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Buying vs. Renting in Chicago

Published on July 20th, 2020

With the effects of COVID-19 still upon us, many Chicagoans are determining their next move. Whether or not to stay in their current apartment or opt for something new is a decision that many people must make, especially during the summer which is a popular moving season. At a certain point, you may feel fed up with renting and want to invest in a place of your own. Before you bite the bullet and hire our cheap movers in Chicago, it’s important to consider the pros and cons of both renting and buying before making a decision. After all, it’s one of the biggest, if not the biggest purchases you will make in your life. 

Pros of Renting

There’s nothing wrong with utilizing a traditional pro/con list to help you determine whether or not you should rent or buy. First, let’s break down some of the pros of renting:

  • It’s less money up front. If you don’t have the time or patience to save up for a down payment on a house or a condo, simply renting for another year or two can help you save the funds that you need.
  • It allows for more flexibility in your life. If you are still trying to find what area you like to live in, you shouldn’t rush into purchasing. Renting allows you to explore different neighborhoods and find out what you live. 
  • Your landlord is responsible for taking care of maintenance, fixes, etc. which can help you save money in the long run. 
  • You can easily find roommates to help lessen monthly costs. 

Cons of Renting

On the flip side, there are cons of renting that you should consider. 

  • There is a chance that your rent will continue to go up after your lease to reflect the needs of the market.
  • There is less security with apartment buildings as owners can change, buildings can sell, etc.
  • You may become frustrated with the idea of paying for something monthly without having anything to show for it. 

Pros of Buying

If you’re considering buying, there are many pros to doing so:

  • Your home will become an asset that grows in strength over time. When you begin to pay off your mortgage, you’ll feel a sense of relief and pride. 
  • You have more flexibility to rent out your space in the future if you choose to do so.
  • You can customize the space to be exactly how you want. No worrying about paint colors, demolition, or other personal touches that you want to add. 

Cons of Buying

Finally, consider the cons of buying before making a decision:

  • You’ll need to have a significant chunk of money saved up for the down payment, so make sure to factor that into the costs. 
  • The closing costs in Chicago and in the state of Illinois are very high. Do your research to ensure you know exactly how much money you’ll bring to closing. 
  • You’re going to be stuck in one place unless you want to deal with the process of selling and moving, so if you’re hesitant, it’s best to wait. 

Hire Us for Moving Help

Once you’ve taken the time to decide what your next move is, you’ll want to find cheap movers in Chicago who still care for your items. This is where our skilled, dedicated team at Aaron Bros Moving System, Inc. comes into play. We provide free, no-obligation estimates and can help take the stress out of the moving process regardless of if your end destination is your forever home or another apartment. Please contact us today to learn more about how we can help.

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