Chicago home buyers haven’t had it easy. Home prices have been rising while home inventory has been shrinking. When a home in your price range becomes available, being too picky can mean missing out on the opportunity to become a homeowner.
This doesn’t mean you should throw all caution to the wind. You certainly want to do your homework regarding the neighborhood and school district, and make sure the home meets your core requirements. A home inspection is always a good idea.
But when what you want isn’t showing up, look at what you can buy in the Chicago area today. The longer you wait to buy a home, the more risk you have of home prices climbing ever-higher, and eventually, leaving you on the sidelines. This is important for first-time home buyers to understand.
And while home improvements don’t always bring a dollar-for-dollar return on investment by themselves, most projects give a decent payback. A recent article in Chicago Agent magazine reported that home buyers were willing to pay a 5% higher sales price for a home with a new kitchen. Homes with outdoor living space, updated bathrooms and home offices are in demand.
It’s likely that you’re looking for a home with the same features other home buyers want. So why not consider an ugly duckling that you can turn into a swan? Look for homes with attics or basements that can be finished, or homes with enough outdoor space to build your dream patio or deck.
Of course, you’ll need to have a rough idea of the cost for any upgrades. You can obtain this by bringing a contractor along during your home tour – or, by having your contractor review property details you can obtain from your StartingPoint Realty broker! You can always put a contingency in your offer for a contractor visit.
StartingPoint Realty – helping first-time Chicago home buyers since 2004!
StartingPoint Realty proudly serves first-time home buyers throughout the entire Chicago area. Get an introduction to home buying by attending our free home buying webinar! There’s no sales pressure and no obligation. Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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