3 First-Time Home Buyer Mistakes You Need To Avoid
Purchasing a home is no simple task, as a matter of fact, the process of obtaining a home can actually be quite frightening if you don’t come prepared with the proper steps to take.
In this article, we’ll go over 3 mistakes that you MUST avoid while undergoing the process of buying your first home. If you have any questions, our Chicago Real Estate Agents are available to assist you within minutes.
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The True Price Of Your Mortgage
For most people, when they tell themselves that they’re ready for a mortgage, they actually have no clue what that will entail. Additional costs such as property insurance, property taxes, association dues, ridiculous electricity bills during the summertime.
Those are just a few that you must place into consideration before you go off and start your quest for purchasing a home as a first-time home buyer.
Aside from the base cost of these additional fee’s, remember that most costs tend to rise throughout the years so that $400 insurance fee could very well spike to $550-$600 within a year. Read more about Home-owners insurance here.
Let’s Talk About Our Home’s Location
The location of a home can mean everything to most buyers, but to some, the appearance of their prized treasure is all that matters. We’re here to tell you that both are equally as important!
If you don’t mind living in a more compact, crowded community, then you just might be saving yourself thousands on your mortgage due to having a smaller yard to no yard at all.
But for those who have larger families, pets, or just enjoy the comfort of being able to lounge in their backyard with a nice cup of lemonade under an umbrella, location can mean everything.
Do you plan on living near the countryside? How about in a more confined space on the outskirts of downtown Chicago?
The median sales price for homes in Chicago for Mar 1 to May 30 was $277,500 based on 5,053 home sales. The average price per square foot for Chicago was $221, an increase of 1% compared to the same period last year. Information pulled from Truia.
Find Your Loan First and Your Home Second
Many novice home-buyers will see the home of their dreams and decide from there on out that they have to buy that home, no questions asked. The problem with this is very simple to understand… Do you even have the purchasing power to buy this home?
Finding a loan before you start shopping for a property is required just so you can have a better idea as to what areas you can view homes in and the size of home you can start looking into purchasing.
It is very easy to make an emotional decision due to the appearance of a home and not caring about anything else other than buying that home. The downside to that would be the years that follow and the possibility of you losing a home due to a mortgage that you can’t afford.
Get Help From An Experienced Professional Before Making Your Decision
Our staff is available to assist you with your real estate needs, 7 days a week, 365 days a year for your convenience. Don’t get started until you’ve talked to a licensed Real Estate Agent in Chicago. We’re committed to making your experience an effortless and enjoyable one.