Of course buying a home is one of the biggest financial commitments you'll ever have to make, and deciding which home or condo in downtown Chicago is right for you is no small decision. As seasoned home buyers already know, there's much more to home ownership than just the mortgage payment, so paying close attention to additional expenses, often called "sleeper costs," is a vital detail in what's sometimes a very complex home buying process, especially if you're a first time home buyer.
Over the past 12-18 months, downtown Chicago's rental market has been red hot, but if you're considering trading in that chic downtown apartment for a brand new home or condo of your very own, it's important to prepare yourself now for those pesky little expenditures like property taxes, additional utilities, and of course homeowner association dues if you're seeking out a townhome or condo in the city. Furthermore, unlike when you're renting, homeowners are also responsible for maintenance and general upkeep of the property, not to mention any potential increases in property taxes - which in Chicago you can almost count on.
So before making any final decisions on home in downtown Chicago that might seem like a good fit, always consider what additional costs you may be responsible for prior to making an offer in order to reduce the risk of losing the home shortly after you move in.
Home Buying Secret #1: Tighten Up Your Spending 3-6 Months Prior to Buying a Home
Home Buying Secret #2: Know the Difference Between Pre-Qualified & Pre-Approved
Home Buying Secret #3: Don't Try to Time the Market
Home Buying Secret #4: Bigger Isn't Always Better