Whether you are a first time or seasoned homebuyer, it is always an exciting but at the same times a daunting experience. Here are a few tips to help you make this decision while avoiding any pitfalls.

1. It is most important to first research which features you will be looking for in a home, which neighborhood you prefer and how much you are willing to spend. Will this be a starter home or something permanent? The internet is a good place to start. Once you start looking around, remember that there is no such thing as a perfect house, so prioritize as to which features are most important to you. If you are not having much success in the neighborhood of your choice, don’t hesitate to look elsewhere. Homes that need a bit of TLC often cost less to buy and can add equity to your pocket.
2.  Keep in mind that you will be leaving your current property so try and coordinate your future move accordingly. If you own your current home, you mill most likely make an offer ‘contingent’ on its sale. Leasing: When does your lease expire? Will you be able to sublet?
3. A REALTOR® who specializes in buyer representation is the best person to assist you with your search. Unlike listing agents, their duty is to you and not to the seller. They are usually paid out of the seller’s commission payment.
4. Before beginning your house search it is important to first ensure that you have enough money for your down payment and closing costs and that you have been prequalified for a mortgage bond by a lender you have chosen. This way, you will know which price range you should be looking in.
5. Don’t allow too many different opinions to confuse you. If you get a second opinion, make sure it is from someone who is knowledgeable, but remember that the final decision should be made by you alone.
6. Have the home inspected for any defects and if possible get a warranty from the seller to cover defects for a year.

I serve home buyers in the Northwest Chicago suburbs and surrounding. I take time to educate you on the buying process, and stay in close contact with you throughout this exciting time of buying a home. Let’s have a chat if you have questions, reach out anytime.

It’s exciting to purchase a new home! Whether it’s your first home, an investment home, or vacation home. A big part of this excitement comes from envisioning what you’ll do once you own the home. We are happy when we see our clients excited. For this post though, let’s take a step back and think about your finances before you purchase, and explore the long-term benefits a home can contribute to your financial security.

Be realistic when you make a plan: Make a list of the things you desire (vs need) in your next home. You may be able to have both, and that’s great. Most important is to address your primary needs. Take an honest look at your current income and expenses; keep in mind the big costs you expect to come up in the future (college, family vacations, cars, etc.). Try and learn a bit about mortgages on your own and avoid the temptation to max yourself out once you do sit down with your mortgage lender. Having a frank conversation with everyone in your family will go a long way in making the best decisions long-term

Find a mortgage lender you trust: A great mortgage lender will be aware of all your loan options, be willing to educate you on the loan process, and make proactive suggestions based on your particular situation. It’s OK that you don’t know all the ins-and-outs of mortgage lending. Once you find the perfect fit in a loan officer you’ll feel supported and confident in your decisions.

Lean on your REALTOR® for advice: Your REALTOR® is likely to know a lot about mortgages, even though it’s not their area of expertise in most cases. Reach out early and allow them to be there for you when you first start contemplating your home purchase. You’ll be amazed at the reliable guidance you can get from a great agent. An experience agent will have more than one referral for reputable mortgage lenders as well.

Keep equity growth top of mind: From start to finish, don’t lose sight of the benefits that equity growth in your home provides. With every decision you face throughout your home buying journey, ask yourself “Will this contribute or take away from the equity I plan on building in my home?”

Reach out anytime if you are thinking of buying and have questions. Text, call or email! As your Chicagoland northwest suburbs REALTOR®, I am here to listen, help you make a plan, and work for your best interests.