Buying your first Chicago home involves a great deal of decision making! While you may feel daunted by this, you can take a lot of fear and uncertainty out of the home buying process with some advance planning. Once you have attended a first-time home buyer seminar and obtained your mortgage pre-approval, you can put together a home buying plan that keeps you on track!
Here are some home buying guidelines to help you make the best choices!
Location. When you buy a home, you get the neighborhood that comes with it. Homes can be remodeled, but there won’t be much you can do about the nearby airport! The quality of a neighborhood affects your future home value, too! Decide your priorities when considering location, and do some homework on the following:
- School district quality
- Crime rates
- Ease of commute – access to major roads and public transportation
- Local amenities – grocery stores, shops, restaurants, parks, night life
- Noise/traffic – daytime and night time activity on residential streets
- Availability of medical services
Home features. Know your minimum requirements in a home – the things you absolutely cannot live without. Stay true to your budget when considering your desired features and amenities; some amount of compromise is always involved. Be honest about the things you really don’t want in a home. We have an example of a home buying list on our website!
Cost of ownership. Successful home ownership is a long-term proposition! Much is said about the costs of buying a home, such as the down payment, mortgage interest rate, and closing costs – but the ongoing expenses of ownership must be counted too! Keep the following costs in mind when considering a home, and make sure your budget is ready for them!
- Homeowner association or condo association fees
- Ongoing home and yard maintenance
- Property taxes and homeowner’s insurance costs
- Utility costs
Buy smart, and you’ll thank yourself for years to come!
StartingPoint Realty – specializing in first-time Chicago home buyers!
Need personal assistance? Make an appointment to meet us at our Chicago Resource Center for information without any sales pressure. Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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