First Time Home Buyers always have a lot of questions. Listed below are some of the most common questions and concerns I hear working with home buyers in Chicago.
What Neighborhood in Chicago is the best investment?
Chicago is extremely diverse with so many different neighborhoods each offering their own “feel.” The old saying is real estate is “Location, Location, Location.” This saying continues to be very true, but not just for your pocket book. If you are buying a home to live in, then YOU need to enjoy the location. Try not to get too wrapped up in “How much will this area appreciate in the coming years” but instead focus on “What will I enjoy about this neighborhood while I live here?” Many buyers don’t give themselves enough credit. The things in a neighborhood that you love or hate, are likely the same things that the next buyer will love or hate as well. Focus on what you will love about the neighborhood first and then focus on what appreciation you may see in the future. After all, if you don’t like the location, then are you really getting your money’s worth?
How much space do I really need in Chicago?
Do you want a two bedroom or a one bedroom? What is more important to you: Space or Quality? Sure, it is great to have both but if price remains the same quality will decrease as space increases. Many people may say “One Bedrooms are not good for resale” In some areas this may be true, but overall I do not find this to be the case. Instead, you need to ask yourself the question “OK, this is only a One Bedroom but what do I like about it over some of the Two Bedrooms I have seen?” Chances are the quality is better, the living room space may be larger, the view may be better. Are these things important to you?
How close are you to Transportation? Do you use the CTA or no? While that six block walk to the red line may seem wonderful in the summer time, it will feel like hell in the winter time so keep that in mind. If you are the kind of person that doesn’t mind walking a mile to the train in the freezing cold then your options can be much broader. If you are like me a despise walking even two minutes in the cold then your options will need to be more constrained.
Stay within your means
You may love the amazing condo that is pushing your budget but what good is it if you can’t afford to furnish it properly or enjoy the wonderful restaurants and bars down the street. Be conservative with your budget. Sometimes you can spend less money on a purchase and then some money on great renovations or furnishings and end up with a place that is perfect for you.