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Chicago Illinois Real Estate:
Ways to Bungle Your First Purchase
Shopping for the Best Chicago Housing
For You Means Using Your Head Not Your Heart
Alan Broskie said, "Love at first sight may be great in the movies but it's not so great when it comes to Chicago, Illinois real estate. Yet that is how too many approach buying their first home."
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Wife Hailey agreed. "We fell in love with the house when we pulled up into the driveway. The entrance way had mums by the front door that was painted a rich burgundy. Compared to the other homes for sale we had seen in our search for Chicago real estate it stood out. The fact that it only had one bathroom didn't seem as important as it does now!" Being taken in by an unsuitable property is a common rookie mistake. Something first time buyers do without thinking. And it's that failure to think that can result in problems down the road. Alan continued, "You see, owning a home comes with big financial implications. Taxes. Monthly payments. Plus, as we found out, stuff you often can't change easily or cheaply." |
Which is why it is wise to develop a list of specific "wants" to evaluate any Chicago, Illinois real estate by.
Most Chicago real estate agents will tell you that starts with figuring out ahead of time how much you can comfortably afford. And knowing what the implications are of the terms of the loan. Since the first to get slammed are those that take on mortgage with a low "teaser" rate that adjusts in no time. When that happens, BAM, they can't make the payments. And if the real estate market is soft they can't easily get out from under that problem either.
Then what about shopping, commute times, highway access, property taxes and schools? If you want your kids to attend a certain school district don't even consider Chicago condos that are close but outside that district's boundaries.
Style of house counts too. Knowing you prefer a ranch can save time not spent touring Victorian style housing you wouldn't buy under most any circumstances.
Location counts more than you might imagine too. The best Chicago housing typically doesn't have a the Golden Arches facing the back yard or isn't on a busy street. Besides, such property won't be as easy to sell, when the time comes, as homes without such defects.
So yes, as you can see if you aren't careful, or fail to think ahead, it's easy to botch that first Chicago Illinois real estate purchase.
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