HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH?

Investing in real estate property requires meticulous planning and diligent strategizing. Before entering the housing market, you need to sit down and deliberate on what your housing requirements are. You need to visualize the kind of property you seek and how much space you need.

It requires a process of mindful deliberation that will facilitate your short-term and long-term goal setting with regards to your homeownership plans. It is important for you to take time out for laying down your goals and strategizing for the kind of real estate property you want to invest in.

Making a list of what you “must” have, and what you would “like to have”, is a good place to start. For instance if you MUST have 2 bathrooms, then that is a necessity and you will not be willing to look at 1 bath homes. However you might “like” to have a fireplace. If the fireplace isn’t a deal breaker then that could go in a “like to have” list. Start by assessing the way you live, and what you need in a new home to be comfortable. Then relay that information to your Realtor who can begin to present homes for your consideration.

In this article, we will discuss some tips that will help you determine your housing requirement and needs.

Here’s everything you need to know:

The Art of Visualizing

All goals can be achieved with the simple art of visualizing. It allows you to stand in your own shoes and envision your housing requirement. You need to ask yourself, what is my housing requirement? What kind of property do I want to live in? Should I settle for a condominium in the suburbs? Or do I want a high-rise apartment in the city?

You need to visualize your future and how you see yourself growing in your new house. Another factor that impacts your housing requirement is whether you are single, married or ready to welcome a baby. All three of these factors will lead to a different housing requirement.

Singles don’t need much space and would want to make a valuable investment that promises greater rates of return rather than more space. Married couples want affordable homes that offer good commuting routes and modern amenities. Families require a safe neighborhood and thriving community, which hosts an impressive school district and entertainment facilities.

Visualizing will help you identify your needs but there’s definitely more to be done, so continue reading.

Making a List

Once you have visualized your housing requirements, it is important to make a list of all the factors and requirements that absolutely matter to you. You need to streamline your needs and list down all the features and aspects of your real estate property investment that you cannot compromise on.
If you’re a first time buyer looking for houses for sale in Chicago, it is highly advisable to check out some listing portals and home buying websites. This will give you an idea of the house specifications and features on the market within your targeted budget.

In general, compile a list of all the features and amenities that you would like to have. For instance, how many bedrooms do you need? Do you need attached bathrooms or two bathrooms in the house would be enough? Do you want a modern condo or a Victorian house with a classic wooden fireplace? What kind of kitchen do you want to have, and do you need an outdoor space for entertaining your family and friends?

This list will also help you identify and differentiate between your needs and wants. Naturally, you can always stretch out your budget to fulfill your needs for space and amenities. As for the wants, you can always obtain some and compromise on others. Basically, creating a list will create a roadmap for your housing requirement and the way you want to live in your new home.

Do you Research

Needless to say, doing your research is the most important thing while browsing for houses for sale in Chicago. Housing hunting is a challenging and overwhelming journey, and before you get started, you must arm yourself with extensive and definitive research.

Browsing through home buying websites and visiting real estate property listings will help you examine the market. It will give you an idea of the kind of homes that are available on the market within your budget. Remember, research is crucial for setting realistic goals.

Where do you want to Live?

Once you have figured out the kind of real estate property you’re looking to invest in, you need to pick out the area or neighborhood you want to choose. Are you looking for houses for sale in Chicago, or in the nearby suburbs? You need to narrow down the area, and this requires you to think about all the amenities and features you seek in a neighborhood.

Naturally, families would want to check out the school district, hospitals, entertainment facilities and other amenities. While singles would want to check out the commuting and transport facilities, nightlife and more. Figuring out the neighborhood or area you want to buy your home will give you the housing market you will be penetrating as an investor.

Setting Realistic Goals

It is important to set realistic goals to make your home ownership journey flexible and less overwhelming. Conducting market research and analyzing real estate property trends in your chosen neighbourhood will help you prepare for the harsh realities of your budget and overall home buying expenses.

Setting pragmatic goals and strategic planning will make sure your home ownership dream comes true without too many hiccups. It is important to partner up with a real estate agent who can help you identify the right houses for sale in Chicago that meet your requirements. Buyers are strongly advised to hire realtors as their commission to be paid by the seller.

It is also important to be realistic about the features you really need in your ideal home investment. Now, while a classic wooden fireplace is a desire, an additional bathroom or laundry space seems like a more functional feature. You need to think about the important requirements that directly impact your lifestyle and accommodate them within your budget. The key is the avoid fixating on opulent features, like fancy chandeliers, which may throw off your entire budget.

At the end of the day, it is important to know that nothing is definitive. You will begin to think more clearly and learn about your necessities and desires as you start looking throw houses for sale and attending open houses. So, don’t worry too much and arm yourself with as much research as you can to stay abreast of market trends and desirable listings.