Should You Build or Buy A Home in Chicago?
When considering a move to Chicago, one major decision is whether to buy an existing home or build a new one. Each option has its own set of costs, advantages, and disadvantages. Here, we’ll explore whether it is cheaper to buy or build a house in Chicago and examine the pros and cons of each option says, Hirsh Mohindra . Cost Comparison: Buying Vs. Building Buying an Existing Home Costs: Purchase Price : The median home price in Chicago varies by neighborhood but generally ranges from $250,000 to $500,000. Renovations and Repairs : Older homes may require updates or repairs, which can add to the overall cost. Closing Costs : Typically 2–5% of the home’s purchase price, covering fees, taxes, and other expenses. Pros: Immediate Availability : Buying an existing home allows you to move in as soon as the sale is complete. Established Neighborhoods : Existing homes are often located in established neighborhoods with mature trees, parks, and amenities. Character and Charm : Older homes...