From charming vintage bungalows and two-story Colonials to new construction with gleaming hardwood floors, there’s a mix of entry-level and step-up homes in Libertyville, Illinois. With rents skyrocketing across the country and the price of homes also on an upward climb, it’s an excellent time to buy. Experts are not sure how much longer mortgage rates will stay at historic lows. For affluent homebuyers as well as first-time homebuyers who want to live in the northern suburbs of Chicago, there are good buys in Libertyville. According to a recent article by CNBC, rent is now skyrocketing beyond wages in many major cities across the country. Libertyville is a village in Lake County about 5 miles west of Lake Michigan on the Des Plaines River. Before house hunting for homes with an experienced Libertyville Realtor, think about what kind of home is right for you.
• Figuring out your budget
Even though a lender will let you know how much money you can borrow in the form of a mortgage, it’s also important to examine your own personal financial goals. According to CNBC, the cost of rent is now 7.8 percent higher than it was a year ago. If you are renting, it may cost you less money to own. A lender will expect you to spend no more than 30 percent of your income toward housing, but you can decide how much to put down.
• Deciding on vintage or new
Another factor to consider is whether you prefer new construction or a vintage home. Libertyville has many mid-century vintage homes as well as ones built in every other decade leading up to the present age. Some couples decide to buy fixer upper or foreclosures only to find it puts strain on their marriage while buying a new home often gives families a feeling of excitement. According to a piece by the New York Observer, home renovations can cause more stress on a marriage than having a baby. One compromise might be to buy a vintage home that can be renovated gradually over time.
A Libertyville Realtor such as Sheryl Allen can help you find a home that’s right for your family or the perfect nest for your retirement. In 2013, Libertyville was named by CNN Travel as one of America’s best “small town comebacks,” with all-American activities, clubs and amenities.
Sheryl Allen is a reputable Coldwell Banker real estate agent who provides one-stop real estate services in Libertyville as well as Vernon Hills, Grayslake, Buffalo Grove, Gurnee, Mundelein, Lindenhurst, Long Grove and Lincolnshire. She is also licensed in Wisconsin. For more information, please contact us.