Thinking about buying an investment property this winter in Chicago? It could be a great time to buy! Learn more about how to find the best deals in our latest post!
Winter isn’t necessarily known as a hot time in real estate unless that is you want to pick up a property at a great price. With a slower market, homeowners can become more desperate to sell, making things much easier for you as an investment property buyer in Chicago. In order to buy an investment property before the end of the year, you’ll need to have the funds available to purchase right away. If you need to borrow in order to buy, the banks could take several weeks to fund a loan. Even if you aren’t able to close by the end of the year, winter is still a great time to take advantage of all of the property deals out there!
Buying For Tax Purposes
If you are able to buy an investment property before the end of the year it can be a great thing for your taxes. If you are able to close quickly, you will be able to take advantage of some great tax deductions available to homeowners in Chicago. While the recent legislature changed a few things, there are still a number of great tax breaks to be found. Depending on your local laws, you can deduct things like points, interest, taxes, and more. It is always best to talk to your accountant as they can help you maximize all of the deductions available to you. Keep in mind, that for some of these deductions, you will need to occupy the property yourself.
Know What To Expect In The Summer
When you buy a house in the winter, you will be able to really see the property in the elements. Poor heating, a leaky roof, and drafty windows will be much more noticeable during the winter months. This is great for home buyers as they will see how the property handles the elements, giving them better negotiation power if there are problems with the home. But what about the other side of the coin? Will the house stay cool? Will the A/C work to effectively cool the house? Does the sun come through the window in a weird way, blinding you first thing in the morning? When buying a house in the winter, make sure you try to get a grasp on how the property will be during the summer months too. Hopefully, if the insulation can hold the heat in during the winter months, it will be able to hold the cold air in during the summertime.
Know Where To Look
If you want to find an investment property in Chicago, the winter is a great time to look. With fewer buyers out there, you’ll have much less competition. While you could find and try to buy properties on your own, working with a professional home buyer will help you find all of the great deals, without doing any of the work. At Chicago Home Buyers, we acquire high-quality houses and resell them to investors and regular buyers at deeply discounted prices. By purchasing from us directly, we don’t have to bother with agent fees and commissions. There are no hidden costs or hoops to jump through. Everyone will be able to benefit during this selling process. Working with a professional home buyer will allow you to find the best deals, without having to do any of the leg work. We are always happy to answer any of your questions about buying an investment property in Chicago.
You’ll Be Able To Close Fast
When you buy an investment property this winter in Chicago, not only will you likely be able to purchase for less, but you will also be able to get your hands on it more quickly. Transactions are typically processed faster as there are fewer houses being bought and sold. In some cases, things slow down by 25-35%. Your title company, your lender, your inspectors, and everyone else involved in the transaction will be able to provide you services much more quickly. When you factor this into being able to find some of the best deals out there, it is easy to see why buying an investment property in Chicago is a great idea during the winter months when fewer people are looking.
If you have been thinking about buying an investment property in Chicago, now is the time to buy! Savvy investors all over the country take this time to find the best properties and maximize their profits going into the new year. We would love to help you find a great deal on an Chicago investment property no matter when you want to buy!