Resources for Buyers
Buying a home can be one of the most exciting times of your life. A Beyond Properties agent can assist you with the process whether you are a first time home-buyer or a seasoned homeowner. Following is a checklist of points to consider throughout the buying process.
- Have you met with your lender to be pre-approved? Don't bother with pre-qualification—obtain a pre-approval; it's a commitment from the lender.
- Do you need to sell your current home before purchasing? Talk to your lender to see how you can bridge the financial gap between the purchase and sale.
- Do you know your price range and housing budget? Your lender can help determine what you can comfortably afford.
- Do you know which neighborhood or community you want to live in?
- What type of property is ideal for your lifestyle? Contemporary or traditional? Vintage or new? Loft or high-rise?
- Are you interested in renovating to the home you purchase?
- How much space do you need? How many bedrooms? Do you need a home office? What about parking?
- How do you commute? Do you need to be near the expressway or public transportation?
- Are there any timing issues to consider such an apartment lease or a school enrollment deadline?
Some of your Costs of Purchasing
- Property Inspection: $250-$750, depending on the size of the home
- Lender Application/Appraisal Fee: $250-$350
- Lender Underwriting Fee: $75 - $225
- Lender Processing or Administrative Fee: $150 - $200
- Attorney's Fee: $400-$750
- Title Insurance Fees: $600 - $1500 (includes document preparation and recording fee, lender title Insurance policy fee and settlement or escrow closing fee)
- Homeowner's Insurance: For condominium or cooperatives, property insurance is typically included in your assessment. For other properties, buyers are typically required to purchase a full year homeowner's policy. Check with an insurance agent for more details.
- Revenue Transfer Stamps: Chicago: $7.50 per $1,000 of the purchase price. Price varies by community.