At one point or another, you will be required to find a place to live. Try not to wait until you have to - the goal is to look for and price your dream palace so that you can just glide into it after you get out of school. It may be your first purchase or it may be your first rental on the way to a place of your own - but get a place. Imagine not sharing a bathroom, cooking what you really want to eat, and reading until four in the morning if you so desire - well worth it!
Now, step one is to determine how much house you can get - no point in looking at a million dollar mansion if your budget won't crack $50,000. We all have to start small, and that's perfectly fine. On average, people live in five or six homes during their lifetime. Start small and work your way up - it's more comfortable that way. Make an appointment with a mortgage broker and see what your real options are - take in a list of your real bills - no point in wasting time dealing with half your bills and avoiding the real question of what you can swing. Once you see where you are - call me and we'll see what's available in your price range.
Housing inventory changes on an hourly basis in Chicago and most other cities in America. The dream house that was available six months ago is probably not still available, so please try to remain realistic. We'll look at places that you plan to move into within the next thirty - sixty (30-60) days or so.
You need to have a plan regarding the space available. You don't want to move into a place too small maintain your belonging, remember you have to pay for the place, so your happiness is what's important.
Don't worry about neighborhoods - the search is based on your commute to work, the space you need
(studio or one bedroom to start), and the budget you can accommodate. In Chicago, there is a place for every conceivable budget. Once we select five - ten (5-10) places, you will take a look at the areas and the buildings to make sure they meet your other specifications.
You want a place close to grocery stores, retail outlets, dry cleaners, and restaurants. If you have children, you want a place close to a good school that you kids can attend. The most important thing is that it be close to your job or an easy commute. You won't want to travel two hours each way to work, especially now that gas is so expensive. You also have to be close to family and friends. You don't want to be isolated.
Don't buy a house without an inspection! Don't get a place that doesn't have room for your car off the street! Make sure that inspection includes possible extermination - if that's necessary, I'm probably passing on the house, quite frankly. If you don't understand how things work everywhere, you didn't get a good inspection. Make a scaled down drawing of your place and your belongings - will everything fit comfortably? What are the options for expansion over time? You will need to expand over time - so take that into account.
You should not purchase a home with the thought that you will flip it in a year or two and so it doesn't matter what the interest rate is - that's actually never been true, and anyone who said that to you should be eliminated from your list of friends and added to your enemies list. That type of thinking leads to foreclosures, divorces, and mental breakdowns. If you don't love the house enough to live there long term (at least a decade) don't get it. You may move, but you want it to be your option, not your obligation.
No matter what you decide, make sure the decision is one that meets the needs of all concerned. If you have concerns that you are willing or aren't able to share with your real estate consultant - you have the wrong consultant, or you aren't really in the market. There are too many homes out there not to make one of them your own. Now is the perfect time.
