Getting Started
Buying your first home is one of the most exciting milestones in life, but it can also feel overwhelming. This guide breaks down the process into manageable steps, with specific advice for first-time buyers in the Fox Valley area of Illinois.
Step 1: Get Pre-Approved
Before you start browsing listings, get pre-approved for a mortgage. This tells you exactly how much you can afford and shows sellers you're a serious buyer. In the competitive Fox Valley market, a pre-approval letter is essentially required to have your offer considered.
Step 2: Understand the Costs
Beyond the purchase price, budget for closing costs (2-5% of purchase price), home inspection ($300-$500), and moving expenses. In Kane County, property taxes average about 2.5% of assessed value, which is important to factor into your monthly payment calculations.
Step 3: Choose the Right Agent
Working with a local agent who knows the Fox Valley market is crucial. They can identify neighborhoods that match your lifestyle, provide insight on school districts, and negotiate effectively on your behalf.
Step 4: Start Your Search
Focus on must-haves versus nice-to-haves. Consider your commute, preferred school district, and long-term plans. South Elgin offers excellent value with median prices around $280,000, making it one of the most affordable western suburbs with Metra access.