Buying property in the Chicago area can be a complex process, especially if you’re new to the market.
The good news is that there are plenty of resources available to help you through this process. Unfortunately, most of them are difficult to find and understand.
But don’t worry. Keep reading as this guide was designed as an introduction for first-time homebuyers looking for a quick overview of what they need to know when buying property in Chicago.
1. Figure Out What You Can Afford
The most important step when buying any kind of property is to figure out how much you can afford. You need to consider your income, debts, and other expenses when making this calculation. You’ll also need to have a down payment saved up, which is typically 20% of the purchase price.
2. Get Pre-approved for a Mortgage
Once you know how much money you have to work with, it’s time to get pre-approved for a mortgage. This process is carried out by a lender, and you can do it online or over the phone.
3. Find an Agent Who Can Help Find the Right Home for You
Now that you know what kind of property you’re after and how much money you have to spend, it’s time to hire an agent to help you find your dream home. You’ll want to ask friends and family for recommendations if possible – they may be able to recommend a specialist in a certain area, such as real estate investment or luxury homes.
It may also be helpful to look up reviews from other people on any agents that catch your eye. Some questions you might wish to ask include: How many deals has this agent been involved in within the last year? What is their success rate? And how well do they know the Chicago property market?
4. Research Different Neighborhoods
One of the best things about being a property owner is that you get to choose where you live. Even if you’re not from Chicago, it’s important to do your research on different neighborhoods before making any decisions. Consider what’s important to you – such as schools, public transport, or nightlife – and find an area that ticks all of your boxes.
5. Scout Out Properties for Sale
Now that you have a general idea of what neighborhood you want to buy in, it’s time to start scouting out cheap properties for sale. This can be done in a few ways: by reading listings online, driving around, or attending open houses.
6. Make an Offer
Once you’ve found a property that you’re interested in, it’s time to make an offer. This is done by submitting a letter to the seller detailing how much you’re willing to pay and when you’re able to complete the sale. It’s important to have your finances in order before making an offer, as this will show the seller that you’re serious about buying.
7. Go Through With the Sale
Assuming the seller accepts your offer, it’s now time to go through with the sale. This will involve signing a contract and paying a deposit, which is typically 10% of the purchase price. You’ll also need to get mortgage approval again at this point, to make sure you can afford the property.
8. Draw Up a Renovation Plan
One of the best things about buying an older property is that there’s plenty of potentials for it to be turned into your dream home. Before you start decorating, however, it’s important to draw up a renovation plan so that any work done falls within the parameters set by local council regulations.
Some good questions to ask yourself are: What do I want my house to look like? How many rooms will need refurbishing? And how long will the renovations take? You should also consider whether you want to rent out your old house until renovations have been completed on your new one. Bear in mind, though, that if you want to do this, you may need to pay for second living expenses.
9. Arrange Building and Pest Inspections Before Buying
Once your offer has been accepted, it’s time to arrange some building and pest inspections. These are carried out by professionals who will look at the structure of the house as well as any potential problems that might arise in the future – things like water damage or termites. You should also get a survey done, so it’s important not to skip this step!
There’s no substitute for thorough research when it comes to making an informed decision about where you’re going to live.
10. Get Ready for Moving Day!
Once the renovations and inspections have been completed and you’re happy to go ahead with the sale, it’s time for moving day! Make sure you’ve got all your things packed and ready to go and get in touch with a reputable removalist. And don’t forget to say goodbye to your old place – after all, it’ll always hold special memories for you.
Want More Help Finding Property For Sale in Chicago?
The buying process for a property in Chicago can be a complex one. With so many steps and pitfalls, it’s easy to get lost or make mistakes along the way. And that’s we wrote this article to help you avoid some of the common problems people run into when they’re trying to buy their first home in this great city.
We hope that with these tips your experience will go more smoothly than others. If you’d like to learn more about property in Chicago and how to buy cheap property!
Also, don’t forget to share this article with anyone that you may know who is looking to buy property in Chicago.