Top 5 Naperville First Time Home Buyer Tips
According to the latest
survey from the National Association of REALTORS® (NAR), first-time homebuyers
accounted for 38 percent of home purchases in the market. If you are a first
time homebuyer and are planning to purchase your dream home in the beautiful
city of Naperville in DuPage County Illinois, you will need the help of an
expert to make the experience as easy as possible. Renowned financial
journalist/editor and real estate blogger, Amy Fontanille, suggested some
questions you should ask yourself before you make a home purchase.
1. What type of home best suits your needs?
You have several options among homes for sale in Naperville:
a traditional single-family
home, a luxury home, a townhouse or a condo. Each option has its pros and cons
and you need to decide which type of property will best suit you or your
family’s needs.
2.
What specific features are you looking for?
This is your dream home and you deserve to
have a home that fits your needs and wants as closely as possible. Be specific
in your criteria but retain some flexibility as well. Start by making a list of
your most important home qualifications. This may include home style and
size, number of bedrooms and bathrooms, a updated kitchen with modern
appliances, storage options, garage and others amenities.
3. How much
mortgage do you qualify for?
Lenders will be closely checking your
financial status, debt load, credit score and even job history before they
approve your mortgage application. Your debt-to-income ratio will also be
analyzed to determine whether or not you’ll be able to afford the mortgage.
Carefully consider these things before you start shopping among the Naperville IL Homes for sale.
4. How much home
can you actually afford?
Think about your financial ability to pay for expenses.
There’s the down payment, monthly expenses, property taxes, insurance,
and allowance for anticipated home maintenance, repairs and closing costs. In
general, lenders want a borrower’s monthly mortgage payment to be no more than
29% of their before tax gross income.
5. Who will help
you find a home and guide you through the
purchase?
Finding the best real estate agent to work
with is very crucial in making your home purchase decision. You need someone
who can assist you in negotiating the entire purchase process, including making
an offer, getting a loan, and completing paper work.
With the right tools, you can make your first-time home buying experience smooth and stress-free. For inquiries regarding Naperville Homes for sale, call Teresa Ryan at 630-276-7575. Teresa Ryan is the owner/broker of Ryan Hill Realty.
Teresa Ryan
Broker/Owner, CDPE
Ryan Hill Realty
1001 E. Chicago Ave., Ste. 103
630-276-7575
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