5 Things to Know When You’re Buying a House in Chicago

If you’re thinking of buying a house then you’re not alone. In July 2020 in the United States, over 900,000 homes were sold. Are you looking to buy a home in Chicago? We can help!

This article will take a look at a guide on buying a house in Chicago. Read on to explore these tips to ensure that you’re buying the right home for your needs.

Here are 5 Things to Know When You’re Buying a House in Chicago

Use a Licensed Real Estate Agent

You can find out more about Chicago houses for sale through a realtor. They’ll help you with the buying a house process plus finding the right home for your needs. They might also be able to find any issues or loopholes in the contracts.

Check Your Credit

Credit scores are an important part of buying a house. Make sure that there are no errors in your credit report in order to receive the best rate possible. This will allow you to make any corrections necessary.

Take Your Time

Take your time with closing on a home. Ask questions and pay attention to the details that they go over.

Plan Your Budget

Homes in Chicago are more affordable than in other cities, but you’ll still want to determine your budget. Renting is more affordable than buying but it isn’t a large difference.

Think about property taxes as well in your budget. Property taxes tend to be high in the Chicago area. If you notice a drop in mortgage rates in the area, then you’ll want to be quick to find a property.

You’ll also want money saved up in case of any unforeseen circumstances. This can include any maintenance issues that can happen later. Keep in mind that certain items around the home will need to be replaced every so often. Roofs tend to last a couple of decades before needing a replacement.

Homes in Chicago

Common homes in Chicago include the bungalow, Chicago Greystone, frame two-flat, and the worker cottage. The frame two-flat is a style unique to Chicago.

A frame two-flat is where a landlord will have an apartment on each floor and live in one while renting out the other. Chicago greystones are similar to New York brownstones. You can find them in Woodlawn, North Lawndale, and Lakeview. The worker cottage is about 1 1/2 stories high. They have both Queen Anne and Greek Revival styles. You can find them in Wicker Park, Bucktown, Pilsen, and the Ukrainian Village.

What To Keep in Mind When Buying a House in Chicago

Now that you’ve explored this guide on things to know when you’re buying a house in Chicago, you should be more prepared for exploring the right home for your needs. Take your time picking out the right home for you since it’s a long-term investment. Would you like to read more informative content and how-tos? We can help! Check out our other articles on our site today for more informative and up-to-date information.

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