How to choose the right home for you

The recent surge in new construction and condo development throughout Chicago and the Midwest have given single buyers ample options to obtain a home. Data shows that single women accounted for one-third of all condo sales and 22 percent of overall home sales in 2006, according to the National Association of Realtors. Whether you are a single or family buyer, seeking an urban or suburban home, purchasing a residence is an excellent investment in your future. Because you'll have sole responsibility for the mortgage payments, however, staying organized and planning ahead will make you feel more confident in your investment.

Consider how much you can afford. Buying a home should set you on sound financial ground, not put you into debt. Be realistic about your monthly expenses to help you determine what type of mortgage payment you can afford. Your Realtor can put you in touch with a reputable lender who can create manageable monthly payments that work within your budget and leave plenty of room for upcoming expenses like renovations or new furniture.

Determine what you want. Make a list of the "needs" and "wants" you have for your first home. Distinguishing between the two will help you determine which homes are right or wrong for you. Think about a condo or a town home, which are more affordable and involve less maintenance than a single-family home.

Find a home you can grow in. "A common mistake many single buyers make is thinking too narrowly about their needs at the time. Consider if this home for one becomes a home for two or if it'll be easy to sell quickly in case you're inclined to move," said Jim McEneaney, senior vice president of Coldwell Banker Residential Brokerage. "You should find a home that can adapt to your lifestyle changes."