The real estate transaction could be one of the most emotional experiences people go through. For many, a home purchase is the most expensive purchase they will undertake, outside of perhaps buying a company or private jet… Some will plan at great lengths on their future purchase while they’re saving up on the down payment.
When the moment comes, many become overwhelmed with the decisions, choices and even compromises all come at once. All that planning could become inconsequential if you’re not sure what or how to plan properly.
Purchasing your home is a significant milestone in your life, and it’s also a good time to reflect where you are in life. Newly formed families and those expecting should take some time to research schools, parks, hospitals and area amenities. These features usually won’t change in time, take time to research and usually become a non-negotiable search criterion.
Chicago and the surrounding suburbs have a well-developed transit system. With the increase of passengers and many either selling their cars (or using one minimally) planning around transportation is not only important but can be an important reselling statistic. The CTA has reported that the Damen stop in Lincoln Square had a weekday increase of 10% in the current year. Irving Park in Lakeview has a 11% weekday increase. Redline Wilson has an adjusted weekday total of 21.4%.
Giving up your car should not mean that you should forego relative proximity to expressways or main arteries in/out of the city.
Buyers should also plan some additional savings towards minor construction, rehabbing and design. Looking beyond the cosmetic finishes could be an opportunity to customize a space from scratch. Build your own backyard sanctuary, or gourmet kitchen. Careful planning will ensure that your budget stays intact, and that you otherwise do not overspend on what realistic market value could be. You may appreciate that artisan crafted marble fireplace mantle that was hand selected from a quarry no one knows about, but chances of recouping costs from such a piece will be difficult.
Perhaps the most important aspect is learning to prioritize. Decide on what is nonnegotiable and what is. With the many choices out there, and many of them being sold as-is or in a distressed state, deciding on one or two essential features can help enhance the search process; Parking in difficult neighborhoods, backyard, building doorman, etc.
Sherwin L. Sucaldito, REALTOR®, GREEN, ABR, CRPM
The Institute of Luxury Home Marketing
Green REsource Council, GREEN
Accredited Buyer’s Representative , ABR
Certified Residential Property Manager, CRPM