent calculators out there, just make sure you have realistic hoa and property tax assumptions baked in). But that's purely on financials, there are other reasons you may want to buy instead of rent.
Thanks for the feedback, I guess one thing I forgot to add is I’d probably rent out the spare bedroom while i was still living in it. It wouldn’t cover the entire mortgage but my share of the payment would be much lower than what I would pay for rent the next two years.
That’s a much better approach. Make sure your hoa bylaws allows the rental part. Some of them puts in a limit for rentals.
Given your time horizon, continue to rent. You’ll need a 6% appreciation to break even. Supply and demand dynamics are too uncertain.
Don’t forget about all the lawyer fees and additional fees that come into play. In order to make a profit you would probably need to make an update to the property. These items wouldn’t be worth it in a 2 year time frame.
I bought in LP last year and regret it. Love the area and got in affordably, but units in the building have been sitting on the market only to sell for 20-40k less than what we paid. We also want to leave in 1-2 years and now it’s looking like we will take a hit on our condo or have to rent it which i don’t have the appetite for. It’s more of a bummer because we rented for a year on Lake Shore in Boystown for $1600/m and our mortgage is about double. It’s basically less of an investment than I thought it would be