Buying your first home can be both exciting and overwhelming. With so many things to think about, novice homebuyers could make mistakes that have been easily avoided with the right information and by working with an experienced Realtor. Here are some tips to help you out:
Get Your Finances in Order
Before purchasing a home, it’s important to figure out your budget. Knowing your budget lets you narrow down the houses that you can afford. It’s also a good idea to go to a lender and get your finances reviewed. This includes going over your credit score, overall savings, debt-to-income ratio, and getting pre-approved for a mortgage. Knowing the costs to expect when buying a home and becoming a homeowner can save you from getting stuck in difficult financial situations in the future.
Know What You Want
From condominiums to single-family homes, you will have a lot of options, especially when buying property in Chicago. Knowing the type of home that suits your lifestyle and specific needs will make house hunting easier. Aside from looking for the right property, it’s also important to consider the neighborhood you’re going to buy into. Try to prioritize what’s most important to you. Is it being closer to work? Or is it having a home in a good school district? Doing some research on the neighborhood of the property you’re eyeing assures that you will be fulfilling some external requirements for your new home from accessibility to security.
Make a List
As a first-time homebuyer, you should keep in mind that finding the perfect house is more difficult than it seems. When shopping around, you should keep a list of things you’re willing to compromise on and things that are non-negotiable. Being more flexible and realistic about your expectations will make finding the right house easier as an experienced agent can focus on finding you what you want.
Take Your Time
Don’t get caught up in the excitement of buying your first house. Jumping into a decision too quickly could lead to buyer’s remorse. Taking your time and familiarizing yourself with the market will help you make better-informed decisions about your purchase. Give yourself time to shop around and visit as many houses as you can to get a better perspective on what you’re looking for and what types of homes are for sale in Chicago.
Hire a Real Estate Agent – Us!
As a first-time homebuyer, you may not know that much about the real estate market you’re looking in so having an experienced real estate agent on your side can remedy that. A real estate agent is someone that can skillfully help you through the processes and give you in-depth knowledge of the local market. From looking at listings and previewing homes for you to helping you negotiate with the seller, we will be there for you every step of the way.
If you want an experienced guide to help you navigate the real estate market for your first home, just give me, Carla Walker, a call at 312.342.0078 or send an email to cwalker(at)koenigrubloff(dotted)com.