advice for – Readers shared hard-earned lessons for first-time homebuyers in the Chicago area, from touring neighborhoods at different times to getting permits checked and making sure to apply for the Homeowner Exemption.
When you’re trying to buy your first home, the process can feel like it’s moving faster than you can catch up. One reader’s advice sums up the mood: “Don’t be shy or afraid or intimidated.”
We asked readers what advice they have for first-time homebuyers in the Chicago area. Here’s what they told us, lightly edited for clarity.
L. Rogers urged buyers to slow down before they commit: “Go visit the neighborhood at different times during the day and on different days. Think twice about buying a home on a corner lot or on a busy street.”
Others focused on the money—specifically the gap between what lenders approve and what buyers should actually feel comfortable spending. “Spend less than your bank pre-approves you for,” Traci Coddy wrote.
Jane Wenger offered a more detailed approach. telling buyers to shop around beyond a single institution: “Go to several mortgage brokers. and also your bank. to find out how much money a bank/lender will lend you. how much money you will need to bring to the table to get a loan. and what the monthly expenditure will be. … Ask every question you can think of. Don’t be shy or afraid or intimidated. Without understanding the money you won’t have any idea … how much you can really afford.”.
For Maria Locascio Urbanek, the cost pressure hit immediately and personally. “Get the hell out of Illinois! My property taxes just went up almost $3,000. I’m literally looking for a second job.”
Daniel Christie warned readers about where help comes from during the closing process. “Keep functions separate. Don’t let your realtor do you a favor by finding your inspector or your closing attorney. Find them yourself. You’ll avoid conflicts of interest.”
David Weinert flagged a step he said many buyers miss: “The biggest oversight … is forgetting to apply for the ‘Homeowner Exemption’ (aka Homestead) on the primary residence’s property taxes.”
Jordan Mainzer pointed to the practical risks of buying a home that looks move-in ready but has a murky past. “If you’re buying an older home that was recently renovated or flipped. ask the seller to show permits for the work that was done. If they don’t have permits and instead used general contractors for plumbing. etc. they probably cut a few corners that you can’t see.”.
And Tim Van Driska brought up another kind of calculation—where to buy at all. “I hear property values are going up over in Hammond.”—a reminder that for some first-time buyers, the advice isn’t only about the home you’re touring, but the surrounding map you’re betting on.
Chicago housing first-time homebuyers mortgage advice property taxes Homestead exemption neighborhood tips Illinois
Just buy the house, permits schpermits. Everyone acts like it’s rocket science lol.
Property taxes going up is insane. Like $3,000?! That’s basically a second mortgage. I guess the Homeowner Exemption thing is real then?
Wait so you have to apply for the exemption like after you buy? I thought it was automatic or whatever. Also if you go to Hammond then your taxes are magically lower? Not sure but I’m seeing that everywhere.
All this about corner lots and busy streets… but the bigger issue is lenders approving you for too much. I swear they always say one thing then you’re stuck paying for surprises. And splitting the realtor/inspector/attorney sounds good but good luck finding all that yourself when you’re trying to close.