First-Time Home Buyers Guide - Lake County

First-Time Home Buyers in Lake County: A Comprehensive Guide

Step 1: Pre-Qualification

Meet with a mortgage broker to find out your home buying budget. Knowing your financial capacity is crucial in the home buying process.

Step 2: Pre-Approval

Obtaining a pre-approval from a lender makes you a more attractive buyer. It shows sellers you're serious and financially ready. Plus, it helps you avoid disappointment from homes outside your budget. Every offer written must include a pre-approval from a reputable lender. 

Step 3: List Your Needs & Wants

Create two lists:

  1. Essentials: Must-haves like the number of bedrooms, accessibility features, etc.
  2. Desires: Nice-to-haves such as a pool or a den.

Remember, as a first-time buyer, flexibility is key!

Step 4: Professional Representation

Consider hiring a your Personal Buyer's Agent. They represent your interests, not the sellers'.  James and his team can absolutely represent you. Simply let them know you are ready. Contact James

Step 5: Stay Focused & Organized

Keep these items handy, most likely in your phone:

  • Detailed maps of your preferred areas.
  • A list or file of potential properties.
  • A camera for remembering home features.

Step 6: Visualize & Assess

Imagine the house empty with your furnoture and your styish design. Does it meet your needs? Is the lighting adequate?

Step 7: Be Objective

Think practically, not just emotionally. Ensure the home truly meets your needs.

Step 8: Be Thorough

Cover all bases to avoid future costs:

  • Include inspection & mortgage contingencies in your offer. While these are standard items in Illinois purchase contracts, your agent James is the best source of information on the critical things to include, specific to your situation and the home you want to purchase.
  • Hire a professional inspector. James and his team have great resources for you.
  • Remember to do your final walk-through before closing to make sure everything is as it should be.

Remember, a professional like James, can guide you through these steps effectively.

Contact us at Tiernan Group for personalized assistance.