Buying A Home In Illinois
If you are trying to buy a house in Illinois, understanding local real estate laws can help you save thousands. Read below to learn some tips that can help you make an informed decision:
1. Research Market Trends
Reading up on the Illinois real estate market can help you determine the right time to purchase a home. Certain trends and strategic timing makes a big difference when it comes to the cost of the house. Such analysis is best conducted with the help of an experienced real estate agent who is familiar with the market.
For example, an experienced real estate agent knows what underlying trends can affect the price of a property.
2. Inspect Before Purchasing
A home inspection prior to purchase will give you a much better idea about the condition of the property. While this may be costly, an inspection is much better than paying for a house that needs significant repairs. Anything from structural damage to termite infestations can end up costing you more than you anticipated.
The Illinois Home Inspector License Act was introduced to protect buyers from unknowledgeable or incompetent inspectors. As a result, the inspector examines the house inside and out and highlights various concerns.
3. Ask for the Disclosure Form
As per state law, sellers must fill out a disclosure form to give the buyers before closing. This includes any defects or risky conditions present in the property, such as a cracked foundation or unsafe drinking water. In other words, make sure the seller details any problems that can affect the value of the house since that will affect its future selling price.
You don’t want to find out about problems when it's too late, as some problems may result from pre-existing issues which currently seem minor.
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