{"id":2712,"date":"2024-05-03T14:57:30","date_gmt":"2024-05-03T19:57:30","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=2712"},"modified":"2024-05-31T12:07:41","modified_gmt":"2024-05-31T17:07:41","slug":"the-best-home-flips-in-chicago","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/the-best-home-flips-in-chicago\/","title":{"rendered":"The Best Home Flips in Chicago"},"content":{"rendered":"\n

As interest rates begin to trend down<\/a> throughout the year, the real estate market is ripe for high-return home flips. Lower rates will mean more potential buyers\u2014and higher valuation. If you\u2019re considering flipping your property in 2024, look no further than our list of cheap homes for sale in the Chicago area<\/a>, and remember timing is everything. A successful flip in Chicago is as much about timing as about the features and improvements you choose to add to your home. <\/p>\n\n\n\n

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Tomo, a Stamford-based real estate company, analyzed the 100 most successful home flips in the nation. Chicago<\/a> nabbed two of the top spots. Of the thousands Tomo reviewed, these two homes sat at #48 and #58. These two flips together generated a final price that was $1.25 million over the initial sale price. How did they close with a return of 150%? The secret isn\u2019t just \u201chow\u201d but \u201cwhen.\u201d<\/p>\n\n\n\n

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Identifying your property flip\u2019s strengths<\/strong><\/h4>\n\n\n\n
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Chicago established itself as a major cultural center in the 1880s. It\u2019s been a leader ever since. Its combination of blue collar grit and top-notch craftsmanship is irresistible to people who value American architecture that is built to last. The most desirable homes for sale in Chicago<\/a> represent classic Midwestern elegance. High ceilings, old growth hardwood floors, abundant natural light, and ample yard space all signal long-term value to buyers. <\/p>\n\n\n\n

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The element of \u201ctiming\u201d is key for these century-old craftsman-style homes. Built to stand for another hundred years, both of these top flips will continue to add value. Smart property updates highlight and conserve these attractive elements.According to Tomo\u2019s data analysis, home flips that sell high include good-quality updates such as new tiling, new roofing and porch lumber, and new fencing. These aren\u2019t necessarily upmarket upgrades, but they are long-term investments that can significantly boost the home\u2019s valuation.<\/p>\n\n\n\n

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Why Chicago is an ideal market for flippers<\/strong><\/h4>\n\n\n\n
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Chicago is home to the second largest stock exchange in the nation. With more than 13 million daily trades, Chicago is a city that is continuing to grow, attract new buyers, and keep its eye on the bottom line. With this in mind, know that the local market is savvy and well-informed. Families, professionals, and business owners put down deep roots in Chicago. They may be buying for the long term. Residential buyers, especially first-time buyers, often look for a home that represents their investment in their future. <\/p>\n\n\n\n

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The two top flips in Chicago both offered flexible space that could adapt to an owner\u2019s changing needs. For example, a finished loft or attic can become a lounge, office, or additional bedroom with quirky angles and fun details. A gorgeous bay window becomes a reading nook. A home has rental potential, or space for a subletter or live-in caregiver. Many buyers look for a home that can grow with them\u2014an asset that will stand the test of time.<\/p>\n\n\n\n

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Here are the Chicago listings that made Tomo\u2019s Best 100 Flips List.<\/p>\n\n\n\n

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3449 N Kildare Ave<\/a><\/h4>\n\n\n\n
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Purchased for $210K in 2015, this property\u2019s price tag was $925K when it sold in 2023. This home has retained all of its original 1918 charm. With a full finished basement, big windows in every room, a new double balcony, and tons of storage, this home maximizes every square foot with value and comfort.<\/p>\n\n\n\n

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2835 N Sawyer Ave<\/a><\/h4>\n\n\n\n
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This historic 1895 cottage was perfectly renovated to show its best assets. With an extra-wide lot, Southern exposure windows, a giant walk-in pantry, and details like pocket doors, original oak trim, and 9 foot ceilings, this home is an instant \u201cyes.\u201d Bought in 2022 for $465K, this gem more than doubled its price tag and sold for almost $1.2 million only one year later.<\/p>\n\n\n\n

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Why list your property in Chicago now?<\/strong><\/h4>\n\n\n\n

The changes in Chicago\u2019s real estate market<\/a> are advantageous for sellers who think ahead. New buyers are looking for homey comforts and good quality architecture with lots of character. Many of the homes in Chicago that are top flip candidates are in desirable neighborhoods, close to elementary schools, and have high biking and walk scores. Many of these homes sell for three or even five times as much in cities like San Francisco<\/a>, New York<\/a>, and Portland<\/a>. <\/p>\n\n\n\n

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With its many universities, museums, attractions, world-class restaurants, and down-to-earth local culture, Chicago continues to attract people who want to put down roots. Thinking long-term instead of instant gratification will put money in your pocket. With this in mind, think \u201ctiming\u201d when you list your property. Investing in higher quality paint and lumber, installing gourmet appliances, and choosing made-to-last improvements can more than double your return on the sale.<\/p>\n\n\n\n

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Research the best neighborhoods in Chicago<\/a> for flipping to make the most of your investment, and remember our list of cheap homes for sale in Chicago<\/a> is a great place to start. Want to see what not to do when flipping a home, check out Tomo’s House Flipping Flops<\/a>. Or, want to get into the flipping market and not sure how, learn more with Tomo’s tips in House Flipping 101.<\/a> <\/p>\n\n\n\n

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Claire Rudy Foster<\/a><\/p>

Claire Foster writes about money, ethics, and where the two intersect. Their work has been featured in The Washington Post, The New York Times, The Guardian, and more. Foster lives in the Pacific Northwest.<\/p><\/div><\/div>\n\n\n

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Check out the most successful home flips in Chicago.<\/p>\n","protected":false},"author":30,"featured_media":2718,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-2712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/05\/chicago-best-home-flips-tomo-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=2712"}],"version-history":[{"count":5,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2712\/revisions"}],"predecessor-version":[{"id":2956,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2712\/revisions\/2956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/2718"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=2712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=2712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=2712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}