If you’re a first-time homebuyer gearing-up to cash-in on the $8,000 tax credit, you already know that the clock is ticking. And in the middle of the buying frenzy, it’s easy to overlook what’s most important when buying a condo, townhouse or single family home.

The following list of questions can be leveraged as a touchstone to ask the on-site seller’s real estate agent:

The Roof

How old is the roof and what condition is it in? Have there been any leaks? In what condition are the eaves and gutters? When does the roof need to be replaced? If it has been replaced recently, was it a “tear-off”?

The Structure

What kind of foundation does the home have? When was it laid? What condition is it in? Has the basement taken any water? When was the frame itself built? What type of rehab was done here? A full gut down to the studs? Just a kitchen update? Bath update? Finished attic or basement? How old is the siding? Is it under warranty?

Knowing detailed information about the structure is key before buying a home.

The Guts

What kind of insulation is in the walls? How old are the windows? How many amps in the electrical service? Is the house wired for security? For cable? For surround sound? How are the pipes and water service? Can we check the water pressure? What kind of heating/air conditioning system does the unit have? Gas-forced air? Radiant heat? Is it zoned?

The Location

What are the association dues or assessments? Is the building self-managed? Is there indoor parking? Are the spaces deeded? Does street parking require a permit? How close is public transportation? Are there shops and restaurants nearby? What about parks and playgrounds? What is foot and auto traffic like in the neighborhood? What are the closest public and private schools and where are they located?

Keep in mind that real estate agents won’t comment on the quality of the schools in the area; that’s research you’ll need to do yourself.

Questions to ask The Buyer (That’s You!)

What are my space requirements? How many bedrooms and bathrooms do I need or want? Do I want a master suite? Would I be comfortable living in a multi-level home? In a multi-unit building? Would I be okay sharing walls and common areas with my neighbors? What is the floor and ceiling of my budget? What is my threshold for having rehab or update work done? What’s most important: The space itself, location, or size? Do I want a contemporary home or a classic?

And here are a few open house tidbits that are often overlooked:

Consider time.

A city corner on a Tuesday afternoon in the dead of winter is a bit quieter than it is on a Friday night in the middle of the summer.

Consider the essentials.

When looking at a new construction home or condominium, have a list of the bare essentials you need to live in a safe, comfortable and secure environment. Remember that once you close on a property, it can be more difficult to get some of the things you want or need from the seller.

Consider staging.

Pay close attention to how the property is staged. It should give you a good sense of how the space can be utilized. A cramped and cluttered staging may be an indication that a home doesn’t have enough space, or that the seller is unprepared.

And if you have questions regarding financing, don’t hesitate to call a PERL Mortgage adviser for a free consultation!

Special Guest: Mike Hulett of the Atland Group at Jameson Real Estate explains the difference between a listing and selling agent, and discusses expectations within client and agent relationships.

Click the play button to listen!

Special Guest Sandesh Bilgi, Vice President of Development at Jameson Real Estate, defines explains how developments in Chicago differ — and how real estate agencies work with developers to develop marketing plans for new inventory.

Click the play button to listen!

On July 16, PERL Mortgage helped to sponsor the Chicago Association of Realtors 102nd Golf Outing. We couldn’t have had better weather and had a great time seeing old friends and making new ones. For photos of many of the golf groups, please follow this link and become a fan of PERL Mortgage.

See you at the Inaugural Gala!

On July 16th, PERL Mortgage is sponsoring the Chicago Association of Realtors 102nd Annual Golf Classic.

The golf package includes golf cart, continental breakfast, lunch, complete round of golf, unlimited on-course beverages and awards reception with two-hour open bar and music. Event begins at 8am and will be held at George Dunne National Golf Course (16310 S. Central Avenue, Oak Forest, IL).

Event Schedule:
Registration/Continental Breakfast - 8:00 A.M.
Shotgun Start - 9:00 A.M.
Reception - 2:30 P.M. (depends on end of play)

Net proceeds from the sale of raffle tickets will benefit the Emergency Fund, which provides immediate financial assistance, without the red tape, to help Chicago area individuals and families through a crisis or a transition. The Emergency Fund is the largest provider of homeless prevention funding in Illinois, serving more than 7,000 families each year.

For more information, please visit the event website.