House Hunters

Newly Engaged Chicago Couple Searches for Their First Home Together (40x1)

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Josh and Michelle have been dating for over a year and he recently popped the question. Now this engaged couple is ready to find a home and start their new life together. They both currently live the Wrigleyville area of Chicago and since their rental leases are nearly up, the time seems perfect to buy a home together. They'd like to stay in the Wrigleyville area; unfortunately most homes in that area are above their $400,000 to $450,000 budget. Another option they've considered is purchasing a multi-unit property and becoming landlords. The additional income from a renter means their budget could increase to $600,000. Their realtor starts off buy showing them a single family home that falls within their budget. It's a 2-bedroom coach home listed for $440,000. A coach home is typically a single-family home located behind a main property. This one is behind a condominium unit. The next place they look at is a multi-family property priced at $575,000. It has a 2000 square foot owners unit and 2 rental properties. The next option is a $574,000 multi-unit property. This one has a 1700 square foot owners unit and 1 rental property. Josh and Michelle have a big decision to make. Do they want to go with a single-family home or be responsible for rental units in a multi-family home?