Chicago Real Estate Lawyers

Know what questions to ask during the home buying process

Buying a home is a difficult process, especially if you are a first-time home buyer. When you think about the cost of Chicago real estate, it is easy to see why you would need to ensure that you are making the best choice for your money.

There are certain questions that you can ask when you are considering a property. Make sure that you take the time to go through the list and get answers to any pertinent questions.

Research the previous sale history for the property

Not only is this a good thing to know so that you can make sure that the deed transfers are all in order, it also gives you a look into the sale price of the property over time. Look at how the property has appreciated or depreciated over time. You might be surprised at what you find when you look into this.

Determine if you will have to pay any association fees

Association fees are common for condominiums. However, you might also face these fees in a single-family home. Make sure that you find out about these fees as early in the home buying process as possible because they can have a big impact on the budget. If there is an association that you will have to deal with, find out what restrictions and requirements you are agreeing to when you buy the home. These can sometimes be very simple, but there is always a chance that there will be a deal-breaker clause.

Know the condition of the property

Some properties will need work before you can move into them. You should know this before you sign the contracts or make an offer on the home. Of course, this is partially why you need an attorney. You must ensure that you are protected if something major comes up during the inspection of the property that is usually done when you purchase a home.

Typically, a home that has been on the market longer is one that will have more room for negotiating the price. You should also find out if the buyer is motivated to sell quickly. A seller who wants a quick sale will often be more willing to negotiate more than one who isn’t in a hurry or isn’t worried about the house selling quickly. The condition of the home and other factors can also come into the picture when you are trying to come up with an offer when you find a home that you are interested in purchasing.