When you are ready to buy a Chicagoland home, chances are, you’ll search the internet for tips, and you’ll ask for advice from others who have “been there, done that.” However, by doing so, you’ll run into some home-buying myths, many which aren’t true. As Exclusive Buyer’s Agents, Harty Realty Group wants to set you straight on some of these myths!
- The only upfront cost is the down payment. While this is most likely the heftiest upfront cost of buying a Chicagoland home, many other costs come into play as well. Plan on the cost of credit reports, mortgage fees, taxes, home inspections, homeowner’s insurance and closing costs, which typically amount to 3-6 percent of the home purchase price.
- Casually browsing for a home is fine. Many Chicagoland homebuyers want to casually browse before contacting an agent or a mortgage lender. By doing so, buyers might check out homes that are above their price range, and therefore feel disappointed when they realize what they can actually afford. It is best to get pre-approved first, so you know what your price range is.
- You must have 20 percent down for a home. This is one of the biggest myths in real estate! While 20 percent down payments are the most popular, and most ideal, there are so many other options available for first-time buyers. You might qualify for 3.5 percent down with a FHA loan, or a loan with only 5 or 10 percent down. Down payment assistance programs are plentiful!
- Schools don’t matter if you don’t have kids. This is a common misconception among buyers without kids. Even if you don’t plan on having kids in the foreseeable future, school ratings significantly affect the value of a Chicagoland home! The better the schools are, the better the value of the home. This is important to keep in mind, as you will someday be selling this home. Consider all home appreciation influences, such as schools, crime rates, job growth and more.
- You don’t need a home inspection. We take this one seriously at Harty Realty Group! We have over 35 years of construction and building expertise, so we know how important it is to spend the money on a quality home inspection. You don’t want to end up with any surprises down the road, some which could cost you a fortune in repairs! It’s worth the extra time and money.
As Exclusive Buyer’s Agents, Harty Realty Group can help you with the entire home-buying process. We are here to give you accurate information about the Chicagoland real estate market and to debunk myths along the way. Contact us when ready to begin!