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How to Decide Between Two Great Chicago Homes

Aug 8, 2019 | Industry News

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Shopping for the perfect home in Chicago can be overwhelming since there are so many great places to choose from. But once you narrow it down to only a couple places, are you finding yourself still unable to decide between the two? The real estate market is fast paced, so you’ll need to decide quickly before someone else snatches it up. Here are some tips to make the decision-making process a little smoother:

 

What Are Your Necessities?

Make a list of the must haves you need in your new home. Do you need a large kitchen, some storage space, or open concept living? Do you need a yard or a garage? Once you’ve compiled your list, compare the two houses and determine which one checks off the majority of your must have boxes. Think about your lifestyle and how each house would accommodate it. If you’re someone who generally takes work home with you, do you have a quiet space dedicated as an office? If you love to cook and entertain, does the floor plan flow so you can interact with your guests while preparing a meal? These are things that should be considered to ensure you have chosen the right house for you.

 

Value

If you’re still struggling between the two homes, take the emotional aspect out of it and look at each home as an investment. Which would be the wiser choice if you need to sell it down the road? Does one house require more work and upkeep than the other? Do the homes need upgrading and what are the estimated costs involved? As you think about the pros and cons, your choice will become more clear.

 

Future Plans

If you’re purchasing this home for a long term period, you need to look at your goals as well and determine if this house will be a good fit. If you are planning on starting a family, will the home be large enough for everyone? Will is be safe for a toddler just learning to walk? Perhaps, you will need to have a parent requiring care stay with you for awhile. Is there space for an inlaw suite? Buying your forever home requires a lot of planning for possible future events.

 

Are You Buying Within Your Means?

Make a comparison of the potential purchase price, closing costs, HOA fees, taxes, and insurance for both homes. After calculating all of the numbers, you may find that one home will impact your wallet more than the other. Once all of the monthly costs are added up, you’ll have a better understanding of whether or not you can actually afford either home. If one is out of budget, then it should be out of the running.

 

Compare Location

Location is not only important when determining the value of a home but also in determining your quality of life. Compare the commute and traffic to and from work and compare the upkeep of the neighboring houses. Do you have the amenities nearby that make you happy? Are you near a restaurant, museum, or market? How are the schools in the area? You can upgrade any home to make it suit your needs, but it’s harder to upgrade your neighborhood to fit your lifestyle.

 

 

Choosing a home is a big decision that’s also very exciting. Chicago has many amazing homes to choose from, and finding the one that best suits you and your lifestyle is the key. How did you decide on your home? We would love to hear your experience.

 
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