Buying your first home is equal parts exciting and nerve-wracking. The good news is, there’s a plethora of information and assistance at your fingertips. What do you need to know—and what mistakes should you avoid? Read on to learn more.
Find your range
Most home buyers begin by dipping their toe into the water by browsing home listings. Shiny, beautiful kitchens, master bedrooms and big fenced yards can distract from the reality of what you can afford. Start the home buying process by talking to a trusted real estate agent who can recommend a good mortgage broker. They’ll walk you through your financing options and help you hone in on a smart price range.
Get an agent pronto—even before casually looking
The Chicago real estate market is a hot one—even in national lulls. Some first-time home buyers begin to browse listings without having an agent—and may even visit a property or two solo. This can be risky if you find your dream home and need to move quickly. A good real estate agent will not only help make your search easier, but set you up for success (in negotiations and otherwise) during your property visits.
Take advantage of program perks
The government wants to incentivize home ownership—and that’s great news for first-time buyers, who have lots of options when it comes to getting assistance and incentives. From lower down payment requirements and interest rates to federal grants, explore your options before you begin your search. A good agent can help advise you on these programs.
Think about what happens post purchase
Many first-time home buyers explore properties that require a little TLC. It’s a double-edged sword: fixer-uppers offer the deals buyers on a budget the opportunity to create their dream home; on the other hand, inexperience owners might not fully understand what it will take (in money and time) to get there. That’s where a specialized real estate agent—with thorough knowledge of construction and remodeling—comes in. Agents with experience developing and investing in their own properties can help first-time buyers understand what they might be getting into—and even recommend trusted (and cost efficient) contractors and service providers.
At Stoykov Real Estate Group, you’ll enjoy agents with in-depth, wide-ranging expertise and a commitment to helping first-time home buyers navigate their first purchase. Contact us today.