8 Reasons Why You Should Take Advantage of Chicago's New Real Estate Developments
Chicago is bursting with fresh housing opportunities. If you've ever thought about purchasing property in the windy city, this is the time to do it. You can have a beautiful, brand new home without sacrificing the allure of living in a historic neighborhood.
Many people consider Chicago to be one of the best places to live in the world. It's easy to see why. The city's thriving culture attracts people from across the globe.
The world's interest in Chicago is why it's a great place to buy a home. If you want to live on your property yourself, you'll likely love being in Chicago. If you plan to use the home as a rental property, you can easily find tenants willing to pay a high price.
Here's why investing in the new developments popping up in Chicago is a good idea.
- Options, Options, Options
Pick your neighborhood and there's a good chance that you'll find a ton of homes on the market. It's a lot easier to find a home that you're in love with if you're not competing against a horde of interested buyers. The Chicago market is getting richer rather than drying up.
You're not limited to a certain area. The South Loop, LakeView, Lincoln Park, there are a huge number of great Chicago neighborhoods where you can find new housing.
- Transportation is no Issue
Most American cities are ruled by cars. Moving to the suburbs often means committing to a long, stressful commute battling traffic. Where you live is often dictated by where you work.
This isn't a problem for Chicagoans. The city has a GREAT public transportation system. The buses and the subway are reliable and stretch across the entire community. If you prefer driving yourself, you don't have to worry about dealing with cramped streets or impossible to find parking. The layout is much easier to navigate than New York City.
- Protect Yourself Against Inflation
As the economy recovers, rent prices are soaring. If you're a renter, your finances are subject to being buffeted by the volubility. A nice benefit of becoming a homeowner instead is that you can lock in a decent mortgage rate and not have to worry about it ballooning.
If the property is an investment, the rising cost of rent will benefit you even more.
- Feel Safe in Your Home
Every major city has a fair amount of crime. Gather millions of people in one area and some of them are sure to do something horrific. However, the crime rate in most Chicago neighborhoods is shrinking.
Certain areas are still trouble spots but you can easily avoid them if you wish. Being comfortable in your own home is incredibly important. There are areas in the city that you can move to where violent crime is almost non-existent.
- Get Used to Green
Chicago city officials have made a concentrated effort to promote parks and outdoor areas. Community gardens are common. A lot of people feel stifled in big cities because they feel like they're trapped in a maze of brick.
Living in Chicago isn't exactly like being out in the country, but you don't have to pine for the sight of real trees or a growing field.
- Save Your Money
Everyone wants to live in a vibrant city but many balk at the sky-high prices. The coastal behemoths have become so pricey that most people can't afford to buy a home or rent. The cost of living in Chicago is far more reasonable.
You need to be flush with cash to buy a decent property in New York City. Finding a decent spot for less than $300,000 is a pipe dream. In Chicago, however, there are plenty of great homes in the $200,000 range.
- Break Free From the City Income Tax
Unlike New Yorkers, Chicagoans don't have to a pay a city income tax. It might seem minor but the savings will eventually add up. It'll help offset the somewhat hefty property taxes.
- Enjoy the Culture
You can't put a price tag on this. Hands down one of the greatest things about being in Chicago is the wealth of possible experiences. You can enjoy a free concert in Millennium Park or catch a ball game at Wrigley Field. Foodies will enjoy the endless cuisine options.
Living in Chicago isn't like being anywhere else. It has everything that you would expect from a big metropolitan area but it's infused with Midwestern charm. Buying property in the bustling city is a perfect idea for families, singles, young people, etc.
You don't have to start scouring available listings on your own. Choose a trusted real estate agent and the process will be a lot easier. If you're searching for a high-end property, Terri McAuley has consistently ranked as one of the top producing agents in the area for the past 13 years.