Those who are looking to buy their first home in the Chicago area will find that they have quite a bit of work in store. Buying a home does not have to be difficult, but it is important to make sure that you are working with a great realtor. A great agent will be able to walk you through all of the steps of buying your first property and will make all of the mountains of paperwork that you have to face make sense. Here are a few tips for first time home buyers.
Check Your Credit and Fix It
One of the most important steps of getting a home is in knowing whether you are even going to be able to qualify for a loan. Even if you believe that you have good credit and could get a loan, and even if you have a good down payment, you will want to talk to a mortgage broker to get a pre-approval before you start your search. They will run your credit and help determine the price range you can afford. If you have bad credit, most lenders are not going to be willing to lend to you. If they do, the rates are going to be high. So if possible, fix any bad credit. You must do these things before you start to look for a home.
Even though your real estate agent is going to be able to give you information about various properties in the area, you will want to check out some online listings on your own. This will give you a better idea of the types of properties that are out there, as well as their locations. You will also want to research the different neighborhoods in Chicago. Do you want to live in the South Loop or in Lincoln Park, or some other area? Do you want a condo, loft, townhouse or a single family home? The more you learn about the different areas and the types of homes and what each offers the easier it is going to be to find a property that will really suit you and your needs.
Buy Within Your Limits
When you find a property that you like, it is vital to make sure that you are going to be able to afford it. Think about all of the other payments that you have, and make sure that you are not getting in over your head with a property. Budget wisely so that you do not end up in financial trouble. This is one of the reasons for the housing crisis of the past few years.
Get an Inspection
Once you have a property in mind that you know you will be able to afford, you still have to make sure that you get an inspection. You want a third party to go over all of the details of the home to make sure that it does not have any hidden issues that could cost you thousands in repairs later.
When you have a great realtor working with you, it is going to be much easier to find the home of your dreams and get into the Chicago property you desire. It might seem overwhelming as a first time homebuyer, but the experience is well worth it.
The Hancock Group with @properties specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Text/Email Us today at 312-296-9300, or Find us on Google+