The Benefits of Buying (vs. Renting) a Home in Chicago

Why You Should Buy a Home in Chicago

If you’re looking to buy a home, there are many great reasons to select Chicago as your new city. With over 2.7 million residents, the Chicago metropolitan area is the third-largest metropolitan area in the US. It is also the central hub of the Midwest, making it a great place to get involved in Midwest culture and business.

Below are a few reasons you should consider investing in Chicago’s real estate market by purchasing a home, townhome, condo, or loft.

1. You Can Save Money on the Long Term. The most obvious reason to buy rather than rent is that you can save money in the long run. If you select a home based on your needs rather than what you can afford per month, you can control your monthly costs and reduce your housing expenses. Most importantly, you can take advantage of tax laws to get a tax deduction for mortgage interest. This can save you thousands of dollars over the years and is why many people choose to buy a home in Chicago. Make sure you’re getting the right tax deduction for your home payment.
2. You Can Customize Your Home to Fit Your Needs. When you buy a home, you can add your personal touch and design it to fit your lifestyle. Maybe you’re looking for a sprawling, four-bedroom home with room to host gatherings and large holidays. Perhaps you’d prefer a condo in the city center with a small balcony and plenty of room to entertain. With homeownership, your preferences and needs are more important than anything else.
3. You Can Have Higher Returns on Investment. When you buy a home, you’re not just purchasing a place to live. You’re also investing money and buying a future retirement plan. You can use your residence to grow your wealth over time and turn your investment into a profitable venture. For example, if your home value increases by five percent per year, you can accumulate equity that you can use to pay off your mortgage or sell your home for a profit down the road. The housing market in Chicago is already growing. If you purchase a home now, you could turn your investment into a large sum of money in a few years.
4. You Can Earn Equity. When you rent, you’re paying your rent money to the landlord. When you own and live in a home, you’re building equity. You will be able to build equity when you sell your home, but you can also use your home equity to pay off your mortgage and any other debt you might have. There are a few ways to maximize the return on your home equity, including the down payment, the interest rate, and your monthly mortgage payments. If you purchase a home with a low-interest rate, put down a large down payment, and make your monthly payments on time, you’ll build equity faster.

Final Thoughts

Chicago is a great place to live and invest. If you’re considering buying a home in the Windy City, you can use the checklist above to ensure you’re buying a place you’ll love for a long time.

Contact MidAmerica Bancorp Today!

MidAmerica Bancorp, Inc. offers a range of mortgages for first-time and returning homebuyers with low down payment options, including FHA, VA, conventional, and jumbo mortgages. If you are looking to buy a home in the Chicago area, you are going to be shopping not only for a home, but for a home loan as well. MidAmerica Bancorp, Inc. can help you open the door to homeownership by connecting you with a home loan in Chicago that rightly fits your needs. Contact us today at (708) 237-4050 to start the loan application process.