Rent-to-own Becoming a Popular Option

Renters Buy Time to Purchase Home

Chicago is seeing more and more rent-to-own scenarios come to life, mostly with first time home buyers. It is a great way to put money towards a down payment over the course of 12 to 18 months. This article offers a great explanation of how the process usually works, but as always, I am here to answer any questions!

10 Things First-Time Buyers Should Know

This article was put out by HGTV's Frontdoor.com and it is very helpful for first-time buyers. As stated in #2, the cost of owning a home is more than just the purchase price. The most notable cost that buyers overlook in their initial search is the cost of monthly assessments. This number can range anywhere between $50 - $1,000+; the larger numbers are typically associated with high-rise condos.

I like to point this number out because this will not be amortized over the course of your loan. You may be able to afford a $350,000 condo, but once you factor in a monthly assessment of $400 can you still afford this condo? This is just one thing to think about when creating your budget and what you are comfortable paying on a monthly basis.