Buying a Home in Lakeview

Purchasing a Home in Lakeview

So you're ready to buy a home in Lakeview. That's great. You've no doubt sat down and had a serious look at your financial situation and figured out what type of home you can afford. The housing inventory in Lakeview offers all sorts of options, from condos and apartments to townhouses and single-family homes. Lakeview has an abundance of beautiful brick residences built at the turn of the century on tree-lined streets, as well as many gut rehabs and condo conversions to accommodate everyone from young families to retirees.

The great thing about Lakeview is you can live in any type of home you want in any type of residential area you want. West Lakeview has a variety of detached houses with private garages and yards while the high-rise buildings in Lakeview East have breathtaking views of Lake Michigan and offer convenient on-site amenities such as fitness centers and recreation rooms. In between the two are walk-up flats, new construction condominiums, townhouse complexes, vintage courtyard apartments and other multiunit properties.

Contacting a real estate agent can help streamline the home buying process. You can discuss with your agent the specifics of what you're looking for and what's important to you. Your agent will not only be knowledgeable in the current housing market but should also be familiar with the neighborhood schools, property taxes, shopping districts, nightlife, etc. While finding a good real estate agent is recommended, the future of your home purchase should not be left entirely up to your Realtor. It is something you should get involved in and take an active approach to as well. Your agent has your best interest in mind but you should also take the time to educate yourself on the local real estate market as well as the mortgage industry. The average Lakeview home buyer will need to secure a mortgage in order to finance a home purchase (unless you have a few hundred thousand stashed away to pay in cash). You can use the Internet or ask your agent to supply information on reputable lenders. You should also get pre-approved for a mortgage loan at this point. This will help you determine how much you can afford and will help keep your feet on the ground and rule out those homes priced out of reach.

The Buying Process

This may be your first home-buying experience or maybe you're upgrading from a condo or smaller house that you or your family have outgrown. Either way the first step in the purchase process is to do a little financial homework. Sit down with your record books and financial statements (and credit card bills) and figure out where you stand in the money scheme of things. There are "cheat sheets" available online or from your agent that help you calculate how much you can spend on a home. This multi-step calculation presents a rough estimate of what can you afford right now. Keep in mind the amount could change depending on the fluctuation of interest rates and whether your financial situation improves (or declines) in the foreseeable future.

Now that you know what price range you are looking in, you should figure out where you want to live. Chicago is an expansive city with lots of different areas to choose from. To determine which part would best accommodate your needs you'll have to consider questions such as these:

These are all things you've no doubt thought about, but make a list. Prioritize from most to least important in terms of what you need in a home and in a neighborhood. Make sure your Realtor knows upfront what's important to you. This will save you time in the hunt for your dream home. Figuring out what you can afford on your own is sufficient to get started, but before getting too far into the home search process you should get pre-approval for a loan. This involves a lender running a credit check and other financial background checks to determine what mortgage amount you are eligible for. They will give you a letter of commitment that you can include with any offer you make to prove you are a serious buyer with adequate funds to purchase the property.

One of the most important things to remember during this time is to enjoy your house hunting! Yes, it can get stressful but it is also exciting and fun! Communicate with your agent and be upfront about everything you are feeling during this process. This is a long-term investment that will become a major part of your everyday, so take the time to do it right and get exactly what you want. Don't rush and see as many homes as your timeframe permits. Keep an open mind and realize you may have to be flexible.

When you find a home you want, it's time to make an offer. This is where your real estate agent's expertise is especially handy. They know what a fair market price is for the property under current conditions and are prepared to negotiate the asking price on your behalf. This part of the process can be successful in one try or may take several rounds of offers and counteroffers to be accepted by both parties. This is where that age-old adage "patience is a virtue" comes to play. However, not all buyers' have the luxury of time (in the case of relocation for example), which may call for aggressive bidding. There are many strategies to negotiation, so discuss your options with your Realtor.

Make sure you have a professional home inspection before you sign on the dotted line. Your own assessment of the property probably only takes the aesthetic value of the property into consideration but it's necessary to know what lies beneath the surface, too. A thorough inspection by an accredited inspector can reveal many of the property's unseen flaws. Wouldn't you rather know about that damaging mold problem prior to the sale instead of six months down the road during the first heavy rainfall in the new home? Any problems or questionable situations the inspector finds can be brought to the seller's attention for correction; or the added expense of getting the issue fixed can be negotiated out of the purchase price. Or, if the defect is serious enough to create ongoing problems, it may be cause for canceling the deal. In many cases, having an inspection is written into the contract to protect the buyer from purchasing a lemon.

Once all the details are ironed out you will schedule the closing. This consists of you, your agent, the seller, the seller's agent, a representative from the title company and the attorney getting together to compete all the formalities. You will need to bring the appropriate form of payment to cover the necessary upfront expenses, which include down payment, title insurance, transfer taxes, attorney fees, etc. (the total amount usually equals one to two percent of the full mortgage). All the official deeds are signed over to you and you receive the keys. Congratulations you are now a homeowner!

Buying DOs and DON'Ts

DO visit as many different homes as you can.
DON'T fall in love with the first one you see.
Well, you can fall in love, but don't commit to the first one you see. Play the field, as they say, and keep good records of what you like/dislike about each property. If you end up going with the first place you visited at least you'll know it is the best one for you and won't question what else is out there later on.

DO take time to feel-out the market.
DON'T be discouraged by the process.
Finding the right home can take weeks, months or, for some, the better part of a year or more. It depends on how much time you have (and how much patience). Keep a positive attitude and realize this is a big investment that requires a considerable amount of time to conduct correctly.

DO get pre-approved for a home loan.
DON'T go out house hunting until you know what you can afford.
Find out where you stand financially before you start looking at homes that may be out of your price range. Take stock of your finances and educate yourself on the real estate market and what you can get for the amount of money you have.

DO familiarize yourself with real estate lingo
DON'T sit on the sidelines and wait for your Realtor to translate everything to you.
Be informed and prepared for this venture. Even if you have the best real estate agent in the business, being a savvy consumer will make the whole experience a much smoother and more enjoyable one.

DO get a home inspection on new constructions.
DON'T expect a property to be in perfect condition just because it's new.
Make sure a professional inspector examines the property from the basement to the rooftop, whether it is a new construction or existing home. Don't skip this important step in the home buying process or you could get burned with expensive repairs later on.

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