realestate

Buying a Home for Under $250,000: Options and Possibilities

Discover how far your budget stretches in today's real estate market.

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restige Real Estate Images

    Lakefront Living on the Gold Coast

    1440 N. Lake Shore Dr., Unit 10C

    $244,900 | 875 sqft | $5,558 taxes + $1,031 monthly HOA fee

    Agent: Matt Laricy, Americorp

    This one-bed, one-bath condo offers breathtaking lake views without the hefty price tag. While it lacks an in-unit washer and dryer, the building is undergoing a $5.7 million renovation, including a lobby refresh and rooftop upgrades. The seller will cover the assessment related to this work.

    The HOA fee may be steep, but you'll enjoy 24-hour doorman service, an onsite fitness center, and included utilities like cable, heat, and internet. Valet parking is available for $287 per month if you own a car. You're just steps from North Avenue Beach, the Lakefront Trail, and Lincoln Park.

    VHT Studios

    A Rare Find in West Town

    1420 W. Grand Ave., Unit G

    $240,000 SOLD | 1,100 sqft | $8,278 taxes + $192 monthly HOA fee

    Agent: Leticia Jimenez, @properties Christie’s

    This two-bed, two-bath garden unit boasts an open floor plan and prime location in West Town. While it receives limited natural light, the recent rehab in 2006 has given it a modern look with granite countertops and cherry cabinets.

    The four-unit building offers potential for rental income, with Jimenez estimating $2,200 per month. You're surrounded by restaurants, shops, and entertainment options, including Twisted Spoke's rooftop bar just a five-minute walk away.

    Prestige Real Estate Images

    An Updated Home in Park Forest

    226 S. Orchard Dr., Park Forest

    $249,900 | 1,470 sqft | $10,564 taxes

    Agent: Sandra Hannan, ICandy Realty

    This four-bedroom home has been renovated with new kitchen appliances, flooring, and a washer and dryer. The two bathrooms have also been updated, and a modern electric fireplace adds to the living room's charm.

    While it technically has four bedrooms, Hannan recommends using one as a den or office due to its small size. The 7,500 sqft lot is perfect for outdoor activities without requiring excessive mowing duties. A quiet suburban vibe surrounds you, with a public K-3 school nearby and easy access to the backyard's play area.

    NOTE: Annual tax amounts are estimated unless specified as 2023 figures.

Homes for sale under $250,000 in various locations and neighborhoods nationwide.