For Sale versus For Rent
Written by Jeriah E. Tolbert
I know I know I know there’s always so much clash between renting versus buying. Nevertheless, this article is specifically just a point out the difference and allow you to make a knowledgeable decision. Let’s take this property for example, is located in Chicago Illinois and it’s available for sale or the option to rent as you can see the price for selling monthly is significantly different than the price for renting the home. I will get to that breakdown shortly and answer your questions as to, why is that?
There are many reasons why people decide to keep renting. One could be convenience, not having to deal with maintenance. Or they haven’t established ground roots in the location and are currently unsure if this will be a long time today. The other reason why people like to rent is because they think that the buying process is just extremely complicated.
How many of times you’ve heard this repeatedly? Let’s use this property for example. This property is in Chicago Illinois Roseland neighborhood. The property holds five bedrooms and one bath with a full basement, and it sits on an oversize Chicago lot. It has a brand-new privacy fence and landscaping to attract curb appeal. It’s offered at a sale price of $179,000. The area has lower taxes so that benefits the homeowner tremendously. However, in the same area a home of the size rent for $1850-$2100 a month. Buying this home with a mortgage inclusive of the insurance and taxes with an FHA loan which is 3.5% down what get you a monthly payment with current interest rates at approximately $1372 monthly. Remind you, I said with CURRENT interest rates as we know the interest rates are dropping so that payment could be even lower!
Don’t believe me, there’s a link below for you to tour the property yourself.
Again, the decision to buy versus rent is a personal one and based on your current situation. Neither is wrong yet, I just wanted to always provide a true picture of what it means when people say buying versus renting.
As always for all your real estate, needs! Feel free to reach out to me using the contacts below!
Jeriah Tolbert “Equity Concierge”
Licensed IL, Real Estate Broker
Phone 312.966.6449
Website: www.equityconcierge.net
Email: jeriah.tolbert@cbrealty.com
Coldwell Banker Realty
1314 E. 47th Street
Chicago IL, 60653