How to Find the Right Size Home for You

Situated about 25 miles north of the Chicago Loop, Highland Park, IL, is a suburban city that many consider the heart of Chicago’s prestigious North Shore. With the beautiful Lake Michigan as its eastern border, this energetic suburb spans 12 square miles and is home to approximately 30,000 residents, all of whom enjoy a front-row seat to Highland Park’s vibrant array of shopping, dining, and entertainment not to mention quick access to downtown Chicago via train or I-94.

 

It’s safe to say that there’s no room for boredom in Highland Park. After all, the suburb comprises nine distinctive business districts, each with its own unique character but united by a few shared characteristics: a lively community ambiance, well-groomed landscaping, and plenty of trees providing shade and a verdant feel. (In fact, Highland Park has earned a Tree City USA designation from the National Arbor Day Foundation.) All of the above is in addition to a wealth of parks and green spaces, which are often host to Highland Park’s many seasonal events. One of its most popular events is the Ravinia Festival, which is the nation’s oldest music festival and is held at Ravinia Park. The 36-acre park is also the summer home of the Chicago Symphony and, during the warmer months of the year, hosts classical, jazz, Latin, and pop concerts.

 

Architecture enthusiasts will also find something to love about Highland Park, as this historic residential district is revered for its well-preserved homes in Queen Anne, Tudor Revival, Colonial Revival, and Richardsonian Romanesque styles. The neighborhood is also home to the Willits House, designed and built by iconic architect Frank Lloyd Wright in 1901. This shining example of Highland Park real estate is on the National Register of Historic Places. Certainly, Lloyd Wright and his fellow contemporaries had clients in mind when they designed these distinctive homes, but you don’t need to be an architect to determine how large or small your house should be. Here are some helpful tips to help you find the right size home for you.

Before taking the leap and listing your current home for sale, evaluate its pros and cons to be sure that moving will be worth the time, effort, and expense. Doing so will also provide you with a better idea of what exactly to look for in your new home in Highland Park. Are you happy with your current home’s footprint, or is it too small or large for what you foresee your lifestyle will be in a few years? While you might need your home office now, will you still need one when you retire? If your kids are growing out of the let’s-play-catch-in-the-yard phase do you anticipate needing a large yard in your next home? What will your house feel like once the kids move out? Will you have enough room to be comfortable, or will you have rooms that you never use? Are you a master chef in training who wants or needs a gourmet kitchen, or are you just dreaming of potential resale value?

Take a few moments to envision your future. Where do you see yourself five, 10, or 15 years down the road? You don’t need to set anything in stone, but having a rough idea of how, where, and with whom you’d like to spend your life will allow you to find a home that fits your future needs. For example, are you single?  Do you plan on marrying or partnering with someone special? Are you planning on having children? Do you plan to downsize upon retiring or your children leaving the nest? Do you have aging family members who may move in with you? Additionally, consider your physical capabilities once you reach an advanced age. For instance, if you live in a three-story home now and rely on going up and down stairs all day as a convenient alternative to going to the gym, do you anticipate that same activity level once you retire?

Next, it’s time to lay all your finances on the table. When buyers begin their search, it’s very easy to fall in love with a home regardless of its true effects on your budget. Note that Highland Park real estate is currently selling for a median price of $789,000, down from last year’s $899,900 high. In spite of that dip in price, the area is still experiencing a seller’s market, which means that there are more buyers in search of Highland Park, IL homes for sale than there are homes available for sale.

 

Instead of getting swept up in a bidding war, be realistic! Buying a new home or a home that’s new to you doesn’t mean the expenses stop there. Ideally, your mortgage and living expenses, such as insurance, utilities, and maintenance upkeep, should not exceed 30% of your income. Don’t be persuaded to take out a second or third mortgage to cover a house payment and expenses that were beyond what you could afford from the very start. You’ll likely never be able to pay off your mortgages unless you inherit a healthy sum of money or you win the lottery.

Everyone has a wish list of ideal home “must-haves,” but these wish-list items aren’t always practical or affordable.  Do you really need a bowling alley in the basement or an entire room dedicated to crafting? You might need that crafting room if you have an online business that earns you a salary. If, however, you only use that room a few times a year to help your kids with their school projects, there could be a much better use of that space. You might not need the room at all, but you purchased the house because of it, and now you rarely use it. As a result, you could have bought a smaller home and used all the space more efficiently, and probably could have saved money on top of that.

If you’ve devoted time to searching for your next home amidst the Highland Park, IL homes for sale but still haven't found the ideal floor plan in the perfect size for your family, consider checking out new housing developments. Many builders will let buyers customize their existing available floor plans, and even more so as the development reaches 100% phase completion and the developer is eager to sell every last home. Keep in mind, though, that once you decide to sell your house after any customization is made, buyers will be looking at comps. If you have created a mini-mansion that is out of the pricing pocket that Highland Park real estate brings into your neighborhood, buyers could look at your house as a classic case of overbuilding for the neighborhood and drive to the next house that better fits the pricing curve.

Local realtors know Highland Park real estate like the backs of their hands and are eager to assist you in finding the ideally sized home for your family's lifestyle. Ready to get started? Reach out to trusted local agent Ali Lerner today for assistance.