 |
Renting |
|
Why should I use Colfax Realty?
|
1) Our service is built entirely around the needs of people relocating to Chicago.
2) All of our associates are trained experts in the relocation process and have worked with a wide variety of clientele, US and international alike.
3) We walk you through the whole process – end-to-end.
4) Our service is free – landlords and property managers pay our fees. |
| When is the right time to start looking at places? |
Give yourself plenty of time so that you can familiarize yourself with the Chicago market and the different options available. That way, you will be able to see a variety of housing in different locations and it will easier to make the right decision. |
| What is the process to secure a place? |
You must fill out an application, pay an application fee, provide your background info and sign the lease. |
| What documents do we need to bring along to close the deal once a suitable apartment has been found? |
All landlords request more or less the same documents. You should have a picture ID (a passport is fine) and a bank statement to show where the funds for the rent will be coming from. Some property owners will ask for references from your previous landlord and your employer.
Once you fill out the application, you will need two checks - one for the application fee (this varies, but usually runs between $35-$150) and the other for two months' rent ( the first month's rent plus the security deposit). |
| How long will we need to look at all the places? |
We filter out the properties you don't like before you come and hit the ground running when you get here. All we need is one morning or afternoon to see 6-10 properties, often multiple units in each building. |
| Are there any furnished apartments? |
No, but it is very easy to buy “furniture packages” from the students that are graduating. Check out our free classifieds. |
| Do I need to come to Chicago to look at places? |
We help a lot of people find homes remotely using our “virtual” resources - phone, fax and e-mail. Check out
http://www.colfaxrealty.com/resources_chicago.php |
| I have a dog or cat. Is this a problem? |
Some properties take them, some don't. In Chicago, 40 lbs is the usual threshold for dogs. Our website indicates which RCs take dogs. IRs depend on the individual owner, but it is easier to obtain exceptions. Typically, with an extra deposit fee or rent, you are able to house your pet. |
| When we start narrowing down the list to specific units, will you be sending me pictures and/or layouts of the actual places that fit my criteria? |
Yes. There is a lot of info on our website as well. If you are not coming to Chicago, we give you a "virtual" tour of the properties by sending you plenty of pictures. |
| Is there any information that you could send me on the different neighborhoods of Chicago? I would like to get a feel for the city before I move. |
Sure. Check out http://www.colfaxrealty.com/resources_chicago.php or go to the Chicago page on our website. Also, we would be happy to refer you to resources that you can access online. |
| What is the difference between an independent rental and a rental community? |
An independent rental is a unit that is individually owned and rented by its owner. Renters are much less transient. The places are designed to be longer term homes, so they usually have nicer finishes and features. The units vary by owner and building. Processes, procedures and policies vary greatly by landlord.
In a rental community, all the units are rentals, and the building is managed by a property manager. The residents are much more transient, and the units are cookie-cutter. They usually have a price list and pretty defined processes, procedures and policies. |
| What can I expect my utilities to be? |
From $15-$100/mo. |
| What is a feature? |
Items that are part of the apartment itself: microwave, dishwasher, fireplace, etc. |
| What is an amenity? |
Items that are part of the apartment complex: a party room, pool, gym, coffee shop, etc. |
|
Buying |
|
| Why should I consider buying? |
• Build equity while at school
Rather than pay rent and help your landlord build his equity, make your monthly payments go towards paying off your mortgage and building your own equity.
You also build equity as your property's value appreciates.
• Tax deductions
Rent is not deductible, whereas mortgage interest and property taxes are.
• Today’s rates
Interest rates are hovering near 40-year lows. As rates (and rents) go up in the future, your monthly payments will be locked in at today’s rates.
• No capital gains taxes
If you live in your property for at least two years, you will not have to pay capital gains taxes when you go to sell.
• Colfax Realty can help with the next phase
If you decide to rent your property when moving or upgrading, Colfax Realty can market, lease and manage it for you. Or if you decide to sell your property, we can help every step of the way. |
| What is the Chicago market like? |
It depends on the neighborhood in which you buy. You should contact a Housing Advisor to learn about the various deals available. |
| How do I know what the mortgage rates are? |
Mortgage rates are linked to different factors. For example, some rates are determined by the yield for the 10-year treasury bill. Home sales/purchase activity is directly tied to mortgage interest rates. The lower they are, the more people buy and the faster properties appreciate. The higher rates get, the more people rent, causing properties to appreciate slower (and the rent market strengthens, causing rents to go up). |
| Why should I use a Housing Advisor to find my place? |
Since the commission for the sale of a property is almost always paid for by the seller regardless of who the buyer is, buyers are able to get invaluable assistance and information from our Housing Advisors at reduced costs. It is for this reason that the vast majority of home buyers employ the services of an agent or housing specialist for their purchases. In addition, since most places are listed by real estate agencies, buyers are able to view and consider many more properties. We specialize in helping people relocating to Chicago with their housing needs, so we can answer questions that are specific to your situation. |
