Contemplating whether or not you should buy your first property can be a daunting task. And the Chicago area offers so much variety, it might even be overwhelming. If you are a soon-to-be-home-owner, you need all the help you can get when buying a property.
You may think that all it takes is browsing through realtor’s brochures and picking the prettiest property. Think again. Buying a property takes some time, saving and patience. You are looking to find a perfect home at the end of the day and don’t want to shoot yourself in the foot.
Luckily for you we offer a few helpful tips and useful advice that will prove valuable, as we cover all the important details to keep in mind when looking to purchase property in Chicago.
First Thing’s First
Having a down payment set aside is crucial to buying a home. So, we recommend that you save up with as much advance as you possibly can, even better if you’re only starting to consider a purchase in Chicago now.
Don’t leave it for later so you don’t have to let go of the perfect property because you couldn’t come up with a down payment.
The rates might vary from 25% being the most common to as low as 3%. However, as in most markets, you must bare notice to the fact that you get your money’s worth, and the cheaper down payments typically come with Private Mortgage Insurance as the seller is covering their back.
Pre-Approval Saves Time
Having good credit is paramount when applying for a loan, thus it is only reasonable that you make sure of where your credit stands before deciding on a definitive option.
Getting pre-approved for a home loan will tell you exactly where you stand and what your wiggle room is before you start roaming through Chicago looking at homes.
Know Your Needs
Another very important matter is getting real with what type of home fits your lifestyle. The clearer you are in what you’re looking for, the faster you will find it, and more than likely you’ll save money in unnecessary features. If you do not need five bedrooms, then cross out 5 bedroom properties.
We have recommended saving up for down payments and also getting pre-approved. On that same note, it would be wise to also check out open houses, parking space and think of your plans for the future. It will all help in the long run.
The Bigger Picture
Some properties might have everything you need, yet lack some things you want. Always be aware of the things you can change, the features that are just whims, and just general small things that you might forego. Compromising some of these might actually be a huge headache reliever.
All in all, we know from experience that if you invest but a little time and effort into finding a home, you will be saving yourself more than just money.
With a down payment, a preapproval, and all of your needs in mind, you are set for success and for finding the perfect home that Chicago has waiting just for you.