Naperville Real Estate Blog

Two-thousand eight is the perfect year to stop renting and to buy your own home somewhere between Naperville and your job in Chicago. If you would like to host Thanksgiving dinner from your own Naperville or western Chicago real estate in a smaller community, we are here to help.

There are some great buys for homes in Burr Ridge, Bolingbrook, Glen Ellyn, Downers Grove, Woodridge, Oak Brook and Lisle. Our knowledge and experience with real estate in the Naperville region can be immensely helpful.

The following list details a New Year’s Resolution every step of the way to your new home in the Naperville area. You can start the ball rolling by putting the following action plan on your kitchen cupboard. Make adjustments as necessary and keep marching towards your goal.

January 1, 2008 (6 months before Moving Day)

• Narrow down your territory. First, look for the right town. Then we will zero in on the neighborhood and find a house. Get a map and cancel out the towns and neighborhoods that you are eliminating.

• Know your financial situation. That means finding out your credit score and dealing with any problems on your credit report.

• Decide exactly how much money you can comfortably pay for a monthly mortgage. Be honest with yourself and refrain from imagining that your ship will be coming in someday, etc. The mortgage lender will give you a top dollar qualification later, but you may be more comfortable at a lower figure.

• Be realistic with your budget and the options available for townhouses, single-family, suburbs or country properties.

• Talk to Realtors and find one to help you with your search.

March 1, 2008 (4 months before Moving Day)

• Select a mortgage broker or a mortgage lender. They will run your credit information and obtain preliminary information about your accounts. Determine how much house can you afford and do not waste time looking at properties out of your price range.

• Get pre-approved for a mortgage by applying and turning in all required documents and paperwork.

• Ask your lender for a copy of a Housing and Urban Development publication called “Your Settlement Costs” that explains all the fees and expenses involved.

• Find a local real-estate attorney at this point in the game.

January, February, March 2008 (Ideal time to spot your new home)

• When you find a house, make an offer. Either you or the lender should initiate a title search to be sure the property is free of liens or encumbrances. Your Realtor will recommend a home inspection and the lender will hire an appraiser to be sure the home is as valuable as you are planning to pay. You, the buyer, should purchase homeowners insurance and have it faxed to the closing agent. It is also a good idea to purchase a home warranty if it does not already come with the listing.

May 15, 2008 (6 weeks before Moving Day)

• If your company is transferring you, find out exactly which responsibilities are your and what things the company covers. Make a list of everyone who needs to know of the move — friends, relatives, creditors, schools, doctors and dentists.

May 22, 2008 (5 weeks before Moving Day)

• Select a mover. The moving company carries basic insurance, probably by the pound, and you may need to supplement their coverage. If you anticipate an interim period between moving out and moving to your new home, arrange for a storage facility.

• Contact insurance companies to insure your belongings during the move. If appropriate, have an appraisal of expensive items you want shipped by the mover and obtain extra insurance.

June 15, 2008 (2 weeks before Moving Day)

• Arrange to have utilities and phone service in your old home shut off after the movers leave. If you are moving locally, simply have them transferred.

June 22, 2008 (1 week before Moving Day)

• Close safe-deposit box. Keep important papers and valuables with you during the move. Keep checking accounts open until you open them again in the new location. Get a cashier’s check for the movers.

July 1, 2008 (Moving Day)

• Carefully review the bill of lading, give keys to your old property to a relative or a real-estate agent. Do a final walk through of the house the day of the closing or the day before closing. Be sure you have all of the payments needed to take possession of the home.