- Introduction
- Acknowledgements
- 1: Getting Ready
- 2: The Costs of Space
- 3: Understanding Credit
- 4: Professional Services
- 5: Finding Space
- 6: Residential Leases
- 7: Commercial and Industrial Leases
- 8: Buying Real Estate
- 9: Types of Mortgages
- 10: The Mortgage Application
- 11: Ownership Models
- 12: Purchasing Alternatives
- 13: Chicago Zoning Ordinance
- 14: Chicago Building Code
- 15: Chicago's Neighborhoods
- 16: Property Taxes
- 17: When You Find a Property
- 18: Inspections
- 19: After Moving In
- 20: Insurance
- 21: Utilities
- 22: Rehabbing Your Space
- 23: Safe and Healthy Spaces
- 24: Green Practice
- 25: When Disputes Arise
- 26: Space Emergencies
- 27: Facility Development Planning
- Bibliography
8: Buying Real Estate
Whether you are an individual, collective or nonprofit arts organization, don’t write off purchasing a space as unrealistic. Owning your own space is an important option to consider, as it will provide you with security, stability and a financial foothold in an ever-changing real estate market.
This chapter examines:
- Costs associated with purchasing a space;
- Financing logistics;
- Borrowing from lending institutions and others;
- Tips to make financing easier; and
- Consequences of failing to pay your mortgage.
If you are serious about purchasing, then read this chapter carefully: It gives you the tools to navigate the purchasing process and to make an informed decision that best fits your needs and resources.
The following individuals and/or organizations contributed to the content of this chapter: Pam Daniels-Halisi, LaSalle Bank; Calvin Holmes, Chicago Community Loan Fund; Bruce Martin, JPMorgan Chase; Neighborhood Assistance Corporation of America; Susan Oleari, Harris Bank; Daniel P. Lindsey, Esq., Legal Assistance Foundation of Chicago; and Jill Stack, National City Mortgage Bank.