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Chicago real estate -The financial implications

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  1. Introduction
  2. Why buy instead of rent?
  3. Owning can cost less than renting
  4. What is mortgage?
    1. Prinicipal
    2. Interest
    3. Taxes
    4. Insurance

Buying a home is one of the smartest and wisest decisions that one can take. It is one of the most enduring American dream and the one dream that has sustained through generations inspiring people to save for that piece of property that one can call his/her own. Chicago is one of the most sought after locations in terms of real estate as the place offers the best of amenities to people from all walks of life.

[...] Chicago is a safe haven for real estate investors and is a preferred destination for investors looking for a decent return on investments. Though the market may be tepid at times, there is no denying the fact that if a seller is patient enough to put up his property on the market for a reasonable period of time he is bound to get good valuations. For buyers, it is important to look for good deals and understand the basics of the real estate market before taking the plunge. [...]

[...] However with time a smaller chunk of the repayment amount goes towards payment of interest. Taxes are liable to be paid by the owners of homes to the local government and nodal agencies and are usually computed as a percentage of the value of the property. Taxes may vary depending on the locality. Insurance provides for protection in the event of any loss and generally comprises of two components: Homeowner's or hazard insurance accounts from financial losses that may result from fire, natural disasters, wind or other hazards. Most lenders ask you to opt [...]

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