First-Time Homebuyers: Follow These 10 Steps to Ensure Your Success

Dave Nimick Chicago Real Estate Podcast

If you’re about to make your first home purchase, following these 10 steps will set you up for a successful deal.

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If you’re about to purchase your first home, there are 10 important steps you should follow to ensure your success.

1. Check things out online. This is often the very first thing new homebuyers will do when they begin their search.

2. Start saving for your down payment. While a typical down payment will range between 10% and 25%, there are currently financing options available that allow buyers to put down much less.

3. Check your credit. This can be done through a major credit bureau or online using a service such as Credit Karma.

4. Decide on a Realtor. It’s important to work with someone who has been referred to you by a person you know and trust.

5. Determine what type of home you want.

6. Consider the pros and cons of different neighborhoods. Having amenities, schools, or family nearby may help inform your decision on whether to purchase a certain home.

7. Decide on a lender. Mortgage brokers will typically be better-suited to help you find a more personalized financing option than a lender at a traditional bank.

Everyone wants a nice home, but it’s important to not overspend.

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8. Know your future employment plans. Do not change jobs during your home search, as this could jeopardize your financing.

9. Decide on your budget. Everyone wants a nice home, but it’s important to not overspend.

10. Visit open houses. This can be a great way to see what you like and dislike about various homes without the pressure of a formal showing.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.