Chicago is rich with historic architecture, especially within its residential areas. New developments may be popping up throughout the city, however, many homebuyers are looking to invest in those classic and familiar housing styles that make Chicago unique.
Here are a few to consider when making an investment.
Did you know approximately one-third of single-family homes in Chicago are bungalows? These one-and-a-half story structures were built between 1910 and 1940 for the city’s many working-class families and are easily identified by their brick facade, low roof and full basement.
Considering all the accommodations bungalows offer, including great accessibility and picturesque front yards, they are relatively inexpensive and make for a good investment properties for budgets around $300,000.
The Brick Multi-Flat
Brick two- and three-flats made their debut in the late 1800’s, replacing the wooden structures destroyed in the Chicago Fire. These buildings are a bit taller than the typical single family home, providing residences for multiple families. (Traditionally, the landlord lives on one of the floors while renters live on the other floors.)
Multi-flats are ideal for single-property investors looking for rental opportunities. You’ll find a huge variety of these buildings in almost every Chicago neighborhood, ranging from under $300,000 to over $1 million. Make sure to search for properties in a neighborhood that is within your price range. Do your research!
Chicago’s answer to the iconic New York brownstone, the historic greystone gets its name from the grey hue of its Bedford Limestone facade. Greystones were built in the late 1800’s, and there aren’t many left in the city. If you want to invest in this built-to-last style, expect to pay a hefty price tag around $1 million.
The Courtyard Building
Not only is this type of building aesthetically beautiful, it’s also efficiently built — each unit has windows on multiple sides to increase airflow and provide multiple entrances….a great feature considering they were traditionally built before air conditioning was invented!
An investment in this style of property is pretty flexible because you can purchase several units or the entire building. Take note that this type of investment is good for a more seasoned investor, since you’ll need to be able to handle multiple tenants at one time.
These iconic Chicago housing styles are what make our neighborhoods beautiful and unique. Remember, when you’re investing in these types of properties, you’re becoming part of the fabric of our city. Please feel free to reach out to me if you’d like to discuss your investment options.