Common Mistakes First-Time Condo Buyers Should Avoid
Posted by Leo Clark. on
Buying your first condo in Chicago should be a fun experience, but it can also be scary and stressful too if you’re not fully prepared and put yourself in the best possible position when it comes time to make some serious decisions. So if you’re planning to be in the market for a new home or condo and also happen to be a first-time home buyer, here’s our shortlist of missteps to avoid.
Start shopping for a condo before you’ve applied for a mortgage
We get it—looking around at available condos for sale is exciting and probably the most enjoyable part of the whole home buyer process. But if you aren’t already pre-approved, chances are other buyers will be and you’ll ultimately miss out on what could be your dream place. Plus, you never really know how…
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Recent financial forecasts show that due to interest rates still being at historically low levels, home purchases are likely to elevate in 2020, especially among young and first-time home buyers. In fact, Washington D.C.-based Mortgage Bankers Association is also estimating that mortgage origination will grow 1.6% next year while home prices could in fact drop 2020, leading to more availability and options for buyers to consider.   Â
The West Loop is the one of the hottest neighborhoods in Chicago thanks to its premier restaurants, top tier schools, wide array of fitness studios, and the close proximity to a growing list of employers. It's also a location with plenty of housing options for current home buyers and renters to consider, but with the ever-increasing demand for larger units, those in the market are flocking to the new Peoria Green development, which features huge 4-5 bedroom condo units.
If you're looking to buy your first home or condo next year, chances are you won't be alone in your quest to transition from renting to owning in 2020.
If you’re planning to buy a home or condo for the first-time in the near future, your credit score is going to play a big role in the process. While there isn’t a uniform algorithm or equation used by lenders and other financial companies, your credit score tends to be similar across the board and is based on a variety of factors. 
Planning to be in the market for a River North condo as a first-time home buyer? Take a closer look at several top buildings that won't break the bank...
A proposed plan to demolish the Cassidy Tire Building located at 344 Canal St and build a new apartment tower appears to be moving forward. The Developer, The Habitat Company, along with local architecture firm, Solomon Cordwell Buenz, are planning to erect a 33-story building containing 343 apartments and 124 parking spaces according to Alderman, Brendan Reilly (42nd). The Habitat Company announced their plans to purchase the site back in May, stating that the Cassidy Tire Building is located in an ideal position for redevelopment.  Â