Tuesday, January 24, 2012

8 Mistakes to Avoid When Buying an Evanston Home!

Buying an Evanston home is a large decision as well as an exciting one!  There are many beautiful homes on the Evanston Real Estate market from turn of the century homes full of character to updated downtown Evanston condos, so you’re sure to find a home that fits your needs and lifestyle.  
Whether you’re relocating to the area or are deciding to go from renting to making a home purchase, the home buying process can seem a little overwhelming; especially to those buying a home for the first time.  
Working as Evanston Real Estate agents for a number of years, we understand the anticipation that can come with making such a large purchase.  You’ve probably heard stories of the things that can go wrong and how stressful buying a home can be, yet it doesn’t have to be that way!  We’ve gathered eight of the biggest mistakes people make when buying an Evanston home in order to help you avoid them.  Armed with this knowledge, as well as having a trusted Evanston Real Estate agent by your side, you’ll find that buying a home in Evanston can be a great experience!
Mistake #1: Waiting for the market to improve or not buying at all- No one can predict precisely where the market is going, so trying to time your Evanston home purchase with the bottom of the market is risky. All the time you spend procrastinating on purchasing a home, you could be building equity, getting tax deductions and enjoying the many other benefits of homeownership!
Mistake #2: Falling for love at first sight- If you don't shop around the Evanston Real Estate market and see what else is out there, you could miss out on a good deal or potentially regret your purchase. While you don't need to visit every home in the neighborhood, you should compare at least three homes before you make a decision to ensure that you're getting the right house at the right price.
Mistake #3: Buying a house you can't afford- It seems that our nation is learning its lesson in spending more than you can afford, and it’s no different in your Evanston home purchase. Just because you get approved for an larger loan than you expected; doesn’t mean you should buy a home at that price. Be wise in thinking through what you can actually afford and factor in any repairs or updates you plan on making in the home.
Mistake #4: Making an offer without contingencies- Having a back-out plan is a must for smart home buying. If the home has an irresolvable flaw, it doesn't appraise for the purchase price, or your lender refuses to fund your loan, having contingencies on your contract gives you the right to cancel the transaction.
Mistake #5: Not reading the fine print- It’s smart to have your Evanston Real Estate agent review all your paperwork and discuss it with you so you don’t get caught off guard at closing. There are a few documents and items that are truly critical, and you can request a copy of these in advance. This gives you time to review them and ask questions before closing.
Mistake #6: Forgoing a home inspection- Even if a home appears to be in perfect condition, it's a mistake to assume that it's actually problem-free. Even brand new homes can have defects, so getting a professional inspection before making the commitment to buy is crucial. Be sure to attend the inspection so the inspector can explain any issues.
Mistake #7: Thinking short-term- The Evanston home you purchase should be a place that feels like home to you and your family, but it's important to remember that it's also a huge investment. When shopping for a home, it pays to think about resale down the road. Search for homes in sought-after neighborhoods, and look for features that future buyers will want, such as a great kitchen and lots of storage space.
Mistake #8: Not getting pre-approved before house hunting- Before you start house hunting, narrow down your price range by getting pre-approved. Shop for an Evanston lender or mortgage broker you can trust. The mortgage pro will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. Not only does this let you know how much house you can afford, it also lets sellers know that you're serious about buying.
We hope that by highlighting these mistakes, you’ll be more aware of how to avoid them.  Buying an Evanston home can be an efficient and stress free process and our goal is to make sure you have the home buying experience you deserve.
If you have any questions about buying a home in Evanston or are ready to get started, please contact us!
We look forward to helping find a home and settle into this great city!

The Thomas Team
Chicago's #1 Real Estate Brokerage

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