First Time Homebuyer Tips for Chicago

Buying a home can be a daunting task, especially if you’re a first-time buyer. You’ll need to consider financials, determine the type of home that suits you best, find a real estate agent or lender that you trust, and navigate the local market. If you’re looking for your First time homebuyer Chicagoarea, this article is for you. We’ll provide tips on how to make the process easier and more successful as well as information about the city itself. Keep reading to learn all about it! 

First and foremost, you’ll want to figure out a budget for your home purchase. You’ll likely need to secure financing from a lender in order to purchase the home, though you can also use cash if available. Make sure that you have saved up enough money for a down payment as well as closing costs and other expenses associated with buying a home. Speak to your lender and get pre-approved for a loan so you know the amount you can afford when shopping.

When it comes to finding a real estate agent, you’ll want to do some research beforehand. Check online reviews and ask friends or family members for referrals. An experienced local agent will be able to help you navigate the local market and find properties that fit your needs. Once you have a real estate agent, start looking for homes that meet your budget, size and style.

Start by familiarizing yourself with the city and its neighborhoods. Chicago is composed of 77 distinct community areas or ‘neighborhoods’ which are further divided into smaller neighborhoods such as Wicker Park and Logan Square on the west side or Lakeview and Lincoln Park on the north side. Each neighborhood has its own unique character, so take time to explore them before deciding where you would like to buy.

Next, assess your finances. This includes understanding what type of mortgage loan product will work best for your situation as well as getting pre-approved by a lender so that when it comes time to make an offer on a property you are ready to act quickly. Additionally, consider how much money you will need up front for closing costs, down payment assistance programs available from state or local governments such as CHAC (Community Homebuyer Assistance Corporation) which offers grants up to $10k for eligible buyers in certain areas of Chicago. Finally, research local taxes; real estate taxes can add up quickly in some parts of town so be sure to factor those into your budgeting plan when house hunting! 

Once prepped financially, shop around for an experienced real estate agent who knows their way around Chicagoland real estate market – ask friends or family members who recently bought homes for recommendations if possible – then start looking at homes that meet your criteria using websites like Zillow or Trulia which have extensive databases of available properties across various price points and locations. Viewing homes in person is important too; visit multiple places over several weeks until you find one that fits your needs perfectly! 

Buying a home can be stressful but also incredibly rewarding – just remember to take it slow and ask plenty of questions along the way! With these tips in hand plus assistance from an experienced realtor/lender, we think you’ll have no problem finding your dream home in Chicagoland – good luck! If you are thinking about buying a new home please reach out to our team here at Metric Marketing we love helping people get into their dream homes! Let us help make this experience less stressful for you! Contact us today!


Ivy Skye Marshall: Ivy, a social justice reporter, covers human rights issues, social movements, and stories of community resilience.