Purchasing that first home can be intimidating for some buyers. Researching the basics of a mortgage, dealing with real estate agents and filtering through the input of friends, relatives and even co-workers can seem a bit much. Here are the most important things Illinois first time home buyers should be aware of when looking at their purchase.
Programs Are Available to Reduce the Necessary Down Payment
Several programs are available to assist buyers with the purchase of their first home. The VA mortgage, FHA mortgage and USDA home loan are all geared to reduce or eliminate the need for a large down payment.
A Mortgage Pre-Approval Makes Negotiations Easier
Getting a pre-approval letter from an Illinois Mortgage lender will allow you to contract with a real estate agent and put an offer on a home. Without this letter your offer may get rejected by a seller.
Owning a Home Takes More than a Monthly Payment
Owning an Illinois home is akin to owning a vehicle. The monthly payment is just the start of your expenditures. There are several things that will need maintenance such as the roof, air conditioning/heating system and floors. Other items will need repair work from time to time such as lights, fans and all sorts of plumbing.
A Home's Value Can be Improved By Good Schools
It is usually a wise move to purchase a home in a strong school district even if the buyers don't have children. The home can be kept and appreciate value or the home can be sold in a few years and will likely attract top dollar.
Choice of Location
The location of the home will affect you in multiple ways. Where do you work? Where do you like to go for hobbies or entertainment? If you have children, will you need a babysitter or daycare? How close are the nearest grocery stores, gas stations and hospitals? All of these items will come up sooner or later.Â It can be a major hassle to buy groceries if the closest store is 20 miles away or going to the hospital for a few stitches requires filling up for gas first because of the distance.