6 Things Every Shorewood IL Homebuyer Should Know
For the most part, a house is the biggest asset and investment, most people will ever own. So it’s important that we are as informed as possible before we set out to buy a Shorewood IL home.
- When you’re buying a Shorewood IL home, your not just making one purchase, you’re making two.
- You’re not just buying the house, you’re buying the money to buy the house. Most buyers think of the mortgage as an incidental expense, but in reality, the mortgage is the largest piece of the real estate transaction.
- If interest rates rise by 1%, then the house prices must decrease by 10% to keep the monthly mortgage payment the same. What this means for homebuyers is that low interest rates actually give the homebuyer more buying power than a lower home price. So take advantage of the low interest rates.
- All homes have some problems, no home is perfect.
- All homes have issues, there’s no such thing as a perfect house. Some houses just have more problems than others.
- Shorewood IL homebuyers can be shocked when the home inspection comes in. Don’t be surprised that there are going to be issues that need to be fixed. The good news is, many of the issues are very simple and inexpensive to fix.
- Home inspectors are professional pessimists and for good reason. They tail’s are on the line if they miss something. So don’t be surprised when the inspection report comes back and it’s 20-30 pages long, and includes close-up pictures of the problems. You might be tempted to thing your dream home is in shambles, but don’t be too hasty to do so.
- Your Shorewood IL real estate agent, Jeff Gregory, is your partner, not a salesman.
- Great Shorewood IL Realtors like Jeff Gregory from Realty Executives Success, aren’t trying to sell you a home. They’re your partner and are focused on helping you find a great house.
- Don’t be surprised if your Realtor suggests that you pass on a property because they see problems that you might be missing. A great real estate agent will have the experience necessary to know a lemon when they see it, and will direct you to avoid it.
- Just because it’s called “reality tv” doesn’t mean it is a reality.
- “Reality” shows such as Fixer Upper, HouseHunters, and Property Brothers aren’t realistic and you shouldn’t expect your house hunting experience to look anything like them. The reality is, hundreds upon hundreds of hours go into making one of these 20-minute episodes (30 minutes minus the Home Depot commercials). You’re not seeing the majority of what is really going on for these homebuyers, so don’t think that you’re going to quickly find your dream home, beat out your competitions offers, and slide into the house of your dreams problem free. Any good Shorewood IL real estate agent will tell you that finding a home can be very complicated, and can take a lot of time.
- Get prepared mentally for the potential stress of the homebuying process. In the end, it’s worth it, but it isn’t HGTV.
- Before committing, think about the resale.
- Your Shorewood IL real estate agent Jeff Gregory can help you with this. He has the tools to do proper market analysis and can see the historical trends for the area.
- You may not feel like thinking about having to sell the house you worked so hard to find, but at some point, you’re going to resell, and when you do, you’ll want to maximize the return.
- There are two things guaranteed in life…death and taxes.
- Don’t forget to take the property taxes into consideration. Unexpected rate hikes and reassessments can be common and can really affect your budget.
- Research the county and city taxes. If there are additional payments, you don’t want them to surprise you later on down the road.
- If you’re planning on doing any improvements remember, remodels and upgrades can cause an increase in your property taxes.
All of this can seem daunting, but with the help of an experienced real estate agent, many of these common pitfalls can be avoided. If you’re looking to buy or sell a home in Shorewood IL, make sure to contact Shorewood real estate agent Jeff Gregory. He can help you through every step of your real estate transaction.