Q: Is now the time to take the plunge in terms of buying over renting?
A: It’s a great time for a few compelling reasons. One reason is to take advantage of low interest rates. Even though they’ve ticked up very slightly from their lows, they are still very low. The general consensus is that rates will continue to rise. There is no way to know an exact date or timeframe, though, as there are many outside influences, like government intervention, that affect that. But you can pretty much guarantee that they’re going to go up — it’s just a matter of time. Take advantage and lock in the lower rates now.
Secondly, for most people, the mortgage interest deductions can save a lot of money too. Factor in the mortgage cost, plus the tax deduction versus what rental costs are, and it can end up being less expensive than renting.
Lastly, while home prices have gone up a bit in the last couple years, they are still quite affordable when compared to the boom. There are some great neighborhoods where you can buy a nice condo for less than $300,000. The West Loop and Logan Square are two that come to mind.
Q: What are a few things new buyers should be looking for?
A: A lot of new buyers are drawn to condos because they’re typically more affordable than a house or multi-unit property. But a lot of buyers pay closer attention to the purchase price of the property and not necessarily the assessments, which they should. That can cramp your budget real quick. 
A lot of first timers are utilizing FHA loans and putting a smaller amount down. It’s important that they thoroughly look at — and have an expert review — the health of a condo association, the reserves they have, special assessment planning and any upcoming maintenance projects. A building paying a special assessment of several thousand dollars could be a big shock to the finances if you’re not ready for it.
Ask for a 22.1 disclosure from the condo board or management association. And pay close attention to property taxes for the same reason. Compare your taxes against similar units in the building to make sure everything is square.
Q: What is one thing that routinely catches new buyers off guard?
A: A quality home inspection is a must. Don’t rely on a relative or friend who claims to be an expert. Get it done right. There simply is too much at stake to take this lightly. Major repair issues after closing can cause problems.