Investing in Chicago condos can add your investment portfolio the needed diversification. But, real estate is a unique investment, thus, you do not apply the same investing rules as you do to bonds or stocks. To be successful in your condo investing, here are some helpful tips.
Set a budget
There are some mobile applications that can help you sort out your expenses and determine the amount of money you can spend on rent and other bills that you will pick up. After creating a budget, ensure you stick to it. Checking on condos that are even a few hundred bucks more than what your pocket can afford can give you a risky illusion of luxury.
Chicago is composed of distinct neighborhoods that have their own personality. This can help you narrow down your condominium search. Try to limit your options in a couple of ways. First, look for 2 or 3 neighborhoods that would suit you best. Do you want a more hipster are or a college zone. Then add your set budget into the equation.
Wait for Winter
No one wishes to move during Chicago winters since the weather may include subzero temperatures and snow. That is why you would want to think about an offseason move. Searching for your condo in Chicago is expected to be less competitive during the winter.
You would want to prioritize security in this big city. While searching for a condo, ensure you take into account the building and the neighborhood. When you know the building is not secure to meet your needs or the neighborhood is risky, then move on.
Inquire about Cooling and Heating
Although Chicago has months of temperature and nice weather, it can get extremely hot in the summer and cold in the winter, so ensure your condo is adequately ready for temperature swings. A lot of condos in Chicago are equipped with heating costs in the rent that can make it a little easier to stay within your budget.
Be Ready to Apply
The Chicago condo rental market is very competitive. If you decide to begin finding a condo, be ready to apply right away or risk losing the space. Be sure you have prepared the following.
- Enough money-A lot of places require application or processing fees when you apply. Also, it is typical for condo builders to ask for the rent of the first month when you are approved.
- Pay stubs- The majority of landlords will ask you to see proof of income so try to bring at least three recent pay stubs.
- Identification- In order to conduct background and credit checks, you may have to bring at least one form of identification.
- References- Ensure you have the names and contact information for your past and current employers and landlords. Condo operators will need your rental history and employment information.
Jeff Romero is a rental experience expert. He helps tips to people searching for Chicago condos and those wish to relocate.