Chris Garvey
eXp Realty
1010 Lake St., #200
Oak Park, IL 60301
(312)-434-3187

chris garvey chicago area real estate agent

Top 10 Tips for First Time Home Buyers

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Top 10 Tips for First Time Home Buyers
Top10 Tips for First Time Home Buyers banner

Shopping around for your first house can be very scary. There is so much information to take in when you visit a home and it can feel overwhelming at times. So, here are our top 10 tips for first time home buyers that will help alleviate the all too common purchasing anxiety that comes with buying a home.

  1. Saving Enough Money
    This is a given, in order to get anywhere you’re going to need to save up enough money to look serious to sellers. It’s common to put 20% down as a down payment, but don’t expect that to always be the case.
  2. Credit
    Always look for opportunities to get that score higher! When looking at different home loans, your credit will be the #1 thing that will make or break your chance at receiving the loan.
  3. Mortgage Options
    There’s a multitude of options when considering mortgage loans. FHA loans for individuals with credit in poor standing, and even USDA loans that cover 100% financing for Rural properties. There are various options available to you if you know where to look.
  4. First-Time Home Buyers
    This is one of the ​most important​ mortgage loans new home buyers can take advantage of. Tax breaks and federally backed loans help you make the home-buying experience a lot more seamless and realistic. It’s likely that you’re not going to have all of the finances to buy the house all in one go, so it’s nice to have a multitude of options when it comes to paying for your house.
  5. Homeowners Insurance
    Some lenders will require this before wanting to close the deal. This covers damage to your belongings, or the home, should any accidents happen. It also covers any responsibility you’d have if someone were to be injured in said accident.
  6. Preapproval Letters
    Get it in writing! This letter is a written agreement in which the lender states how much they would be willing to lend to the lendee. Some letters might have an expiration date, so be sure to ask and check when yours will expire.
  7. Choosing The Right Neighborhood
    Do you have children? Have a parent/grandparent that has medical needs that need to be taken care of on a weekly basis? That needs to be taken into account when you’re buying a house. Maybe you need your home to be near an elementary school or even a doctors office.
  8. Doing your Due Diligence!
    Home inspection, home inspection, home inspection! Professional inspectors can find physical problems within the house and give you an itemized list full of issues that will need to be addressed before your house can become a home. The GRT Homes team can help you get this taken care of.
  9. Knowing That You Hold The Power
    Having that home inspection can really save your skin when negotiating prices with the seller. It gives you leverage allowing you to potentially save money on your home. There will be a lot of factors to take in when negotiating, such as the status of the local market. It is important that you become familiar with the local market before coming to an agreement with the seller. Our agents are well versed in these situations and will make sure you are taken care of.
  10. Open Houses!
    Bring out your inner P.I when attending an open house. Look around the neighborhood and make sure to gather as much information as you can. This is your future home we’re talking about here

We hope these tips can help you when searching for a new home. Our agents are well versed in the Chicago area and can always help make your experience as easy as possible.

312-434-3187

1010 LAKE STREET, SUITE 200
Oak Park, IL 60301


Brokered by eXp Realty

Living in and specializing in Oak Park and River Forest

MLS® Disclaimer

The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright © 2019 Midwest Real Estate Data LLC. Data is updated as of October 5, 2019 3:30 AM.

© 2019 GRTHomes          /         Terms of Use          /        Privacy Policy          /        Fair Housing Statement

Powered by Radiant Hosting

Scroll to Top