Lombard Real Estate

Buying or Selling Your Home Just Got Easier

Buyer Resources

Getting Ready To Buy

Purchasing a property is one of the most significant financial moves you'll make. Whether you're entering the market as a first-time homebuyer or adding to your real estate portfolio, every step of the process requires careful thought and planning. Before you begin your search, consider the following:

Why Are You Buying?

Are you looking to stop paying rent and start building equity? Have you outgrown your current home or are you seeking a strategic investment property? Understanding the reason behind your purchase helps clarify your priorities and ensures you choose a property that aligns with your long-term goals.

Are You Ready to Invest?

Real estate has long been a proven method for building wealth. Whether you’re purchasing your first home or expanding your holdings, investing in property can offer both financial security and future growth. Unlike volatile markets, real estate offers a more stable path to asset accumulation and long-term return.

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Other Things to Consider Before You Buy

Get Your Financials in Order

Before you start the home buying process, it’s important to maintain financial stability. Avoid major career changes or large purchases, as these can impact your credit score and reduce your borrowing power. Your credit health plays a critical role in determining your interest rate, loan type, and price range. We partner with trusted lenders who can provide a current credit report and walk you through the details. These reports are pulled from the three major agencies—Equifax, Experian, and TransUnion—to give a clear picture of your financial standing.

Organize Your Finances

Being financially prepared ensures you can act quickly and confidently when it’s time to make an offer. Sellers value serious buyers, and having your documentation ready can help you avoid delays or complications. Key documents to gather include:

Recent bank statements
Pay stubs
Credit card and loan information
Tax returns from the past two years
Investment account summaries
401(k), insurance, and retirement statements
Copies of leases for any investment properties

Prequalify for a Loan

Prequalification helps define your budget and strengthens your offer. It gives you:

A realistic price range based on what you can afford
A breakdown of expected monthly mortgage payments
A list of loan options that fit your goals
An estimate of required down payments and closing costs

Tips For Buying

Don’t Max Out Your Budget
Being approved for a certain amount doesn't mean you should spend every dollar on the home itself. Be sure to budget for additional costs like closing fees, property taxes, insurance, future repairs, and potential upgrades. A comfortable financial buffer will give you more confidence and flexibility as a homeowner.

Get to Know the Area
Location matters just as much as the home itself. Explore the neighborhood to make sure it fits your lifestyle. Are there good schools nearby? Is shopping, dining, and commuting convenient? A great property in the wrong area can lead to regret, so take the time to find the right fit.

Don’t Skip the Home Inspection
A professional home inspection can reveal issues you might not catch on your own. From structural concerns to electrical and plumbing systems, inspections provide critical information that helps you make an informed decision. They also offer peace of mind and a layer of protection during negotiations.

Get Pre-Approved
A pre-approval shows sellers that you are a serious buyer with financing already in place. It strengthens your offer, helps you move faster in competitive situations, and gives you a clearer understanding of your purchasing power.

Make a List of Deal Breakers

Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.

Look at the Age of Appliances and Other Systems

Appliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.

Check For HOA Requirements

Most neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.

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