• Home
  • About Us
    • Testimonials
  • Tools
    • Mortgage Calculator
    • Find Your Home’s Value
  • Neighborhoods
    • First Column
      • Albany Park
      • Bridgeport
      • Bronzeville
      • Bucktown
      • East Village
      • Gold Coast
    • Second Column
      • Hyde Park
      • Lakeview
      • Lincoln Park
      • Logan Square
      • The Loop
      • Old Town
    • Third Column
      • Pilsen
      • River North
      • River West
      • Roscoe Village
      • South Loop
      • Streeterville
    • Fourth Column
      • Ukrainian Village
      • West Loop
      • Wicker Park
  • News
    • Recent Closings
  • Contact

Call us: 773-572-7000

[email protected]
Dwell One RealtyDwell One Realty
  • Home
  • About Us
    • Testimonials
  • Tools
    • Mortgage Calculator
    • Find Your Home’s Value
  • Neighborhoods
    • First Column
      • Albany Park
      • Bridgeport
      • Bronzeville
      • Bucktown
      • East Village
      • Gold Coast
    • Second Column
      • Hyde Park
      • Lakeview
      • Lincoln Park
      • Logan Square
      • The Loop
      • Old Town
    • Third Column
      • Pilsen
      • River North
      • River West
      • Roscoe Village
      • South Loop
      • Streeterville
    • Fourth Column
      • Ukrainian Village
      • West Loop
      • Wicker Park
  • News
    • Recent Closings
  • Contact

A Few Chicago Real Estate Tips

Home NewsA Few Chicago Real Estate Tips

A Few Chicago Real Estate Tips

September 15, 2010

What is a Mortgage?

Simply put- A mortgage is loan made to a purchaser that is secured by real estate. In other words, in exchange for providing the necessary funds to procure real estate, the lender enters into a contract with the buyer stipulating the conditions for pay-back of the principal with interest.  In the event of non-payment of the amounts as agreed upon, the lender is empowered to take possession of the property. Typically the repayment occurs through a process of monthly payments over a predefined period of time.

Why Buy Instead of Rent?

Buying a home is largely considered to be a sensible investment as opposed to renting, as the value of a home historically appreciates over a period of time. As the years go by, the owner can build a significant amount in ownership interest, otherwise known as home owner’s equity in the property.  The Chicago real estate market has proven to be a valuable asset for most investment portfolios. In contrast to renters, the home owner receives significant benefits relative to tax savings.  Interest paid on mortgage is eligible as tax deductions. A professional tax consultant would be able to offer ideas regarding the tax benefits guided to fit your home investment.  Most of all; a home provides you with “pride of ownership” giving you the satisfaction of knowing this special place is yours to show off to your family and friends.

Owning Can Cost Less than Renting

Renting a home has its own benefits for people who are prone to moving on a regular basis and those who have financial constraints.  However, it is would be wrong to assume that renting is cheaper than owning a home.  Monthly interest on mortgage is often lower than the rent payable for a much smaller property.  Moreover, owning a home is much like owning a savings account. The monthly interest paid on mortgage actually adds up to the home equity making the home an invaluable asset in your investment portfolio.  Monthly rent can evaporate from your pocket and simply adds to the bottom line of the land owner. Therefore, as a renter you would lose out on the reliable returns that home owner enjoys.  When you consider the federal tax deductions towards mortgage interests and real estate taxes, home ownership becomes an even more lucrative prospect.

0

You also might be interested in

Coming Soon: Top Ten Lists on Chicago!

Oct 27, 2009

Hello All! The Dwell One Realty Team wants to announce[...]

4537 South Indiana Avenue Chicago

4537 South Indiana Avenue Chicago

Apr 20, 2015

Simply Beautiful!! Features Contemporary Designs, New Oak Floors, 42″ Cabinets,[...]

4541 S Indiana Ave

4541 S Indiana Ave

Jul 6, 2015

Number of units: 6 Bedrooms per unit: 3 Bathrooms per[...]

Latest News

4537 South Indiana Avenue Chicago

4537 South Indiana Avenue Chicago

April 20, 2015

Features Contemporary Designs, New Oak Floors, 42″...

Bamboo Flooring – Great Eco-Friendly Alternative

March 22, 2011

A great eco-friendly alternative to hardwood flooring is...

A Few Chicago Real Estate Tips

September 15, 2010

What is a Mortgage? Simply put- A mortgage is loan made to a...

Find us on

Contact Info

  • Dwell One Realty
  • 1036 N Wolcott Avenue #1, Chicago, IL 60622
  • 773-572-7000
  • TimStassi@DwellOneRealty.com

Latest News

  • 1036 N Wolcott Avenue #2
  • 125 E 13th Street #1202
  • 4617 N Beacon Street #3

Featured Properties

Equal Housing Opportunity

© 2021 · Dwell One Realty, LLC Developed & Powered by Stellar Grafx

  • Home
  • About Us
  • Tools
  • Neighborhoods
  • News
  • Contact
Prev Next