This week’s Chicago real estate bargain is a Chicago Bungalow in the Irving Park neighborhood.
Consider this home near Montrose and Kimball – on a quiet street. It’s available through the MLS for $ 239,000! This bungalow has 3 bedrooms on the first level, with original hardwood floors and trim. It’s less than .5 mile to the Brown Line Francisco stop. The sellers are said to be “extremely motivated” and will consider all offers.
It’s not my listing – I’m looking at it as a great opportunity for someone interested in getting into a single family- an historic one at that–at a great price.
What down payment do you need to buy this?
FHA loans are available these days for as low as 3.5% of purchase price.
What about fixing it up? How do you do that?
There are 203K loans available to do rehab work – low interest rates that allow you to make improvements for very little money. –
EnergySaver Grants and tax savings may also be available.
(Of course, if you buy in an historic neighborhood, you may also qualify for a property tax freeze!)
Consider price vs. cost …. prices are low now but, your monthly cost is potentially a fraction of what it could be in a couple years. If you wait to buy, hoping that prices may go down even more, interest rates may go up in the meantime. Your purchase price savings may be eaten up in increased interest rates, making the monthly payment higher at that later date. The real cost of buying real estate is as low today as it may ever be.
For information on this or other Chicago Bungalow options… contact me, Anne Rossley, at (312) 620-5333.
Check out the Chicago Bungalow Expo – April 9 at the Merchandise Mart.
2009 Exhibitors included:
AIA Chicago Architecture and Conservation PC
Big Shoulders Realty, LLC
Chicago Department of Community Development
Chicago Department of Environment
Chicagoland Natural Gas Savings Program
Chicago Tax Assistance Center
Coffman & Wicklow, Inc
Community and Economic Developement Association of Cook County, Inc
DaVinci Construction & Design
Edward Hines Lumber Co
Four Seasons Heating and Air Conditioning
Earth Friendly Products
Green Dream Group, LLC
Home Buyers Rehab, Ltd
Houseworks Daylighting Solutions, LLC
Illinois Clean Energy Community Foundation
Illinois Housing Development Authority J.C. Lilly Windows & Doors, LLC
J.L. Construction, Inc
Kent’s ThermalSeal, LLC
Lee Lumber and Building Material, Corp
Midwest Energy Audits, Inc
Mr. Bamboo, Inc
Mulligan Stained Glass Studio
Neighborhood Housing Services of Chicago
Northpoint Construction Services, Inc
Park National Bank
Plain and Simple Furniture
Progressive Builders, LLC
Restoration Works, Inc
Safe Guard Basement Technologies, Ram Jack of Illinois
Solar Service, Inc
SPACE-MAN Consulting Home Inspections
Square Root Architecture + Design
Sustain Your Domain
The Home Depot
TMC Windows, Inc
Unique Indoor Comfort
Universal Restoration Services
University of Illinois Extension
Weber Furniture Service
Wells Fargo Home Mortgage
Wizard Electric, Inc
Wm. McNulty & Sons Plastering Co.