A 2019 report on generational home-buying trends by the National Association of Realtors (NAR) states that 33% of homebuyers for that year were first-time homeowners. Of that figure, 86% were aged 28 years old and younger.
It is reassuring to note that many young people are eager to become homeowners as they have both the confidence and the finances to succeed in their real estate goals.
Be inspired by the success of these millennials and make it your goal to have a home of your own in Chicago. To help you out, here are expert-approved tips to keep in mind as you shop for your first home.
Know what you are looking for
There are a number of home types available in the Chicago real estate market. These include single-family homes, condominiums, townhouses, and apartments. If you are aiming for classic architectural styles, you will still find homes here with that distinct Chicago trademark like the Bungalow, Worker’s Cottage, and Frame Two-Flat.
Realistically assess how much space you will need, as well as the amenities that will be useful for you. A multi-family home may appeal to you but you may end up under utilizing the available space. In that case, a townhouse or a singlefamily home may be the better option.
Look into the future
Buy a home now but think long-term. After all, this endeavor entails a substantial investment. Moreover, it should be able to keep up with your evolving lifestyle choices.
Consider the possibilities that lie ahead. If you intend to settle down, will this home give you ample space and a nurturing environment to raise a growing family? If you see this house as an addition to your asset portfolio, do you foresee handsome returns in your investment several years down the line when you feel that it’s time to sell?
Don’t make a big deal out of minor issues
Some first-time home-buyers may be put off by a house when they find issues like a missing bathroom tile, a couple of faulty light bulbs, or a few window gaps around the air-conditioner.
While it is understandable to wish for a house that’s in perfect condition, know that this is possible only for newly-constructed homes. For lived-in homes, know that minor issues like the ones stated above can be easily fixed.
What you should be worrying about are major problems concerning the roof, foundation, electrical wiring, and plumbing, to name a few. The presence of molds, asbestos, and radon can also be cause for alarm.
Secure mortgage pre-approval as soon as possible
Getting pre-approved for a mortgage indicates that you are financially capable of purchasing your first home.
Unlike a pre-qualification, pre-approval entails the completion of a full mortgage application and a thorough examination of your credit history and overall financial background.
Getting pre-approved for the first time may seem daunting, but with a knowledgeable and reliable partner by your side, there is nothing to worry about.
Your reliable real estate team from the United Realty Group understands the challenges of finding the right property and securing timely financing. For assistance in buying your first home in Chicago, call the team at 888.964.1977 or send an email to info(at)united(dotted)re.