realestate

Can a $650,000 Budget Accommodate a Family's Dream Home in Chicago?

Exciting news! A new addition is on the way! Now, finding a bigger home is crucial. Can we afford an extra bedroom, a decent kitchen, and some outdoor space?

A
fter a period of long-distance dating, Josh Kaufmann and Jennifer Gates moved to Chicago in 2020, where they rented a two-bedroom apartment in the South Loop. The couple got married in 2022 and were looking for a larger space when they found out they were expecting a child. Their current apartment was up for sale, which prompted them to start house hunting early this year.

    With a budget of around $650,000 and a summer move-out deadline looming, they enlisted the help of Chuck Gullett, a managing broker with Best Chicago Properties. They were open to various home types, including condominiums, townhouses, or detached single-family homes, as long as they were a good fit for their needs.

    Their requirements included at least three bedrooms, an office space for Mrs. Kaufmann who works from home, outdoor space for their dogs, David Rose and Stevie Budd, and a nice kitchen. They spent every weekend for about two months looking at potential homes.

    Among their options were a 1909 multifamily house in the Irving Park neighborhood, a three-bedroom, two-bathroom 1899 house in Portage Park, and a recently renovated 1922 bungalow also in Portage Park.

    The first option was a multifamily house on a leafy street in Irving Park, which offered potential rental income. The first-floor unit had three bedrooms, an office, and two full bathrooms, while the second-floor unit had three bedrooms, an office, and one bathroom. The sellers had upgraded the plumbing, electricals, and roof, and there were also original details like stained glass. The basement was finished, and the backyard had a patio, a pergola, and a detached garage. Public transportation, shops, and a park with tennis courts were nearby. The asking price was $850,000, above their budget, but doable with the rental income, and the annual taxes were about $12,000.

    The second option was a three-bedroom, two-bathroom house a few streets west in Portage Park. It had a nice front porch, bright bay windows, an updated kitchen, a guest bedroom, and a remodeled bathroom on the first floor. A large primary suite with skylights, a jetted tub, and a wood-burning fireplace was on the second floor. The basement was partially finished, with an office space at one end. The landscaped backyard had a patio, a pergola, and a two-car garage. The property was about a 15-minute walk from the 38-acre Portage Park, and a short walk to shopping, dining, and public transportation. The asking price was $550,000, with about $8,500 in annual taxes.

    The third option was a recently renovated 1922 bungalow on an extra-wide, 30-foot lot also in Portage Park. It had a flexible floor plan with two bedrooms on the main level and two more upstairs, as well as two and a half bathrooms. Classic details mixed with modern upgrades included a renovated eat-in kitchen with a breakfast bar, an enclosed back porch overlooking the patio and yard, and an upstairs office nook with skylights. The basement was partially finished and needed some work. The house was a block from Portage Park activities, with retail, dining, and public transportation nearby. The asking price was $485,000, and annual taxes were about $5,400.

Chicago family explores affordable housing options with a $650,000 budget.