6 Steps You Need to Know to Buy A Home

Chicago REALTORS® are trusted advisors who can help you navigate one of the most important financial transactions you’ll ever make. Ask to schedule a buyer consultation so you can better understand the entire homebuying process, discuss your real estate goals and get all your questions answered.

A step not to be skipped, this will ensure you have confidence in your buying power! Getting pre-approved gives clarity into the different loan products and options available to you. Keep in mind: not every purchase requires a 20% down payment (in fact, most don’t!). Ask your Chicago REALTOR® for a few lender recommendations and get pre-approved to begin your homebuying journey.

The fun begins when you start finding and touring properties (either virtually or in person). Talk with your Chicago REALTOR® about the criteria you are looking for in a home. You may consider making a Needs vs. Wants list. Focus first on your needs: things you cannot easily change, like the type of property, location and number of bedrooms and bathrooms. Your wants should be anything cosmetic-related, modern conveniences or amenities. Remember: you can always invest in your home after purchasing to make it a perfect 10!

You’ll recognize the feeling when you find “the one,” and you’ll be confident in your decision to move forward having followed these homebuying steps! Your Chicago REALTOR® will review and explain the purchase contract with you, advise you on terms and market trends to consider, and negotiate on your behalf to an accepted contract.

Even when you are officially under contract to purchase a home, there is plenty of work left to be done. Most contracts will have several contingencies, or checkpoints, built in to provide you time to do a home inspection, review the contract with an attorney, secure your financing with a lender, and (if purchasing in a homeowner’s association), review information about that association such as rules and regulations or financials. It seems like a lot of work, but don’t worry – your Chicago REALTOR® will guide you through each checkpoint.

It’s time to celebrate! You’ve made it to your closing day where you will officially become a homeowner. Your closing takes place at a title insurance company, which provides you additional protections as a new homeowner. This is also when you receive the keys and property deed. You’ll also sign all of your final closing documents. Afterwards, head to your new home and celebrate your achievement of homeownership!