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It’s spring in Chicago!! This saturday will be full of people imbibing and losing their inhibtions. Shortly there after Baseball season will began and all the real diluded people will be out watching their team prepare…….. to let them down again. Eventually they will wait until next year or do that and hope the team doesn’t move to Tennesse. It will also be moving season! Time to go to Mariano’s looking for boxes and reserve a moving vehicle that will require you to APR finance it if you don’t return it with a 91.9% full tank. If you thought of going to whole foods to get a box…..then you have enough money to buy a place for sure so keep reading! Before you buy that fair trade white grape kamboucha smoothe, make sure you are taking the proper steps to begin preparing to buy your dream residence. If you are not financially stable please don’t get discourged. Even during this time there may be programs that you can take advantage of that will help you too purchase your own home. Those will require much greater and focused research on your particular situation. This is simply ment as a general set of inital guidlines to help you begin the process. I am a realtor not a loan officer or a wealth advisor. Please consult a licensed financial professional before undertaking an major financial decisions.
- Be Prepared to put between 10 – 20% down – a standard amount with many mortgatges. A Very Large varriance, this is crucial later on in this list.
- Clean up your credit – Pay off an out stainding debts that you can. Also make sure that you have a solid history of being on time with any regular payments. Credit scores play a large role in a home purchase.
- Make no major purchases using credit – This can change you credit rating while trying to close on a home., which can change the outcome…..bad idea.
- This is not simply a permenant rental – Small issues you tollerated as a renter may not be something that you can live with as an owner. Make sure to deeply consider what are and are not deal breakers for you. For most home buyers this is the biggest financial decision they will ever make so it is important to consider all potential issues.
- Remember this purchase cost more than the negotiated price – Inspections and movers are just the tip of the iceberg. Many costs not often factored in to the true cost of moving. Somemtimes it requires completley unexpected inspections not initally required. This can be covered by the ammount covered in #1. If only 10% is required down but you have saved 15% the 5% difference can cover a myraid of costs. But if not then make sure you have saved enough to cover this potential issues.
- Finally, be realistic with what you can afford – While this may feel like a direct contridiction to #4 it is simply here to keep you inbetween these 2 extremes. Many people may want the perfect home, more accurately the perfect home for them. That usually comes with an increased price point. That’s when you must decide is it worth the price and if you are willing or able to pay for your perfect dream house.
