By Haris Ahmed
Men, women and children; here’s a newsflash: the Chicago property market is hot right now. They are the words of Haris Ahmed, who has put his head on the block of the subject and made the claims.
Then again, when one looks at the numbers, these claims are hardly surprising. In comparison to markets like Removille, it’s clear that Chicago is booming right now. Bearing this in mind, if your investment company has charged you with finding new property, this guide is all about what to look for in Chicago to ensure that you have paid the right amount.
Let’s now delve into some of the best ways to help you.
The Neighborhood Matters
Unfortunately, this first point is something that you simply have to rely on with instinct. It means that experienced investors tend to have more knowledge of how to assess a neighborhood, but let’s provide some actionable tips anyway.
Firstly, the quality of your neighborhood dictates the types of tenants you will be attracting. For example, if your property is of the block of the university, it stands to reason that most of your tenants are going to be students.
This might mean that during the summer months you will suffer from vacancies, which you will have to build into your budget.
Related: The Secret to Investing in Real Estate ETFs
What Schools are Nearby?
This is in a similar vein to the previous point we looked at.