The match between renting versus buying. Some say buying is better. Some say renting is the better option. What to do? Is it a personal decision one makes to feel comfortable? Is it a place to just seek shelter? There is no magic answer, but statistically creating credit, equity, a write-off for one's portfolio is in the best interest of long term profit.
Commonly, from clients I hear, "Well, with Chicago taxes going up and the uncertainty I do not want to commit to owning. Plus, I may be transferred for my job."
These are most likely things that will occur, but until that happens (and even if that does happen), purchasing instead of renting will allow you to build equity in that time period. Not only that, but the place you own will also be less expensive and a most likely a nicer unit than if you rented for the same price of a mortgage with taxes and home owner costs.
The price of rentals from 2012 to 2017 has increased much faster than the Chicago tax rate and interest rates are still close to an all-time low, but are ticking up.
So, if someone has enough money to afford a 20% down payment, then buying makes much more financial sense. And since the rental market is so high, even if one has to relocate the option to rent and cover the mortgage and then some is there.
Rentals are still a great option for those not yet able to buy or looking to save or seeking out the area of Chicago they would like to buy in, but other than that, buying real estate would be the winner in this match.
Contact Chicago Real Estate Mall today and we can run a comparison to help determine what is right for your needs.