Sweet Home Chicago

Redefining Real Estate

5 Crucial Home Buying Tips

Tips-Homebuyers

There is a lot to consider once you decide to purchase a home! In this post we share five great tips we feel are paramount for anyone considering a home purchase.

1. Get your finances in order

Find a great lender and candidly discuss your household budget, all your debts and your debt to income ratio, your loan options and how much cash you’ll need to close. You want to feel confident that you can meet your projected home payment and all the other expenses that go along with owning a home. Remember, just because you qualify for a certain amount does not mean you should buy a home in that price range.

2. Start your search early & know the market

It takes time to review all your options as a homebuyer. Do you want a new construction home or pre-built? Each of these has their own set of pros-and-cons. Do you have your eye on a particular neighborhood? Are you flexible on the area but know you want a home that is less than 10 years old? We can help you wade through these options and more so you can make the best situation for you and your family.

Markets vary from area to area, so don’t assume where you are moving will have the same market as where you live currently. Even within areas there can be some segments where homes move faster than other segments of the area. Take time to find out which you’ll be dealing with. In a seller’s market you will have to move fast. In a buyer’s market you may have a bit more leverage and the luxury of time when contemplating your offer. When you work with MaryEllen, you’ll have her neighborhood expertise and the knowledge she’s gained from working with hundreds of buyers.  If in a fast Seller’s market with multiple offer bids, you’ll also have MaryEllen’s expert strategy on presenting offers to win multiple bids.

3. Do your due diligence once you find a home you love

This is another area where a REALTOR® is invaluable! You need to move quickly and be thorough with these time-consuming efforts so you don’t waste your time and possibly your money on a home that is not right for you. MaryEllen takes cares of her buyers by assisting with these crucial tasks and more:

  • Find out why seller is selling
  • Research public records and other listings
  • Research utility costs
  • Budget for improvements, large purchases after closing
  • Determine a good offer price based on the home’s value, not the list price

4. Stay focused even after you execute a contract

It’s great to sign the contract and know you are on your way to closing, but here are some important things to keep in mind to ensure the few weeks spent getting there go smoothly.

  • Ask your lender and REALTOR® and attorney about the timetable and milestones
  • Be sure your calendar is free the day of closing to attend the closing and allow for flexibility, last minute runs to the bank before closing, delayed funding at closing, etc.
  • Ask for repairs if needed after the inspection, but be reasonable and remember the purpose of an inspection is to discover structural and mechanical defects, not to nit pick and not to turn it into a new construction punch list.
  • Don’t make a large purchase or apply for credit until at least a month after closing as this can effect your ability to close and/or keep the mortgage approved under an application with different credit/debt representation.

Buying a home is very exciting! We hope you found these few tips helpful. The more you know going in, the more fun you’ll have taking this big step in life.

If you are looking to buy in the Chicago or northwest suburbs, MaryEllen not only has expertise and market savvy, she devotes the time and energy you deserve when navigating this important life decision.

Reach out when you are ready to find your next home in downtown Chicago, Barrington or a surrounding community!


Contact:

MaryEllen Kuehl, ABR, CRS, PMN, SRES
Managing Broker/Owner
The Kuehl Group, Inc.
O: 773-327-5753 | C: 773-742-1479
kuehlgroup.com
maryellen@kuehlgroup.com

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This entry was posted on July 29, 2015 by in Uncategorized and tagged , , , .
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