Is Bridgeport the Hot New Neighborhood in Chicago?
Revitalization of neighborhoods, convenient transportation, and the accessibility to exciting food and entertainment are some of the many reasons people are choosing to stay in the city of Chicago. In addition, companies are leaving the suburbs and heading back to the city. People now have more options than ever to stay in the city to live and work. Bridgeport is is a shining example of this new trend in city living.
As the economy continues to rebound, many homeowners are finally seeing home prices slowly increase. But not all neighborhoods are created equal. Some neighborhoods, like Bridgeport, are facing an exciting uptick in home prices and a renewed sense of community.
The Changing Face of Bridgeport Chicago
A swell of young families moving to Bridgeport for its affordability and easy access to other parts of the city has impacted the neighborhood. Known as the “Baby Boomlet” or “mini baby boom”, families are growing and interacting with each other in ways that are more commonly seen in the suburbs. Family friendly activities abound. Abundant green space offers opportunities to play, and the proximity to Guaranteed Rate Field, home of the White Sox, provides plenty of fireworks shows.
However, demographics aren’t the only thing that’s changed significantly. Bridgeport is progressively shedding its old character and reinventing itself as a renaissance neighborhood. In fact, the Chicago Tribune, noted that Bridgeport is primed to be the hot new neighborhood in Chicago. The introduction of a burgeoning arts scene, exciting dining, and new commercial opportunities has helped cement Bridgeport’s modern status.
Real estate values are still affordable
Fortunately for prospective buyers, real estate values in Bridgeport are still below average compared to the rest of Chicago. According to Zillow, the median home value in Bridgeport is $288,100. Home values have increased 5.8% over the past year and are expected to rise 3.6% with the following year. Bridgeport homes have a median square foot price of $210, while the average cost in Chicago is $219.
Many prospective buyers are turning toward home renovation rather than purchasing turn-key homes. Homes that are in disrepair, neglect, or simply outdated cost far less than their remodeled counterparts.. While home renovations can be messy and time-consuming, there’s also a lot of benefits. Home renovations allow the homebuyer the freedom to purchase a home in their desired location. Home buyers can modify the structure of the home to fit their needs. For example, home renovation projects include updating kitchen and bathrooms or adding additional rooms to increase the functionality of the home. Home renovation projects also greatly increase the value of the home.
The Value of Home Renovation Loans
Do-It-Yourself home renovation projects aren’t right for everyone to try and tackle on their own. Episodes of HGTV use a lot of unseen TV magic to make the process look simple. Unless you have the know-how, your best bet is to get professional assistance. However, those who do choose to renovate typically get a home renovation loan.
According to Chicago Renovation Loans, a home renovation loan enables the borrower to purchase a home that is in need of repairs. The borrower may also refinance the mortgage on their existing home. The loan will include the necessary funds for renovation. This includes purchasing a property that is considerably damaged or has mold, peeling paint, or missing pipes. A home renovation loan allows a buyer to purchase or refinance a home in “as is” condition and complete major renovations or minor updates. This is done under one loan. Your home renovation loan includes funds for the purchase PLUS all rehab costs, as well as inspections and up to 6 month’s carrying costs.
The two most common types of home renovation loans are the HomeStyle Renovation Loan and the 203K Home Renovation Loan. Click here to learn more about the difference between the two types of renovation loans.
Bridgeport Home Renovation Project
The “Bridgeport Project” is a home renovation project in the Bridgeport neighborhood of Chicago. The purchaser selected the home for its great location and amazing potential. Using a HomeStyle loan through Christine DePaepe and Guaranteed Rate, the buyer will be able to create the home of their dreams.
Follow along as mortgage expert Christine DePaepe at Chicago Renovation Loans helps the buyer through the process of completing a major new home renovation project.
Purchase Price: $190,000
Renovation Costs: $247,500
Total Loan Amount: $371,875
Home Size: 2,696 sqft
Lot Size: 3,675 sqft
This 4 bedroom, 4 bath, multi-family, 2-story home currently has 4 total rental units. Home owner is converting the property into a single-family home. Home was purchased in “as-is” condition with a complete interior gut rehab.
Check back for our next installment where we’ll discuss the details of the rehab project, as well as show architectural plans. Meanwhile, browse through the “before” images of the Bridgeport Project: