thinking about moving to chicago (Lincoln, Industry: apartment complex, lease, condominium)

[Drover]

Originally Posted by emma hamid

N Clark St, Chicago, IL 60614, this is where i will be working. I didn't realise you can't buy apartments, is that how it works over there? Also what sort of property can you purchase? Thank you again for the replies

You can "buy" a single unit in a multi-unit building; it's just a word choice/distinction between whether you rent or own your unit. If you rent it it's called an apartment. If you own it, it's called a condominium or condo. Except in New York where it's still called an apartment in either case. Go figure.

[emathias]

Originally Posted by nana053

Owned apartments in NYC are often co-ops rather than condos. Just fyi.

Probably mainly because historically New York has had far more co-ops than condos. And probably because there isn't really any stigma in New York to be a renter vs. owner. To a certain extent, the reason the rest of America makes the differentiation so emphatically is because condo owners want people to know they're homeowners and not renters. An ex of mine made certain people knew we lived in a condo and not just an apartment because he felt pride in it (despite the fact I made the payments), and he's not the only person I know who's sometimes gone out of the way to emphasize condo over apartment. Which is why I intentionally just say apartment sometimes - just to avoid looking like an ass.

[nana053]

I went looking and there is a significant difference between condos and coops

A condominium owner actually owns the apartment in fee simple, like any other homeowner, and owns an undivided interest in the common areas like parking lots, recreations areas, lobbies and hallways.

In a cooperative apartment complex you don't actually own any real estate. Rather, you own shares in a not-for-profit corporation. As a shareholder you get the right to lease space in the building. The corporation owns the common areas.

[emma hamid]

Thank you for your feedback guys i really appreciate it! Its a great help and at least i know ill be heading in the right direction... x

[chirack]

I think you would want to rent and not buy. Buying in at this point is too risky. You may not like the area. Your job could lay off. You could decide to move back home. Renting is the smarter move in the short term. Lincoln Park is safe, if expensive to live in. It is one of the few places where having an car could be more hassle than it is worth. I suggest you rent there if you can afford it to cut down on the commute to work.

[Standard111]

In NYC, "apartment" means multifamily. It has nothing to do with rental vs ownership. A $100 million condo or coop is still an "apartment".

In the rest of the U.S., "apartment" usually means rental. An "apartment" is usually only a less expensive building, and only for rent.

[Tmmet]

I live in IL. It depends on the city.Most cities are really good in all ways. Good luck!

[Lisah168]

Originally Posted by emathias

I also disagree with some of the other posters that you can't immediately buy a place. I mean, it really depends a lot on what your goals are and how confident you are in the job you're getting and how sensitive you are to potential price fluctuations. It's *probably* a very good time to buy in Chicago right now and rent prices are higher than they've ever been here, but there is some price risk due to the continued uncertainly about the economy at large. People that tell you to wait also are concerned you may not like the area you buy in and owning carries transaction costs making moving from an owned home a year after moving in potentially more costly than not renewing a rental lease. That said, if you are comfortable in your ability to get a feel for an area quickly and are a confident decision maker who isn't especially sensitive to financial risk then there's no reason you should feel you have to wait to buy.

There are some logistical challenges for buying a condo/house when this is your first job in the States. We wanted to help our son to buy a place in Chicago when he graduated and moved there. He couldn't get a mortgage because a 6-month pay history is required to qualify. So unless she is going to pay cash, it's not possible. With our help, he bought a condo a year later and price went up almost $50K! Still, it's cheaper than paying rent...

[Standard111]

Originally Posted by Lisah168

Still, it's cheaper than paying rent...

Buying a home for a newcomer, is NOT cheaper than paying rent. That makes no sense. Closing costs alone will be six months rent.

Buying only makes sense if you're confident you will be in an area for a while. If you're young and transient, it's almost guaranteed to not make financial sense.

[emma hamid]

Thank you guys for your help... I don't think ill buy a place straight away max ill be staying in a place until i buy it will be 6 months.. I also have help from my parents who live here in the UK too. Thank you again.