Buying a One-Bedroom in Downtown Chicago for About $200,000

Buying a One-Bedroom in Downtown Chicago for About $200,000

Just after their son was approved into Columbia College or university in Chicago final calendar year, Brian McCutcheon and Donna Sink started hunting for strategies to reduce down on bills and make everyone’s everyday living much easier. A campus housing policy experienced stored Angus McCutcheon, now 19, in a dorm as a freshman, but the pair hoped they could obtain him a new living arrangement for his sophomore 12 months. They examined student housing expenses and local rental prices, and determined that purchasing a modest condominium in the city could be the most effective bet — the mortgage loan payments would be comparable to the dorm costs, and they could established up Angus with a prolonged-term dwelling.

Mr. McCutcheon, 57, who owns an artwork fabrication business enterprise, and Ms. Sink, 55, an architect, experienced just lately downsized. They liquidated their belongings — a midcentury family dwelling in Indiana and a lakefront home in Michigan — and moved into a little bungalow in Indianapolis. “It was a main change in our excellent of lifetime to come to feel equipped to endure, primarily all through the pandemic, and ideally pay for school,” Mr. McCutcheon reported.

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The upcoming action was a location for Angus. A condominium would give them numerous options: It could be a home for Angus following college if he stayed in Chicago, or a source of rental cash flow, or they could even retire there.

For Ms. Sink, this kind of prepare experienced labored before: Her mothers and fathers acquired a fixer-upper house for her and her sister when they ended up students at the College of Arizona. “I watched my mates have to find a new condominium and roommate every single yr,” she claimed. “Having that position seriously permitted me to emphasis on my research.”

The few concerned that the Chicago market would be much too competitive, but charges for midsize models ended up sagging at the time, so they set a funds of about $200,000 and focused on properties in the Printers Row community in the South Loop.

“We made the decision the condominium needed to be 800 square ft or additional, which took newer homes off the desk in our value position,” Mr. McCutcheon claimed.

Angus was energized to be able to choose his property and desired to be near to campus, dining establishments and stores. “The check out was essential to me,” he reported. “I’m a supporter of purely natural light-weight.”

The household connected with Daniel Eirinberg of eXp Realty, who agreed that Printers Row would be best. “You’ve bought fantastic train access and a bunch of great minor affordable and tasty foodstuff possibilities that cater to the college or university pupils,” he claimed.

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