Is It A Wise Idea To Invest In Property?

Looking for real estate in Chicago? There are very great reasons to do so. Let's begin with the diversity that this city offers. Chicago has a very rich level of racial and cultural diversity for people who enjoy big city life where you're surrounded by people of all walks of life. Neighborhoods abound where residents from all around the world reside. This creates a blend of cultures and illustrates this is truly a small world humans inhabit.

Also, the economic down-turn has produced buy opportunities of multifamily dwellings for very attractive prices. Along the south side of Chicago, 3-4 unit multifamily buildings can be purchased at under $20,000. Now, these units won't be immediately inhabitable however they can be refurbished. Chicago abounds with local renovators and if an individual does their homework, through word of mouth, a reputable renovator can be hired to get rid of any molding or decay in the dry wall, add new fixtures, re-carpet, re-work the electrical wiring, and have the unit all set for rent. Presuming the individual making the purchase finds a 3-unit home for $15,000; renovation can be completed for another $15,000.

The three units could be rented out for $900/month and within 1 1/2 - 2 years the investment can be recouped and a profit turned. Now, it's understood that purchase opportunities exist in many other cities across this country but what makes Chicago attractive is that the local economy is turning around.

Recently, major companies have moved into the city providing new jobs with them. Among them are: United Airlines, Walgreen’s, Motorola Solutions, GE Capital, and Allscripts. A burgeoning economy portends to a stabilized real estate market and maybe even an increase in property values. Those investing in leasing units now will also benefit from increasing property values as the local economy continues to increase.

Concerned about inner city schools? It's a dreaded word in many cities where inner city schools are affected with poor test scores. However, Chicago also offers alternatives to traditional public schools with charter schools. These schools can be very affordable and are also college preparatory. It may perhaps be possible to find a suitable charter school with a quality education within a short distance of your home. This is true of residents on the pricier north side of the city and those on the south side. In Chicago, you get the best of a big city with real estate you can afford.