Are You Ready to Buy Your First Home? Find Out!

Do you feel like you are ready to buy your first home and start living the lifestyle of your dreams? You’ve chosen the right place as Chicago has been ranked the second-best city in the world to live in. Before you start picking out the paint colors and shopping for new furniture, you need to find out if you are ready to buy your first home. After all, there is a lot to consider, from choosing your essential must-haves to exploring your financial options. Fortunately, this guide can help determine if you are ready to buy your first home. Read on for real estate agent Rose Alvarez’s best advice for first-time home buyers in the Chicago area.

Before searching for potential new homes in the Chicago area, you must first understand the luxury home buying process. Buying a luxury home is different from buying a home at a lower price point. Luxury homes come with a higher price tag and an abundance of world-class amenities, such as incredible views, energy-efficient appliances, and privacy. You can also expect world-class service and innovative techniques to help you find your perfect home.

When buying a luxury home, you have to consider all of your options, from financing to searching for prospective homes and neighborhoods. For example, you might consider gorgeous Gold Coast real estate for sale or Lake View condos. In considering any of these luxury homes in Chicago, you (along with your real estate agent) can use several techniques to help you find the right home that matches your lifestyle. By understanding what constitutes the luxury home buying process, you can ultimately save yourself a lot of time, money, and even headaches.

The next step in knowing if you are ready to buy your first home is to understand the potential financial impact. Typically, you need about 20% for the down payment. You also need to plan for the home inspection fees, title and insurance fees, and closing costs. Work with your financial advisor to help you plan and allocate resources to cover the costs of buying a home.

Another person you will need to work with is a mortgage lender. Your mortgage lender can examine your income, assets, and other investments to help you determine the right financing option. Whether you pay with cash or apply for financing, you will know what price range of homes to start searching. If you pay with cash, you need to get a Proof of Funds letter from your bank. However, if financing is the right option, get preapproved for a jumbo mortgage loan. Getting the financing set up early in the process can reduce stress and complications. With fewer potential financial difficulties, sellers are also more likely to trust home buyers, and the real estate process will most likely flow seamlessly and quickly.

From gorgeous apartments in Gold Coast to penthouse lofts in the Magnificent Mile neighborhood, there are many different types of homes in Chicago. In choosing which home is right for you, consider what size and type would be best for you and your family’s lifestyle. For instance, consider this spacious three-bedroom single-family penthouse unit located near River North with large balconies so you and your family can lounge outside while enjoying breathtaking city views. Consider also this single-family home in the Gold Coast neighborhood with a fenced-in spacious outdoor patio and valet services. Whether you prefer a spacious single-family home for sale or a condominium unit in Lincoln Park, you can find the right luxury home in Chicago that fits your and your family’s lifestyle.

Before starting the home buying process, you need to know what you want in your home. Consider what amenities can help you live your best life. For example, many luxury Chicago home buyers prefer homes with heated floors, rooftop heated pools, energy-efficient appliances, entertainment rooms, wine tasting rooms, heated garages, private decks or patios, and sports courts. For example, consider this custom-built single-family home that offers the perfect oasis for large family gatherings with eight spacious bedrooms, a recreational court, and private terraces. Further, this home has enough space to include all amenities, from exercise to entertainment rooms, to make your life effortless. Consider this elegant penthouse in The Orchard in the Lincoln Park neighborhood with a modern design and many on-site luxury amenities, such as gyms, swimming pools, hot tubs, and heated floors. By knowing your must-haves and even want-to-haves, you and your Chicago real estate agent can find the home of your dreams.

When buying a luxury home in Chicago, you need an expert to help you navigate the complexities of the real estate market. You should work with an experienced real estate agent who is knowledgeable about the local luxury market in Chicago. Your experienced real estate agent can guide you from attaining the best financing for your needs to choosing the right home with all your must-haves and want-to-haves.

Most importantly, your real estate agent will be a confidant and friend. Having someone who is not only well-versed in the local luxury market but will act in your best interest can be a great boon. From gathering documents to negotiating, your real estate agent will be there for you from day one. That is why you need to choose a Chicago real estate agent who will pay close attention to you to help you find a home that meets all your financial and lifestyle requirements.

Are you ready to take that exciting step in buying your first home in Chicago? Before you start looking at homes, reach out to experienced local agent Rose Alvarez for expert guidance and to see what’s on the market.