Essential Chicago Homebuyer Tips

It’s not rocket science to understand why prospective homebuyers are deciding that now is the time to buy in the Chicago area. Interest rates are still low. Both nationally and locally, all the economic indicators are positive. Whether you’re a seasoned investor or a first-time homebuyer; whether you’re relocating your family or retiring; or even if you’re buying a second home, many of the same rules will apply. Here are some recommendations:

1. Start by finding an experienced Chicago real estate lawyer who knows the area. Don’t wait until the closing; before you even begin a real estate transaction, make the call. If you hire a lawyer in a timely fashion, you’ll avoid or minimize your risks. A good real estate lawyer can also advise you regarding the legal promises you must fulfill and help you avoid a lawsuit or any other legal action.

2. Determine what you can spend, compare the selling prices of other homes in the area, and find out what your closing costs will be.

3. Establish what your monthly costs will be after a home purchase, including insurance and taxes. In some cases, taxes and insurance can almost double your payment. Your real estate lawyer can explain exemptions and tax laws that might make a difference between what veteran homeowners pay and what first-time owners will pay.

4. Don’t forget the big picture. Maintaining a home is often expensive and exhausting. Hidden costs and unexpected repairs can quickly deplete your resources.

5. Fannie Mae advises buyers to spend no more than 28 percent of income on housing. Check your budget. Over 30 percent for housing is too much.

6. Keep complete records. Full financial documentation is imperative.

Real estate is almost always a wise investment. When you hire an experienced Chicago real estate lawyer, you make another wise investment in your future. If you’re involved in a transaction or considering a real estate sale or purchase in or near Chicago, don’t hesitate to make the call promptly.