Chicago Condos For Sale – A Buyer’s Guide
Investing in a Chicago condo can be an intimidating and confusing experience. Even if you are a seasoned buyer, regulations can change, and the condo-buying process can be different depending on a variety of factors such as the seller’s unique situation, the real estate professionals you are working with, and more. When it comes to browsing and buying Chicago condos for sale, you should learn as much as possible before making the transaction in order to ensure a completely seamless and hassle-free transaction.
Here is our complete buyer’s guide for buying a Chicago condo for sale.
Find a REALTOR® with Experience in Chicago Real Estate
When buying Chicago real estate, it’s crucial to look for someone who has knowledge and experience in the market. For many buyers, this means seeking out a qualified REALTOR®. What makes a realtor different from a regular real estate professional? Here are some of the key differences:
- REALTORS® are held to specific standards of service outlined by the National Association of REALTORS®
- REALTORS® often have access to exclusive listings and support from a national organization
- These professionals are also the most highly trained and accredited professionals in the industry
When choosing a REALTOR®, you need to pick someone who knows your unique needs and has an excellent understanding of the local market, desirable neighborhoods, property laws, and more. When you work with someone who’s innate knowledge is so extensive, you are bound to benefit from an easy and seamless buying experience.
Think About Your Price Range
One of the first things your REALTOR® will ask is about your price range. After all, this is an important deciding factor that will ultimately tell you where in Chicago you can afford to live. By scoping out the most popular Chicago neighborhoods, you can find the perfect community that will work for your personal budget.
But how do you figure out that budget in the first place? Most banks recommend that homeowners try to keep all housing expenses (mortgage, property taxes, condo fees, etc.) to only about one third of their annual income. Once you figure out how much you are will to spend each month, you and your REALTOR® can find a condo in a price range that matches.
Securing a Lender
Once your budget is set, it’s time to secure a lender. This may involve meeting with several banks and brokers to talk about finances. It’s always a good idea to get pre-approved. The pre-approval process shows sellers that you are a serious buyer and it also enables you to act fast when a great deal comes along.
At this point, you should be prepared to collect all your financial documents and have your salary and debt information easily accessible. Your REALTOR® may also recommend several lenders and brokers they work with. These recommendations are valuable because you trust your REALTOR®, and, therefore can trust their recommendations too.
The Fun Part – Finding Your Dream Home
Undoubtedly, the most fun you will have during this whole process is finding your dream home. Every buyer has a taste and once your REALTOR® gets an idea of what you specifically want, they will show you Chicago condos that will take your breath away. Whether you’re looking for a condo high in the sky with panoramic views of Chicago’s skyline or you want something closer to the ground, overlooking the lakefront, there are a ton of options available for buyers. Between pre-construction condos to buildings that are move-in ready, we recommend looking at numerous properties to see what’s out there and find your ideal property.
You can also start the search by checking out MLS® listings; however, the true benefit of working with a REALTOR® is that they can weed through the listings and only show you properties that will actually strike a chord with your personal tastes and needs. Not quite sure where you want to live? Why not browse our community or building guides?
How to Close the Deal
Once you find your dream condo, it’s time to put in an offer and close the deal. This is the pat of the process where working with a REALTOR® really comes in handy. Typically, you might have a few offers get rejected or counter-offered before one is successful. Closing the deal also requires more than just settling on a price. Some of the other factors that may come into play include:
- The move-in date or closing date
- The size of the deposit
- Specific maintenance requests and repairs
Your REALTOR® wants to get you the best possible deal. They work with you to successfully negotiate the terms of the deal and will only rest when you are completely satisfied. The REALTOR® will also draw up all the paperwork and ensure everything is in order before everything is finalized.
Once the ink has dried, the deal is closed, and the previous owner has moved out, it’s time to prepare your move into your new Chicago condo. You might feel overwhelmed at the idea of moving all your belongings into a new space, but the whole process also has a sense of excitement about it. After all the work, you finally get to move into your new home. You can enlist the help of friends or a moving company to help with this part of the process, and your trusted REALTOR® might even have a few more recommendations up their sleeve to help make the process easy for you.
Want to learn more about buying a Chicago condo for sale? Contact the experience REALTORS® at Magellan today and find your dream home!