The Process of Buying A Condo In Chicago
The process of buying a condo in Chicago can be a thrilling experience, but it can also be a complex and overwhelming process. Whether you’re a first-time buyer or an experienced real estate investor, it’s important to familiarize yourself with the steps involved in purchasing a condo in Chicago so that you can make informed decisions and avoid common pitfalls. In this article, we’ll provide an overview with detailed steps of the entire process of buying a condo in Chicago:
- Determine Your Budget & Preferred Location
- Research Different Neighborhoods & Amenities
- Find A Reputable Real Estate Agent
- View Properties and Make An Offer
- Conduct A Home Inspection
- Close The Sale
If you haven’t closed on a property previously then you may be surprised to find that many of the steps involved are the same as the home-buying process, with some key changes.
Determine Your Budget & Preferred Location
Before you start shopping for anything, especially your new home, it’s important to have a clear idea of exactly what you afford and where you can afford it. There are numerous ways prospecting homeowners can find this number but the best, fool-proof method is working with a trusted real estate agent to help find a manageable number. We recommend budgeting for additional expenditures including closing costs, property taxes, and homeowner’s insurance. You don’t want to be stopped short at the finish line!
Research Different Neighborhoods & Amenities
Maybe more important than the price tag is the location of your purchase. Selling prices and financial situations can change, but the land is permanent. So take your time in researching what the location of your prospective condo looks like on a daily basis. Start by looking at your relative proximity to shopping, food & bars, parking, parks, public (along with commuting times) transportation, and city services. Check out our neighborhood page to learn about some of Chicago’s most popular neighborhoods to live in!
Find An Experienced Real Estate Agent
A reputable real estate agent will be able to guide you through the process of buying a condo in Chicago. They will use their expertise by providing professional insights on the current market conditions, and your neighborhoods/areas of interest, and help you navigate the process all the way through.
Find an agent who has local expertise in the neighborhoods you are exploring during your search. They will have a better understanding of the area and may be able to locate hidden gems not found on their own. Pearson Realty Group prides itself in employing a diverse group of real estate brokers that service the entire Chicagoland region. If you’re looking for a condo or home in Chicago or the surrounding suburbs – there’s a Pearson agent that can match your niche. Check out our full agent roster!
View Properties & Make An Offer
You have your search criteria and you have your real estate agent, now it’s time for the most exciting part of the process of buying a condo in – Chicago, seeing them in person! Your agent will help schedule showings and physically be with you for them – there to answer any questions and help raise objections where needed. After you’ve found your potential dream home, your Chicago real estate agent will then help you write an offer for the property.
Conduct A Home Inspection
Before you cross the finish line, it’s very important to have your condo professionally inspected to ensure there are no major defects and that the home/condo is in good condition for the final sale. Sometimes a beautiful shell can hide many ugly problems down the road. A trusted home inspector will examine a wide range of structural and utility systems in any home. These include, but are not limited to electrical systems, plumbing systems, appliance conditions, HVAC systems, foundation structures, and much more is in proper working order.
Close The Sale
Last but certainly not least, the best step – gaining possession of your condo. Pending a successful inspection, you’ll sign a contract after the seller accepts your offer to finalize the sale. At this time you will pay any closing costs to finally receive your keys. The condo is now officially yours!
The Process of Buying A Condo In Chicago Recap
The process of buying a condo (or any property) in Chicago can be a daunting process, but by sticking to our steps, you can make sure that you’re making educated decisions on securing your dream home. It doesn’t matter if you’re selling again or a first-time homebuyer, at the end of the day the best action you can take when home searching is to find a reputable and trusted Chicago real estate agent to ensure you have a successful purchase.