As with any new experience such as writing a high school term paper, purchasing a first home in Naperville can look overwhelming. What did the teacher tell you in the 11th grade? Break the project down into simple steps.
Below are some steps, a checklist to help manage the process of buying Naperville real estate.
1) Ask yourself a very important question. Will you be living in your Naperville real estate for at least three years? If so, commit yourself to buying some Naperville property. After two years, you’ll break even on closing costs; with average appreciation, you’ll then be earning money each year.
2) Don’t fret the down payment. A big down payment is no longer necessary when purchasing a home. Zero-down programs are common because the home is collateral for the loan. Many banks will give 100% loans, even to buyers without great credit scores.
3) Get pre-qualified. A pre-approval letter adds buying power and gives you the ability to make a timely offer when you find the perfect property, but it also will tell you exactly where you stand. You’ll be able to look at a payment table and determine precisely which monthly payment fits into your budget.
4) Consult a Realtor right away. The most important qualities to look for are knowledge of your specific market and willingness to help. Real estate agents have access to the Multiple Listing Service. They have the broadest oversight to properties in the area and will present your options.
5) Do the Ben Franklin lists. List all of the characteristics that you must have and then list those that you want. Must haves are the necessities such as price, school district, and size. Wants may be wall color, appliances, wiring, and other things that can be easily changed in a home. This exercise will save you an endless search for “love at first sight,” making your search more scientific.
6) Find the right neighborhoods first and center your search on those neighborhoods. A house in the wrong neighborhood is worth nothing—unless you are going to build a similar home in the right neighborhood.
7) When you find the perfect home that fits your criteria, act. Make an offer. Many people wait and are disappointed when their dream home is snatched up by someone else. If you have done your homework and a home matches your criteria, then pull it in.
When you turn in that term paper after staying up late oh too many nights, the feeling of accomplishment and satisfaction is enormous. When you have signed the documents and moved into your first new home, you’ll understand the pride of owning private property in America. Congratulations!
Contact Larry Shakman at 630-921-0611 or Larry@FeaturedHome.com.
