Experts say Millennials are leading a first-time home buyer revival in the New Year. When house hunting for a home in Lake County, IL, it’s especially important for first timers to consider price, location, condition for real estate. Price is the most important factor for anyone who hasn’t won the lottery or received a large inheritance. As long as your budget allows you to do so, pick a home in the best possible neighborhood. When it comes to a home’s condition, there’s some wiggle room, but an experienced Realtor can help you identify defects and negotiate.
According to an article by Investors.com, young people under the age of 35 will be responsible for 65 percent of first-time home buyer sales in the New Year. Millennials will replace members of Generation X as the largest group of homebuyers. Working with an experienced Realtor who knows the Lake County, IL housing market and has driven through every master-planned community and smaller subdivision, can give you a real advantage.
First-time homebuyers are in a good position because interest rates are still at historic lows. First-time homebuyers can also tap money that isn’t accessible to other buyers. For example, you can use money from a Roth IRA for the purchase of a first home. A lender can fill you in on any other special first-time homebuyers programs. When it comes to price, don’t be afraid to stretch as a young buyer with income growth potential. Unless you work in an uncertain industry, younger people can buy at the top of their budget.
One of the reasons some young buyers stretch to buy a home is so they can get into a good neighborhood. In Lake County, IL, there are hundreds of established neighborhoods with reputable schools in communities such as Libertyville, Lindenhurst, Buffalo Grove, Vernon Hills, Grayslake, Lincolnshire, Gurnee, Long Grove, Mundelein and different suburbs of Chicago. Visit different neighborhoods on the weekends and during the evening hours. Walk around the community on foot.
After establishing your budget for a new home and choosing a general location, it’s time to hunt for houses. One option is to buy a new construction home with a warranty so you are confident about the home’s condition. You can read reviews about each builder or consult with your Realtor. With resale homes, the fact is you may get more bang for your buck by choosing a home that’s 10 to 30 years old and outdated. As long as the seller replaces the roof or repairs anything found during the inspection, you may get a better deal on a home that needs cosmetic work.
Sheryl Allen can help you in finding a home in Lake County, Illinois and the Chicago area. For more information, please contact me.