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Getting Ready To Buy Bloomington Real Estate
Purchasing a property is one of the biggest financial decisions you'll ever make. Whether you're a first-time home buyer or an experienced investor, careful planning at every step of the buying process is essential. Here are some key things to consider before you buy a home.
Why Are You Buying?
Are you tired of paying expensive rent, or have you simply outgrown your current home? Are you looking for an investment property in the Bloomington-Normal real estate market? Having a clear sense of your "why" behind a new purchase will help you evaluate the right factors and choose the best property for your goals.
Are You Ready to Invest?
Property ownership remains one of the top strategies for building long-term wealth. Whether it's your first home and the beginning of your first real asset, or a rental property to grow your investment portfolio, now is a great time to invest in real estate. Property investments are also among the most stable ways to build wealth, without the volatility associated with stocks or collectibles.
Find out how Tanaka Real Estate can help you reach your real estate goals by completing the form to the right.
When you are ready to get started, call us at 309.336.8935 or complete this short form and one of our agents will be in touch.
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Other Things To Consider
Get Your Financials in Order
Now is not the time to make sudden career changes or large purchases. You'll want to approach your home purchase from a position of financial stability. Large purchases or new loans can affect your credit and balance sheet in ways that limit your buying options. Your credit score plays a major role in determining what property you can buy, your interest rate, and your overall purchase price. Tanaka Real Estate can connect you with one of our preferred lenders to pull an updated credit report and see exactly where you stand. The lender will review your credit history from all three major reporting agencies: Equifax, Experian, and TransUnion. We're happy to recommend experienced, knowledgeable lenders across residential, construction, commercial, and investment real estate.
Organize Your Finances
When it's time to make an offer on a property, you'll want to know you're fully prepared to close the deal. Getting your documents in order ahead of time helps you avoid delays, bidding wars, or unnecessary conflicts. Be ready with:
- Bank account statements
- Recent pay stubs
- Your current credit rating
- Financial statements
- Investment account information
- Two years of tax returns
- Credit card statements
- Auto and other loan information
- Copies of leases for any investment properties
- 401(k) statements, life insurance, stocks, bonds, and mutual fund account information
Pre-Qualified Vs. Pre-Approved
Getting pre-qualified for a home loan helps you:
- Identify the ideal price range you can afford
- Determine your estimated monthly payment
- Understand which loan types you qualify for
- Estimate your down payment and closing costs
Tips For Buying The Perfect Home
Don’t Max Out Your Budget
Just because you've been approved for a maximum loan amount doesn't mean you should spend it all on a home's purchase price. Set aside funds for closing costs, taxes, and potential repairs or remodeling.
Get to Know the Neighborhoods
Make sure the neighborhood fits your lifestyle and your family's needs. Are you close to good schools? Is shopping conveniently located nearby?
Don't Skip the Home Inspection
A professional home inspection is worth its weight in gold. It reveals issues you might not otherwise catch, giving you peace of mind and helping you make a more informed purchase decision.
Get Pre-Approved
Getting pre-approved by a lender shows sellers you're a serious, qualified buyer and not just browsing the Bloomington-Normal real estate market.
Make a List of Deal-Breakers
Know what you can live with and what you can't live without, versus what could be solved with a simple remodel. If you need four bedrooms, don't buy a two-bedroom home that requires a costly addition and blows your budget.
Check the Age of Appliances and Major Systems
Some of the most expensive components of a home include appliances, HVAC systems, water heaters, septic/well systems, and the roof. Pay close attention to their age and service history. You may even be able to negotiate a home warranty with the seller.
Check for HOA Requirements
Many neighborhoods have HOAs that govern what you can and cannot do with your property. Be sure you understand the rules and any associated fees, which are typically billed annually.
Questions?
Give Tanaka Real Estate a call at 309.336.8935 or fill out the form and one of our agents will be in touch.
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What Price Range Can I Afford?
Resources For Bloomington Home Buyers
The journey to homeownership starts with understanding how much you can afford. One of the biggest factors is your down payment. Many buyers assume you need at least 20 percent down, but thanks to various government-sponsored loan programs, some buyers can purchase a home with as little as 3.5 percent down. Veterans of the U.S. military may even qualify for zero-down financing options.
Finding a knowledgeable mortgage loan officer is key to getting the most up-to-date information on available lending options for your home purchase. Check out our vetted list of preferred lenders below, or use our free mortgage calculator to run some quick numbers.
Areas We Serve
- Bloomington
- Normal
- Le Roy
- Heyworth
- Lexington
- Hudson
- Chenoa
- Gridley
- Downs
- Danvers