As local realtors, we get no end of questions about how much it really costs to live in the suburbs. There’s nobody better placed to answer that question for you, so we’ve pulled together everything we know about living expenses here in Chicagoland. 

We’ve made sure to include expensive, affordable, and mid-range suburbs, as well as picking areas from the North, West, and South of Chicago. As if that wasn’t enough, we’ve also included averages for the collar counties. Read on to find out which areas of Chicago could suit your way of life. 

Average House Prices 

One cost of living that’s non-negotiable is having a roof over your head – so let’s start by looking at the average house and rent prices across different Chicago suburbs and Counties. 

Median House Prices By Chicago Suburb

As you can see from the suburbs we’ve chosen, house prices across Chicagoland vary drastically by suburb. At the affordable end of the spectrum, you’ve got villages on the south side of the city like Thornton, Illinois, where the median house price is a mere $160K – almost three times less than the Chicago average.

But don’t be fooled into thinking all the suburbs are a haven for cheap property. At the other end of the market, you’ll find upscale suburbs like Hinsdale and Barrington Hills, where the average home costs a mindblowing $900K+.

There is no shortage of high-end neighborhoods around Chicago, so if ever you fancy curb-crawling for your dream lottery home, take a drive around places like Hinsdale, Glencoe, Winnetka, Clarendon Hills, and Wilmette. 

On the other hand, a city like Evanston, located on the north shore of Chicago, comes in at a happy medium of $362K, which isn’t far off the average home price here. 

Yet, the truth is that you can find homes across different price points in practically any suburb. There is a huge variation in size and style that affects the final value of the home.

Average House Prices By Chicago County

This much is clear when you look at the average house price by Chicago County. The figures are much closer together, reflecting the fact that you can find expensive and affordable houses spread across every area. 

All in all, the Chicago County Average house prices reflect that you can find properties close to the Chicago average house price, no matter what side of town you’re looking into. 

Average Rent 

Much like the house prices, the average rent in the Chicago Suburbs really varies depending on where you’re looking. Your jaw may drop as you look at the average rent in Barrington Hills as you ask yourself why it’s so expensive.

That’s because Barrington Hills is a rural suburb of Chicago. It’s miles out from the city itself, and most people here tend to own their homes. So any rentals in areas like this tend to be luxury properties designed for short to mid-term escapes to the countryside. 

Median Rent By Chicago Suburb

In general, rental prices in the Chicago suburbs come in between $1,000 -$2,000 for a 1-bedroom apartment. It’s the most significant expense you’ll need to account for when working out the cost of living in the suburbs.

However, it’s helpful to note that a 2- or 3-bedroom apartment or home would cost far less to split between multiple renters – which is how many people choose to get around the high cost of living these days. 

Median Rent By Chicago County

Data from deptofnumbers.com

Property Taxes 

Regarding the cost of living in the Chicago suburbs, property taxes are the elephant in the room. Many people today might blacklist Illinois as a place to live because our property taxes are famously higher than the national average. 

On the flip side, you could consider it part of the deal to live close by to one of the best cities in America, which is home to nationally ranked schools and a cultural scene with a long legacy of producing world-class professionals across every vocation. 

Regardless of how you see it, the property tax bill will come your way. Let’s take a closer look at how that cost varies across different Chicago suburbs. 

Property Taxes by Chicago Suburb (examples)

Data from smartasset.com/ 

It’s a little tricky to figure out how much property tax you will pay until you’ve chosen a home – a lot depends on the exact area the home is in, as well as the home’s assessed value. But you can see that, once again, property taxes range wildly between different suburbs, and in general, they follow the pattern of how expensive the suburb is. 

In Thorton, which is one of the most affordable suburbs of Chicago, homeowners here pay an average property tax bill of $3,699. This sounds quite appealing compared to the record-breaking Hinsdale, where the locals are shelling out an average of $12,389 in property taxes.

 “Where does it all go?”, you might wonder. The answer is that much of it funds one of the most prestigious school districts in the state of Illinois, Hinsdale Township High School District 86. The situation in Naperville is much the same, and that’s why families who can afford it are flocking to these suburbs despite the high taxes. 

To get a more general picture of how property taxes vary across Chicagoland, we can also consider the property taxes by Chicago County.

Cook County is onto a winner here, with the lowest average effective property tax rate of 1.38%. Cook County and DuPage County are both home to some of our personal favorite suburbs, including Downers Grove, Glen Ellyn, Elmhurst, Wheaton, Oak Brook, Schaumburg, Skokie, Arlington Heights, and Evanston. 

Property Taxes by Chicago County 

Data from tax-rates.org/

Median Household Income 

One good way to get an idea of the cost of living in an area is to look at the median household income. People generally like to live in the best area that they can afford – and if they have a similar income to you, then you can look to that area too.

As you might expect, based on the rent and house prices, Barrington Hills, Hinsdale and Naperville are the highest earners from our example suburbs.

In fact, they earn 2-3 x more than households living in Thornton and Northlake. So, in general, you can expect the cost of living is 2-3x times higher, depending on your specific lifestyle. 

Median Household Income by Chicago Suburb 

Data from niche.com

Transportation 

Getting around in the Chicago suburbs contributes a lot to your cost of living, and the way that you travel will depend on where you live. 

There are some far-out suburbs, like Barrington Hills, where having a car is an absolute necessity simply due to the scale of the local area (and the fact that there is no nearby metro station). You’ll need a car to do simple things like picking up groceries because public transport doesn’t support it.

However, if you are lucky to live centrally within a well-connected suburb like Naperville or Evanston, you could get around by relying on the metra and pace buses. No matter which suburb you live in, you can get a day pass or a monthly pass for the Metra. The cost does change slightly depending on your route and distance from Chicago. 

Metra Pass

Daily Cost of Commuting to Chicago from Suburbs by Car 

*Based on 2022 current average price for regular gas of $4.541 and the average MPG of 25

** Based on commuting 21 days per month 

Many people in the Chicago suburbs choose to drive as their main method of getting around. Just like most places in America, there is a lot of sprawl in our suburbs and there is nothing more convenient than hopping in your car.

However, it also comes at a cost – and one that is rapidly rising. Fuel prices are almost double what they were this time last year, and there’s no telling how they might change in the future. 

We’ve made some quick calculations to estimate how much it would cost you to commute to Chicago every day from different suburbs. We did this using current gas prices and the average miles per gallon of 25 – plus. We also considered that you’d be commuting approximately 21 days per month. However, no matter what suburb you live in, you can easily calculate it yourself.

To work out how much it will cost you in fuel to travel by car, find out your miles and then divide it by your MPG. Take that figure and multiply it by the current cost of fuel per gallon, and the result is your fuel costs for the trip. 

Bear in mind that being stuck in traffic uses up to ½ gallon of fuel per hour. Many of the Chicago suburbs are known for becoming congested.

If you’re commuting every day from a busy suburb into downtown Chicago, you’ll easily spend a couple of extra hours a week sitting in the car. To add insult to injury, this can add on a few dollars to your fuel costs weekly. 

Parking

On average, people in Chicago pay $190 per month for parking as part of their commute. 

If you are parking every day for your commute – whether that’s to Chicago or simply to your local metra – you’ll want to do some research to figure out the cost of your local garage and account for that in your cost of living. 

Parking downtown outside of Chicago is typically metered at $2 per hour. The cost of parking in a garage varies dramatically depending on their individual rates, so you’ll need to do some research to find the best spot for you. 

Utilities 

No matter which suburb you’re looking at, utilities will be roughly the same, as many of them are determined by state or national providers. One of the biggest differences you can make to your cost of utilities is what phone bill and WiFi you choose. The cheapest phone tariffs for U.S. providers start at $30 but can be as high as $180. 

Food prices / Eating out

It’s hard to put an exact figure on the cost of food in the Chicago Suburbs – that’s because it doesn’t really depend on the suburb so much as the person’s individual lifestyle.

According to bungalow.com, people in Chicago spend around $300 every month on food. But we all know that the way you choose to have your meals can make or break that figure; if you shop at budget supermarkets, do meal prep and always eat at home, then your food bill will be significantly lower than someone who lives off takeaways or in upscale restaurants. 

But still, just for fun, we thought we’d head out to a few typical suburban restaurants so we could show you roughly how much it costs to eat out in the suburbs. We ate at an in-expensive restaurant and a mid-range restaurant – here’s how much it cost. 

Inexpensive restaurant: $60-150 (couple)

Mid-range restaurant: $180-$330 (couple)

In short 

We hope to have given you a good insight into how the Chicago suburb you call home can affect your cost of living. Of course, there are many other factors to add to that final bill, such as childcare costs, healthcare insurance, and car insurance, but these are broadly speaking the same no matter where you live. 

Perhaps you’ve even set your sights on one of the suburbs we’ve used as examples. We’ve got lots of helpful information for you about living in Naperville, the best parts of life in Hinsdale, and why we think Northlake is one of the most underrated suburbs of Chicago. 

Should You Buy Furniture before the closing of the house in Illinois? It’s highly recommended that most buyers put on hold any and every large transaction or request for credit. Furniture can be purchased after closing.

If it looks like everything is going well, you might be wondering “why shouldn’t I purchase furniture before I close on my new home?”. While we respect your optimism, you may not be aware of all the variables that influence your chance of getting a mortgage on your property. 

If you’re still not convinced, keep reading to find out exactly why you shouldn’t make any major purchases until after the closing process has finished. We will also cover what items and expenses you should 100% avoid before closing. 

The “No big transaction” rule explained.

The rule of thumb is – no big transactions. But what exactly is considered a big purchase during underwriting?

The definition of “big” is subjective. Some people might consider a purchase of $200 to be big, whereas others might consider anything over $1,000 to be big. It’s probably best if you consult with your mortgage lender or financial advisor about what they think constitutes as “big.” Here is a clear definition of big purchases that have cost closings:

• New car, truck, or RV
• New credit lines for furniture / ‘Same as cash’ (i.e., interest-free deferred purchases)
• New appliances 
• New department store  credit

While going through the underwriting procedure, it’s always advisable to put off any major expenditure; but if you must, make sure you’re purchasing with cash; there’s no harm in doing so. But be warned, if you are purchasing all cash and are unable to provide verification of the source, you may be asked to explain where your money came from. This will delay closing and cost more.

Things You Shouldn’t Do When Waiting to Close a Real Estate Sale.

I know you’re eager to fill your fresh property with all new furnishings and decorations. However, while you wait to close on your new house, here are a few other warnings to heed:

• Do not request a credit report check
• Do not close any credit accounts
• Do not increase or request an increase in credit amounts

A change in your credit report and or a credit inquiry can change your ability to close on your home. Opening a new credit account can have the same effect as making a big purchase. This will alter your ability to close on time, and it may also affect your interest rate if you are using an FHA loan or VA loan.

Don’t forget that changing anything in your financials can change the underwriting process. It sounds harsh, but the lender simply does not want you making any changes that affect your ability to close. It’s best if you just sit tight and save up for all new big purchases after closing is completed.

The best possible scenario is actually doing nothing at all until after you close on your property – congrats on not making any big purchases! Plus, a little extra thinking time can be a good thing. Maybe in a few months, you’ll come to realize that a yellow leather sofa isn’t such a great idea…

When Is It Safe To Make A Big Purchase?

This part is simple – it’s safe after the closing process is complete. This is because, after this time, there will be no more surprises. All variables will be known to you. In this case, you won’t have to worry about adjustments being made because of your purchases.

If you’re really feeling the frustration, you can speed things up a little by making the purchase after you receive your clear to close. Just make sure to contact your loan officer about your specific situation. By and large, though, it’s better to wait. 

When is the last credit check before closing?

The last credit check before closing can happen after the appraisal is complete. This is because you have already gone through the final underwriting process and any changes to your loan will be finalized. After this, there should not be any more items requiring a change in order for you to close.

In some cases, the mortgage lender may request a final credit check before closing to make sure the lender’s risk hasn’t changed. If everything checks out, then this will not affect your ability to close early! You should also keep in mind that the lender will need to reassess your credit report if your liability has changed. It’s always best to keep your credit report in both credit pulls consistent.

Conclusion

As you can see, it’s not a great idea to make any large purchases until after closing is official. However, if the need arises and you are already purchased for some reason, call your loan officer in order to get clarification on what is acceptable.

Don’t forget to follow the rules outlined in this blog post. No big transactions during the underwriting process!

If you have any questions or are ready to buy, call us today at (708) 259-2087. We would love to help you with all your real estate needs and tell you how easy it is for FHA loans — even if your credit isn’t so great.

Building your dream home is a big decision, but you’ll be making the best choice if you work with one of these companies. We hope you find this list useful when choosing your new custom home builder.

If you’re looking for a new home, there are several things to consider before deciding on which one is best for your family. One of the most important is the quality of workmanship and materials used by each company. The last thing any homeowner wants after investing in a house is to have it fall apart. 

Another factor you should consider before choosing your new home builder in Naperville, IL is their customer service history. You want a company that cares about the finished product as much as you do! A good way to find out about a company’s customer service is to read reviews; they’re a goldmine of unbiased real customer experiences. 

However, we understand that you might not have time to scour the internet for reviews. Building a home in a busy time! That’s why we’ve taken the time to do a deep dive into home builders in Naperville IL, so we can share the very best with you.  

Below is a countdown of the best custom home builders in Naperville.

8. Oak Hills Builders

Nick Stanitz, the son of a real estate entrepreneur, began building homes in 1988. Nick grew connections and started constructing houses in Naperville, becoming one of the area’s largest developers. He also developed important new subdivisions including Ashbury, Stillwater subdivisions, and most recently the Clow creek. Oak Hills Builders has produced over 40 homes per year. They built plenty of new subdivisions such as Stillwater and Clow Creek. 

Oak Hills Builders is a family-owned business, so you can always be sure their hearts and heads are in the right place when it comes to designing homes with integrity. As such, they are highly commended as a trusted home builder in Naperville. 

7. Overstreet

Best of Houzz Service 2015-2016

Overstreet Builders are three generations of Overstreet builders that have satisfied Napervillians for more than 60 years. The Overstreet family believes in hard work, integrity, and honesty. When you are looking for a new home, the best place to begin is with people who have been in business for more than 50 years.

Overstreet Builders are located in the Naperville area but build homes throughout DuPage County and surrounding areas. They now have sites available in Ashwood Park and Hidden Creek, but you may also build a custom house anywhere your heart desires.

The Overstreet family will work with you to create your perfect dream home. You can expect quality craftsmanship when you choose Overstreet builders for all of your new construction needs. 

When building a custom house, there is no limit on how creative they can get. So you can expect a beautiful one-of-a-kind masterpiece when working with Overstreet builders. If you are wondering what’s the most expensive part of building a house find out here. 

6. T6 Construction and Development Inc

T6 Construction and Development, Inc. is a firm based in Downers Grove, Illinois. They specialize in general contracting, construction management, and design/build construction. T6 construction builds expertise, knowledge, and integrity into every project it undertakes. In the words of T6 themselves, they “…offer a full range of services, from pre-construction and consulting through constructing their clients custom homes and buildings.”

T6 Construction and Development has built a reputation in the industry for quality, honest service by maintaining strict ethics in its bidding policy and providing a safe work environment. All carpenters and laborers are employed in-house, giving them maximum control over the process from start to finish. 

In addition to T6’s experience, clients also benefit from the firm’s principles. They endeavor to be personally involved in every aspect of a project to ensure its ultimate success. They consider themselves a key player on any home-building team, as they can generate costing budgets and propose alternative construction plans during the design development stage. They can get creative and provide engineering at very competitive prices, making them the general contractor of choice for anyone looking for the whole package. 

5. M House Development

Best of Houzz Design 2018-2021 | Best of Houzz Service 2018-2021 | 10 Reviews

M House Development is a custom home builder in Naperville, IL that prioritizes quality design with fresh, modern finishes. M House’s reputation for high-quality workmanship, originality, and attention to detail distinguishes it from the competition. They have that contemporary flair that many people desire nowadays.

M House was created by Scott Mathieson. His dedication to the field is evident in his job, as well as the long-term impression he makes on his clients. Clients are kept up to date on the progress of their order throughout the building process, thanks to his open communication and straightforward business approach. His previous 18+ years of homebuilding expertise have equipped him with the knowledge and skills to design and build over 3500 single-family residences.

The desire to make a difference in people’s lives, coupled with a love for beautiful design, inspired the creation of M House Development. This Naperville home builder knows that every family is unique, which is why they will work with you to create your perfect dream house. M house is based in Naperville but builds homes though-out the western Chicago Suburbs.

4. Crestview Builders Inc

Crestview Builders is a firm that provides spec and bespoke homes in the Naperville area. Over the last four decades, the firm has established 21 subdivisions and constructed over 1,800 houses in Naperville and neighboring communities. That’s a lot of houses! They currently offer sites at Ashwood Park, Hidden Creek, and Hobsons Pond in Naperville.

Crestview builders are just one of many home builders in Naperville, but they are unique since this family-owned company takes pride in hiring only the best to work on your house. Mike Steck, the owner of Crestview has over 40 years of experience in real estate development, which makes him a leader in this industry.

Crestview is committed to bringing their clients only the highest quality houses at an affordable price tag. Crestview Builders is a family-owned and managed firm that has a team of locally-raised employees with long histories with the company. They are known for being upfront and honest with all customers about who they are and what they can provide them.

3. Charleston Building and Development

Best of Houzz Design 2018-2021 | 13 Reviews, 5.0

With Charleston Building’s median project cost of over $1.5m, you will see some of the most extravagant and customs designs on this side of the Mississippi. Charleston was voted “Best Builder in Naperville” by Naperville Magazine. It’s not hard to see why; one look at their portfolio and you’ll find nothing but luxurious, high-end homes that are sure to blow you away.

Charleston’s office is small, stylish, and feels like home; they like to think of it as a reflection of their team. Since 1998, Larry Van Someren has innovated home building with his creative modernist designs. The business is now run by both of his sons with an in-house designer.

Charleston Buildings can be found all around the Chicago suburbs but many are found right here in Naperville! Charleston is a master at designing luxury custom homes for any kind of clientele, whether you only have $500k or over $20mil to spend – they will build it (and beautifully). If you are looking for something truly unique, Charleston is the company for you.

2. Kings Court Builders Inc

Best of Houzz Design Award 2013, 2019, 2020 | Best of Houzz Service Award 2013-2016, 2018-2021 | 42 Reviews, 5.0

Another long-time builder in the Naperville area is Pete Stefani, with Kings Court Builders. Pete has years of expertise in constructing houses and is one of the most well-known and trusted builders in the region. Kings Court Builders has a history of excellent customer service and continues to provide high-quality workmanship for homeowners throughout Naperville.

Homeowners are impressed with Kings Court Builders’ dedication to delivering a top-quality home. They have several different floor plans for you to choose from and modifications are welcomed, which means the options are endless! Many of their homes feature premium materials and great attention to detail in all aspects of design.

They have sites available in Ashwood Park and Americana Estates, but they may also build custom homes if you already own a plot of land you’d like to use. They also have a professional team of designers and consultants to guide homeowners through the entire building process.

1. DJK Custom Homes

Locally Owned, Eco-friendly, 32 Years In Service

Best of Houzz Design 2016 | 2018 Best of Houzz Service 2015-21 | 64 reviews, 4.9 | 131 Projects in Naperville

Dan Kittilsen and his wife Kim own and operate DJK Custom Builders. DJK Custom Homes was founded in 1988 and has been delivering high-quality, cost-effective, eco-friendly homes to Naperville residents ever since. Dan is still involved in each new home development, ensuring that you get the authentic experience every time. Many of the homeowners speak highly of DJK’s meticulous attention to detail and honesty.

DJK Custom Homes is locally owned and operated, which means they take pride in the work they do for Naperville homeowners. They are committed to building only the highest quality homes; ones that meet all local regulations as well as energy efficiency standards. 

DJK Custom Homes is proud of its excellent customer service record; many homeowners even remark on how responsive they are to their questions or concerns throughout the process. They have a staff of experts on hand to guide you through the construction process, so you can rest assured that your home is built to last.

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How are Realtors Paid In Illinois? Real estate agents are paid on a commission basis, usually 5-6% of the property’s sale price, often split between the buyer’s agent and the listing broker.

A real estate agent in Illinois, is paid, depending on the home sale price. Most people are motivated to get a real estate license by the impressive amount of money they can make in the real estate sector. But, in reality, a Chicago real estate agent makes money by earning a commission or a sale percentage when they help an individual sell or purchase a property.

Check out this guide below to understand how Illinois real estate agents are paid.

How does a realtor get paid when buying a house in Illinois?

Real estate agents are mostly paid on a commission basis, usually 5-6% of the property’s sale price, often split between the buyer’s agent and the listing broker.

Both the seller and the buyer often have agents representing their interests and who need to be compensated.

Unfortunately, most individuals don’t understand who between the seller and buyer is responsible for the agent fees. Do the buyer and seller collectively pay their realtors? How does a realtor get paid when selling a house in Chicago, Illinois?

Most property buyers are often surprised to discover that realtor fees come from the “listing side” of the sale.

When a realtor puts up a home for sale, the realtor fees are often sorted between the seller and their listing agents. Therefore, as a buying agent, when you close the deal, the seller’s agent splits the listing fees with you. Buyers are then not responsible for the agent fee.

However, agents generally are paid based on what they negotiate. A buyer’s realtor can also negotiate and agree with the buyer on how they should be paid once they buy the house.

How do realtors get paid when selling a house in Illinois?

At the end of an Illinois home sale, a seller pays several expenses referred to as closing costs. When selling a house in Chicago suburbs or general Chicago, expect to pay between 2-3% of the property’s sale price in closing costs. In addition to these costs are the 5-6% realtor commission fees that a seller pays.

Therefore, when a realtor sells your house in Illinois, you will have to pay the agent the agreed realtor fees, which are often split with the buyer’s agent, subject to agreement.

Generally, the seller pays both the selling and buying agent their agent commission, 3% each, 6% in total, or whatever negotiated.

When does a realtor get paid in Illinois?

Legally, realtors should be paid only after the home sale deal has been closed. Commission payments are usually a line item on the closing statement. A brokerage firm releases the realtor fees once the sale records is complete.

Sellers pay a sale price percentage as a commission split between the agents representing the seller/listing agent and buying agent. Some realtors are generally not allowed to accept upfront payments or hourly rates. Illinois realtors typically get paid when the deal is done. Realtors are paid after the closing of the home.

What does a realtor do to earn their pay?

Ever wondered what a real estate agent does to earn their pay? Unlike a lawyer who bills you by the hour, a realtor doesn’t accept any payment form until the deal is closed. This often leaves buyers and sellers curious as to the nature of the realtor’s jobs.

Below is a compiled list of things that realtors in Chicago do to earn their pay.

• Realtors shop property online. The average real estate agent spends roughly two to three hours daily researching potential properties. Property listings come and disappear in the real estate industry, meaning agents have to be constantly checking multiple listing service databases.
• They go prospecting. The realtor represents the buyer’s interests, which include checking out potential properties. Part of their job description is to visit several listings to source for the buyer’s needs and specifications.
• Realtors invest in marketing. Some agents spend their money to advertise a property on newspaper ads or premium placements on listing sites.
• Agents write up offers and counteroffers. These are exemplary components of a real estate transaction since they can save or earn you thousands of dollars on a sale. Agreeing on the right price requires writing offers and counteroffers, a task often taken up by realtors.
• Realtors assess home inspections. A professional agent should be present during inspection time. It helps the sale process go smoothly by ensuring a buyer gets what they want in its best quality.

Generally, realtors are hired to ensure a home sale and purchase runs smoothly.

How to Save on Realtor Commissions

If you want to save significantly on realtor commission feels, below are several options to try out;

1. Try negotiating realtor fees yourself.

2. Sell with a discount real estate broker offering built-in savings

3. Hire a flat-fee MLS company or a limited-service agent

Generally speaking, do not expect to knock out more than approximately 2-3% of the entire commission fee with no significant service-level tradeoff. Ultimately, your saving depends on how you go about reaching those savings.

How Realtors Get Paid in Chicago

If you are selling your house in Illinois, whether in the Chicago suburbs or the greater Chicagoland, you will need to pay a realtor to help you sell or buy a house. The standard realtor fees are usually around 5-6% of the house sale price. However, due to the increased competition among realtors in Illinois, most agents can accept anything lower than the standard price percentage.

Ensure you hire a professional realtor to help you get the best property deal to match your needs and budget. We are Illinois Realtors providing Chicago residents with top realtor services. Reach out to us if you need any representation on buying or selling real estate in the Chicagoland area.

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If you’re thinking of purchasing a property, it’s vital to understand what you’re getting yourself into. You’ll be spending a lot of time at your new house and putting a lot of money into it, so you want to make sure it’s the right fit for you.

In this blog, we’ll cover how to view a home with an agent and some tips on what to look out for when viewing homes.

The first time I look at a home is to determine if I am interested enough to pursue it. So, first and foremost, we’ll focus on the fundamentals: does the floor plan suit you, what do you think the overall condition is like, and can you envision yourself living here? “Can I live here?” should be your guiding question

We’ll also go through what to look for when looking at houses, the most essential information to remember during your initial walk-through with a real estate agent, and how to detect possible issues areas of the house before purchasing.

From The Curb

When approaching your first home, it’s crucial to look around first and foremost. Examine the neighborhood and nearby residences. Depending on the site of the property, look for any noise pollution from busy roads or noisy avenues. Also, check for any light pollution from neighboring businesses or traffic congestions.

We should inspect the home’s plot and exterior for proper grading. Think about water drainage on the grounds. Ideally, we would want the home at the highest point of the plot, draining the waterway from the home. Proper draining of rainwater is very important and can determine the condition of the structure and foundation.

Because water is frequently the most damaging component in a home, pay special attention to the water system and drainage”

We should next assess the home’s overall curb appeal and condition from the street. The roof, landscaping, parking, entrances, and walkways are all important. Roofs are very expensive to replace so it’s important to have a basic idea of their condition. From the curb, you can notice any discoloration or any recent repairs.

Following the roof down, you want to also take a look at the gutters and downspouts. Poor upkeep puts additional strain on home gutter systems and inspecting the home’s gutters and their condition might give you a clue to poor maintenance.

While walking the property, look at trees that might create problems in the future. Trees, especially big ones near homes, are costly to remove. Leafs and branches will also put a strain on your drainage system, necessitating more care.

Finally, inspect the home’s exterior foundation for cracks or deterioration. If the basement of the home has finished walls, you won’t be able to see any possible cracks or previous repairs. Cracks in foundations are typical. However, there are levels to this. A crack may be caused by natural movement of the house, while other cracks indicate structural damage.

Walking Inside

The first few impressions you get from the home will be extremely telling. The time of day you look at a house has an impact as well. During the day, seeing the house might assist you in locating any problems with the paint or water stains on ceilings and walls indicating leaking pipes.

Take note of the home’s structure, overall area, and condition while walking through it. Most people notice the simple-to-change aesthetic features, such as paint or wallpaper, when they enter a home. HVAC repairs, window replacements, and water damage, on the other hand, are considerably more costly. The paint is very cheap!

Don’t look for a new house based on your current furnishings. Because homes are more expensive than furniture, don’t search for the ideal family room to match your sectional and entertainment systems. Instead, consider the area for typical furniture instead of individual pieces.

The average size of a master bedroom is 12×14, but large master bedrooms can be up to 16×24. The smallest bedroom is often 9 Feet x 11 Feet.

If at all possible, stay away from houses constructed before 1950. Many of these homes do not have up-to-par mechanicals and insulation systems. Older residences are also draftier and require more energy to heat and cool.

Finishing up with the interior Take a look at the tile, paint, and flooring’s finish and quality. If you discover substandard craftsmanship, fit and finish, or refurbishment work. You should be more cautious about the house. Sometimes decades of do-it-yourself can indicate faulty repairs and bandages hidden behind the wall that will emerge after you move in.

If you’re having difficulties viewing the property, ask your agent for assistance. They’ll be able to respond to any queries you have and give suggestions on their favorite parts of the home or areas that need repair.

It is important that you take your time when inspecting the interior of a home because those initial impressions are vital for how much money you might spend on updates.

Lead with, “Can I see myself living here?” as previously stated. When it comes to purchasing a home, emotions run high, therefore ask your gut: “Gut, do you think you’d be happy living here?”

Mechanical

The core of the house is made up of mechanical components. Mechanical systems in a home may also impact how it functions. The life expectancy for HVAC, plumbing, and electrical systems is similar.

A typical electrical system should last approximately 50-60 years. However, other components are far less durable. If you’re interested in viewing a PDF of the life experiences of various systems, please see below. In general, look at the overall condition of the system, any repairs made to it, and the estimated age if available. You don’t need to go crawling into spaces, examine what is easily visible.

Inspecting Electrical

Electrical systems generally endure the life of a home, however, there are several early electrical designs that are no longer recommended for modern homes. If you have primarily conduit, little to no flex pipes, or Romex in the Chicagoland region, your electrical system is most likely functional.

You want to avoid DIY electrical completed by homeowners. Often, homeowners add electrical legs and loads to the electrical systems causing breaker overload. Take a look at any exposed electrical boxes, lines, and electrical boxes for overall condition.

Inspecting Plumbing

Inspecting beneath sinks and vanities is the most popular, simplest, and fastest approach to check plumbing. Examine the condition of the plumbing, what type of material it’s made of, and whether there are any leaks.

The most frequent materials for plumbing are PVC and copper. Finding cast iron pipes and galvanized pipes might be a sign of an old system that may require repairs or attention soon. Leaks in sinks and toilets are quite prevalent. If leaks have caused damage or discoloration, this might indicate neglect by the prior homeowner. Buyer beware!

Finally, check the hot water tank for age, condition, and materials; PVC and copper are the most preferred materials.

Inspecting HVAC

The most popular climate control system in the Chicago area is forced air. During the summer and winter months, vents provide both heat and cooling. In most situations, home ventilation systems that are designed and installed correctly will last the life of the house, requiring only periotic duct cleaning.

The average lifespan of a gas furnace is seven to 30 years. There’s no need to go into crawl spaces or attics; simply do a visual assessment of anything that is obvious and easy to determine its age and condition.

Other things to look out for:

Water intrusion or water damage musty orders

Check the basement if there is one. Does it have a musty odor? Is there a distinct smell of humidity in the house?

Water is the most common reason for property damage, therefore examine all external walls for possible water intrusion indicators. Mold poses a wide range of health hazards, so it should not be overlooked.

Additions that are poorly done

Home additions are great ways to expand the living space and increase home value however, most of the time they are designed and constructed poorly causing poor quality living space.

The addition may also be located on the side or rear of the property. Check that it has adequate ventilation systems, adheres to the style of the home, and was built by qualified experts.

Don’t Be Fooled By Staging

Staging is a common practice among real estate agents to make the home look like it’s in good condition. However, staging can lead to purchasers being oblivious to some of the property’s most significant problems, resulting in them inadvertently purchasing a home that has been neglected or may end up costing them far more than they had anticipated.

Don’t be fooled by the color of your home’s decor or furnishings. Look at the overall structure to ensure that it is safe.

Conclusion

The most essential thing to consider while searching for a property is whether or not it will fulfill your requirements. People can get so caught up in what they want that they miss out on an opportunity because of their focus on certain features of the property rather than looking at the overall picture.

If this is all too much, don’t worry. A competent real estate agent will look over the property and assess it while you’re walking through it. Your realtor should give you their unbiased opinion about the home. A good agent will also help you with other things such as repair suggestions, and estimated costs.

After walking through the home, always ask yourself these questions:

1. Are there any potential safety hazards that need to be addressed or fixed before moving in?
2. What might need to be replaced within the next 5 years?
3. Does it have enough space for your family or need?
4. Lastly, ask your gut ‘can I see myself living here?

Thank you for reading, if you are in the Chicagoland area and are in search of your first home, please reach out. We would love you help you find your dream home. If you are a first-time homebuyer, check out our 10 easy steps to buy a house in Chicago.

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A credit score is one of the major factors lenders look at during the home buying process.

But, do you know the minimum credit needed to buy a house in Illinois? A 580-620 minimum credit score is required for a home loan in Illinois. Government-backed loans require a minimum score of 580, while conventional loans require a minimum score of 620.

People with higher scores stand a better chance to secure a mortgage at an attractive interest rate.

Well, to get the best interest rates on mortgage, prospective home buyers should aim to have a FICO score of 740 or above. But this number is not universal. The minimum score really depends on the type of loan and the lender’s requirement.

In this article, we will explore some nuances of a good credit score, how to check your score, and how to improve it before applying for a mortgage. In the end, you’ll see whether you’ve got the credit needed to buy a house in Chicago, with the type of loan you’d prefer.

What Is A Good Credit Score?

A credit score is a 3-digit number ranging from 300–850. Credit scores are used by lenders to make decisions on whether or not to offer you a loan such as a credit card or mortgage. They also help determine the terms of the credit, including interest rates and down payment. This magic number usually shows your potential credit risk and ability to repay loans. The higher your score, the higher the chances that you’ll be a responsible borrower.

Typically, lenders, banks, retailers, landlords, and other financing companies share your financial information periodically with the three major credit bureaus (TransUnion, Equifax, and Experian). These credit reporting agencies then use the data listed on your credit reports to calculate your credit scores by using the FICO (created by Fair Isaac Corporation) or VantageScore credit scoring system.

Since each of these reporting agencies uses different criteria to list and score your financial data, your score may fluctuate from one credit bureau to another. Your score may also change periodically depending on your credit activity.

Why Your Credit Scores From The Credit Bureaus May Be Different

Credit Scoring Model Used: Different credit referencing bureaus use different credit scoring models, with the two main models being FICO and VantageScore. While these models use similar parameters from your credit history, each has its own formula to weigh each factor.

• Information Provided To The Credit Bureaus: Since lenders are not obligated to share your financial data with these bureaus, there are possibilities that the data shared may be different across creating differences in your scores.
• Errors On Your Credit Report: One bureau’s credit report may have errors, that may throw off your credit score when compared to reports from other bureaus. Any error in your credit report should be reported immediately to avoid harm to your credit score rating.
• Outdated Data: Credit data should be accessed and updated regularly. If one of the bureaus uses outdated credit data, there may be some discrepancies in your credit scores.

What is A Good FICO Score?

Although credit score rating varies depending on the credit scoring model, there is a general consensus on various credit score ranges.

Most mortgage companies use this FICO grading to approve or deny house loans. Typically, most lenders require a minimum credit score of either 580 for government-backed FHA loans or 620 for conventional loans. But people with higher scores are bound to enjoy better mortgage terms, including high dollar limits, lower interest rates, and longer payment periods. A recent study showed that the average FICO Score for someone with a mortgage in 2020 was 753, which falls in the VERY GOOD bracket.

What Is A Good VantageScore?

VantageScore uses similar parameters from your credit history to calculate your credit score. However, this scoring model has been expanded to capture the data for more users including students and immigrants who may only use credit cards sparingly. Here’s a look at how Vantage Score rates its credit scores:

What Factors Affects Your Credit Score?

Various factors affect how your credit score is calculated depending on the credit scoring model. Each factor has its own percentage value in a credit score. Some of the elements that impact your credit score include:

• Credit utilization rate
• Payment history of loans and credit cards
• The total debt on your portfolio
• Type, age, and number of credit accounts
• Balances on your active credit
• Number of inquiries for your credit report, except soft inquiries
• Public records such as bankruptcy
• Number of new, recently opened credit accounts

Benefits of A Good Credit Score

A good credit score can unlock multiple financial benefits, making it easier for you to save money and make your financial life easier. A higher credit score means that you have more options when seeking house loans and credit card loans from various financial companies. But that’s not all! Let’s look at some of the incredible benefits of having a good credit score.

• Qualify for excellent credit card deals: A strong credit score allows you to access some of the most rewarding credit cards in the market. You also get lower interest rates, helping you to save significant amounts of money over time.
• Access to a wide variety of loan products with appealing terms: If you have a high credit score, you can access a wide variety of loan products with higher dollar limits to help you finance big purchases.
• Higher loan and credit approval: High credit scores show reduced risks to the lender. This means that you have higher chances of approval for your loan, mortgage, or credit card application.
• More negotiating power: A good credit score means that you can shop around for the best deals in town. You can leverage this to negotiate for better terms from your preferred lender.
• Easier approval for rental houses and apartments: Today, more landlords are using the credit score as part of their tenant screening process. If you have a good credit score, you have higher chances of getting a rental house or apartment.
• Incredible rates on car and homeowner’s insurance: An above-average credit score allows you to get a reasonable deal on a car and home insurance.

How to Check Credit Score?

Every year, you are entitled to access a free credit report from the 3 major credit bureaus. These reports help you assess your past and current credit status, check for any inconsistencies and errors that may affect your score and gain meaningful insights into some of the parameters affecting your credit score.

You can check your credit scores in several ways:

• You can request your free annual credit report from the 3 national credit reporting bureaus (Equifax, Experian, and TransUnion) by visiting AnnualCreditReport.com.
• Purchase credit score directly: If you already requested your free annual credit report, you can access another copy by buying from any of the three credit bureaus or other provides such as FICO.
• Visit a free credit scoring website: There are various sites that offer free credit scores to help you understand your financial health. However, it important to look at the terms and conditions before sing up.
• Check with your credit card issuer or lender: Many credit card companies have started offering complimentary credit scores to their customers. This can be accessed either by login into your account or through your monthly statement.
• Request from a non-profit credit counselor: The National Foundation for Credit Counselling has non-profit credit counselors who can help you access your credit score and help you break down the details for you.

What Are Some Of The Uses Of Credit Reports?

• Determining creditworthiness
• To analyze all loan and credit accounts under one platform
• Reporting errors on the report
• Reviewing missed/late payments
• Checking the credit score online
• Making effective financial decisions, etc.

What Is the Average Credit Score in Illinois?

According to a recent report by Experian Consumer Credit Review, Midwestern states such as Illinois have some of the highest credit scores. With a national average FICO score of 710 in 2020, Illinois had a credit score of 716, which was well over the national average. This is a 7-point increase from the 2019 credit score of 709.

This means that most residents in Illinois have better chances of access to loans such as credit cards and mortgages. More affluent cities and villages such as Chicago, Naperville, and Glen Ellyn have higher average credit scores.

How to Improve Credit Score?

You can improve your credit score by practicing several consistent habits that are pivotal in keeping your credit on track. Some of these include:

• Pay your bills on time: Payment history is perhaps one of the biggest factors that affect credit scores. Paying loans, credit cards, rent, phone bills, and other utility bills on time improves your credit score and is considered a good predictor of future performance by most lenders.
• Make frequent payments: Making micropayments throughout the month ensures that the credit utilization is kept low, benefiting your score right away.
• Ask for higher credit limits: Higher credit limits help lower the overall credit utilization which improves your credit.
• Dispute errors on your credit report: Errors in your credit report can pull down your score. You should request a free credit report from the three major credit bureaus and dispute any mistakes within 30 days.
• Become an authorized user: If you have a thin credit file, you can ask a friend or relative with a long record of responsible credit card use to add you as an authorized user in one of their accounts. This can significantly lower your credit utilization and give you longer credit history.
• Don’t apply for new accounts too often: Frequent loan applications create hard inquiries on your report that may have adverse effects on your score.
• Keep credit cards open: Many people make the mistake of closing their credit cards in a bid to improve their credit profile. This increases the overall credit utilization ratio and could lead to a lower score.

The Bottom Line?

Credit scores are an important facet of any personal financial planning. Good credit scores can open up a bunch of benefits including an increased likelihood of getting approved for competitive mortgages and credit card loans. You are also more likely to get higher dollar limits to help you finance big purchases while still saving thousands of dollars from better loan deals.

If you are in Illinois, having a good credit score can help you own or rent a home or apartment in some of the most opulent neighborhoods. With an average credit score of 716, the competition for credit facilities in Illinois is cutthroat. It is therefore important that you keep your credit score above this average to increase your chances for your next home purchase.

If you have any questions or would like to talk about your situation, you can call or text me any time. Thanks for reading.

We’ll cover everything from how much money for a down payment to finding the right realtor, getting home inspections and appraisals, and what to expect during the closing table!.

Here are the Ten Steps to Buying A House in Chicago

1. Are You Ready To Buy A house?
2. How Much do you need for a down payment?
3. Finding the right Real Estate Agent
4. How much can you afford to buy?
5. Determine your housing needs?
6. Making your first offer
7. Getting a home inspection
8. Get a home appraisal
9. Final walk-through
10. Closing Table

Step #1- Are You Ready To Buy A House?

The first step to buying a house is to meet the necessary requirements, are you ready for the commitment a home will bring? Most real estate agents will tell you that buying a house is the best decision you can make, this can be true for some people, but not all.

Families would benefit most from buying a house, and for this reason, it’s what our step-by-step process is based on.

If you’re financially stable enough to afford the mortgage payments, don’t have any outstanding debt that will affect your credit score (like maxed out credit cards), and are confident in knowing you’ll live in the same location for 10 or more years. If you answer yes to all of these, buying a house is right for you.

If you’re still not sure, there’s a step-by-step process for this too on our website. You can learn more about the pros and cons of buying a house in this blog, or you can watch the video in this section.

Step #2- How Much do I Need For A Down Payment?

The next step to buying a house is determining how much money you need as a down payment. This amount will vary from person to person and it’s not always an easy number to reach.

When you’re buying a house, the most common amount for a down payment is 20%. This can be exhausting if not nearly impossible for some people, depending on how much they’ve saved and their current income. That’s why there are other options available such as FHA loans which only require a three or five percent down payment.

To learn more about how much do I need for my down payment, please visit this blog post all about your down payment.

Step #3- Finding the Right Real Estate Agent

How do I find the right real estate agent?

Finding the right real estate agent can save a load of trouble and heartache. A realtor is a person who will help you find your home, and walk you through the entire process step-by-step. They are also responsible for things like negotiating on your behalf and making sure everything is handled correctly whether it’s getting inspections or finalizing paperwork with lenders.

When finding a real estate agent, there are some important factors to take into consideration.

– Experience The more experience a real estate agent has, the better. Just like with doctors and personal trainers (at least when you’re starting out), an experienced agent will know exactly what they are doing step by step to buy your house without any complications or confusion along the way.

– How much time do they spend on your case? It’s important to find a real estate agent that will be dedicated 100% to you. You want someone who is going to treat this experience as if it was their own home, so make sure the person spends enough time with you in order for them to find you the right home.

You can learn more about how and where to find the right real estate agent here.

Step #4- How Much Can I Afford to Buy?

Determining how much you can afford for a house definitely requires some math. If you are anything like me, I prefer to insert a few numbers here and there and see what figures my calculator spits out.

But the truth is that calculating your maximum budget when buying a home goes deeper than just punching in numbers into the device hoping it’ll spit back something affordable.

There are factors essential to take note of before making this decision.

Some of these factors are down payment, closing costs, and the number of your monthly mortgage payments. These together will give you an idea of how much house you can afford to buy at this point in time. You can learn more about how much house I can afford here on our website.

For step-by-step help, please visit this blog post or watch the video in this section.

Step #5- Determine Your Housing Needs

I know you don’t want to settle for anything less than what makes your heart sing, but almost everyone searching has a needs vs wants conundrum. If you aren’t clear about the difference between those two from the get-go, it could lead to frustration and wasted time/money.

The first step of determining what’s right for you is to determine your housing needs.

What are the basic elements that make up a home?

– How many bedrooms do I need? Think about how large or small this space will be and if there might be future additionals in the mix (i.e., children, pets).

– How many bathrooms is a must?

– Square footage.

After determining your housing needs, you can then step into the wants category and look at things like amenities such as space for entertaining or even just wanting to be closer to work/loved ones. These are all details that will help narrow down the search process.

If you would like to learn more about how to determine your housing needs, you can find more information in this video or by visiting this blog post.

Step #6- Making Your First Offer

Ok, you found the right house and are ready to submit an offer, but how much should you offer?

There are a few factors to take into consideration so that your first offer is as strong as it can be. One of those things being the market value of the home, market condition, and competition. Making an offer on a home requires data-driven decisions, with the help of your real estate agent.

If you would like step-by-step help in making an offer, please visit this blog post or watch the video in this section.

Step #7- Getting A Home Inspection

The next step in the house buying process is to get a home inspection. Get ahold of family members, friends, and your real estate agents for suggestions.

Find a home inspector that you trust and has great reviews. If you are under contract hurry and set an appointment to meet with him at the home you are buying.

If you would rather not deal with finding an inspector, you can contact your real estate agent, who will recommend someone for you or be able to help with scheduling it via phone call/email.

Once scheduled and completed, expect feedback from the inspector as to the condition of the property you are purchasing. You can find step-by-step help on what to do during a home inspection by watching the video below.

Step #8 Get a Home Appraisal

The next step in buying a home is to get a home appraisal.

When you buy a home, your lender will require that the property be appraised. Don’t worry; this step makes sure that you are getting what you paid for and is not an indication of how much more (or less) it may go for sale in the future.

If you are getting a loan to purchase your home, the lender will request and schedule an appointment for an appraiser to visit the property. They will be looking at specific things like how many bedrooms, bathrooms and square footage there is. This step ensures that you are not overpaying for your home or getting into something way more than what it’s worth.

Step #9 Final Walkthrough

The next step in buying a house is to perform the final walkthrough. By this time, you should have already had home inspections done and likely an appraisal as well. All of these steps are important for your peace of mind while purchasing a new home, but also solidifies everything that has been done thus far before the closing day arrives on the property.

A final walk-through should be performed at least 24 hrs before heading to the closing table. This step ensures the home is how it should be and you are satisfied with the home’s current condition.

Step #10 Closing Table

The last step in the home buying process is closing on your home and heading to the closing table. The closing is usually performed at a local title company, usually one nearest to the home being purchased.

By this time, you have likely received a ‘Clear to Close’ from your lender. This step indicates that all inspections have been approved and you are ready to close on the home with a signed contract from both parties.

Finally, after the amount of paper is signed, it’s time to celebrate. Congratulations on buying your new home!!!

Conclusion

Buying a home is an exciting step, but it’s also one of the most complicated and expensive decisions you’ll ever make. Thankfully this blog post has given you 10 steps to buying a house in Chicago, including what to do when getting ready for closing day. The last step should be celebrated with friends and family because once all the paperwork is signed, your new place awaits!

If you are in the Chicagoland area and would like a helping hand in finding the right home for you and your family, please contact us. We would love to help.

Not only that, but western Chicago is an ideal place to raise a family. It’s home to some of the most prestigious schools in the country. The landscape is also beautiful, with many parks and rivers strewn through the neighborhoods.

Finding the right suburb to settle down in can be quite the task if you’re new to Chicago. After all, Chicago is a sprawling urban landscape with tons of towns and villages within it.

That’s why we’re here to break down our top 5 picks for the best suburbs in western Chicago. We chose these towns for their affordable homes, excellent schools, and other appealing factors.

#5: Buffalo Grove

Population: 41,555

Median home price: $350K

School rating average: 7 out of 10

First up, we have the rapidly growing city of Buffalo Grove. It has a rising population of 41,555. Located near Arlington Heights, this town has a very suburban feel. That’s because most of the residents are homeowners. The economy here is on the rise, so it’s a suburb to consider if you require a job.

As far as safety goes, Buffalo Grove has an excellent track record. With only 816 crimes per 100,000 occurring in the town. The median household income is $101,376, which is relatively high. Buffalo Grove is a quiet, high-end suburb perfect for raising a family.

Top-Rated Schools

Let’s take a look at the schools with the highest ratings in Buffalo Grove:

• Prairie Elementary School: Perfect 10 rating

• Henry W. Longfellow Elementary School: Perfect 10 rating

• Ivy Hall Elementary School: Perfect 10 rating

• Meridian School: 7 out of 10

Other Attractions

Besides the excellent economy and housing market, Buffalo Grove also has:

• Beautiful parks perfect for walking pets

• Relaxing coffee shops

• Highly-rated restaurants

Buffalo Grove is an excellent choice for raising a family and enjoying a lavish lifestyle.

#4: Western Springs

Population: 13,187

Median home price: $699K

School rating average: 8 out of 10

Next, we have the beautiful city of Western Springs. It’s arguably the most desirable Chicago suburb to live in right now. That’s due to the high average income and virtually non-existent crime rate. With a poverty rate of just 2.2%, almost everyone in this suburb is rich. As a result, the homes in the area are pretty pricey.

Yet, Western Springs is too good to pass up. If you’ve got the extra money, living here is a true privilege. It’s also an incredible spot to raise a family. There are some outstanding schools in the area, and the housing market is stellar. There are some genuinely gorgeous homes in the area.

Top-Rated Schools

The top-rated schools in Western Springs are:

• John Laidlaw Elementary School: 10 out of 10

• Field Park Elementary School: 9 out of 10

• Forest Hills Elementary School: 8 out of 10

Other Attractions

Western Springs is a great town for sports lovers. That’s because Spring Rock Park boasts some renowned hockey rinks and baseball fields. The area is also home to lovely restaurants and parks.

#3: La Grange

Population: 15,440

Median home price: $536K

School rating average: 9 out of 10

La Grange is one of the best spots to raise a family in Chicago’s western suburbs. Don’t believe us? Just check the population stats! A whopping 8.1% of the population is under five years old. That’s a lot of toddlers wandering around. It’s also a great area with a low crime rate and excellent schools.

It’s a diverse town with a lot of cultural influences. It’s perfect for exposing your children to all different types of cultures. The median home prices are up there, but they’re more affordable than Oak Park and Western Springs.

Top-Rated Schools

The highest rated schools in La Grange are:

• Cossitt Ave Elementary School: 10 out of 10

• Spring Ave Elementary School: 10 out of 10

• Seventh Ave Elementary School: 9 out of 10

Other Attractions

There are many things to do in La Grange, which means you won’t spend many dull days here. Popular attractions include:

• The Jackson Square mall

• La Grange movie theater

• Just Escape Room

• Brookfield Zoo

These are just a few of the fun attractions close to La Grange. As you can see, it’s truly a fantastic spot to raise children.

#2: Naperville

Population: 148,304

Median home price: $439,990

Average school rating: 10 out of 10

Naperville is one of Chicago’s largest suburbs. It’s the main town on the west side, and it has a large population. Still, it’s got some of the most affordable housing in the city at the moment. If you’re on the hunt for an affordable house in an attractive suburb, then Naperville is the hot spot right now.

It’s also a lovely area with a low crime rating. School-wise, Naperville is home to some of the very best in Chicago.

Top-Rated Schools

The schools with the highest ratings include:

• Ellsworth Elementary School: – 10 out of 10

• V Blanche Graham Elementary: 10 out of 10

• Highlands Elementary School: 9 out of 10

Other Attractions

If you find yourself looking for something to do in Naperville, you’ll have plenty of options. Popular attractions include:

• The Riverwalk

• DuPage Children’s Museum

• Solemn Oath Brewery

• Naper Settlement

• Naperville Historic District

The many fun attractions here make it an excellent spot for raising a family.

#1: Elmhurst

Population: 47,260

Median home price: $432,500

Average school rating: 10 out of 10

Finally, we have the humble town of Elmhurst. By far, it has the most impressive schools in the city of Chicago. That’s why it tops our list. Not only that, but the area has some genuinely affordable housing. This town not only looks good on paper, but it backs it up in person, too. Of course, there’s a low crime rate.

In addition, there’s also a high average income and a meager unemployment rate. Test scores from students are among the highest in the state. There are just not enough good things to say about Elmhurst.

Top-Rated Schools

The top schools in Elmhurst include:

• Jefferson Elementary School: 10 out of 10

• Edison Elementary School: 10 out of 10

• Field Elementary School: 10 out of 10

Other Attractions

Elmhurst is a great place to enrich your young children’s minds. There’s a historical museum, public library, and art museum. Not only that, but the city is home to 22 parks, a community center, a golf course, and so much more.

In Conclusion

There you have our top 5 picks for the top western suburbs in Chicago. We’ve provided the best schools and attractions, so we hope you find the perfect suburb for you. Let us know which suburb is your favorite in the comments below.

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What is the best investment to make? Is it stocks, bonds, or mutual funds? The answer might surprise you. Real estate has been one of the most proven investments throughout history.  It’s not much of a surprise; many know of someone that got wealthy investing in real estate. The majority believe investing in real estate is a good idea, but most don’t believe they have the money to start or know where to start. 

It’s why I decided to write this blog. In real estate, you must be creative, creative strategies can double, triple, or quadruple your return. That is why I wanted to share three easy proven methods to start investing in real estate with little money or knowledge. By being creative, you can start investing in real estate passively and with minimal effort.

Strategy # 1- House Hacking

House hacking is a term coined by the famous real estate investing website biggerpockets.com. If you haven’t heard of the website, make sure you check it out, they have a great forum with many active investors that share knowledge and ideas. I first heard this term on one of their podcasts by Brandon Turner. The strategy has been around for hundreds of years, but it finally has a name.

The house hacking method simply means renting out parts of your house to generate income and offset some of your mortgage and costs. Of course, you could have roommates that share your expenses in a single-family home; however, I have often seen this strategy implemented on a multi-family property with two or more units.

You are required to live in one of the units but, this strategy allows you to obtain ownership rights to a multi-unit for a minimal downpayment. Financial institutions consider five or more unit buildings as commercial, but you could buy a residential 4 unit for as little as 3% down. Compare this with a 20-25% downpayment that would be required if you are an investor owner.

Purchasing a home that you could house hack provides income that you could use to pay for, living expenses, mortgage, home improvements, or help fund your next deal. The property will also appreciate in value while your tenants help you pay down your principal.

Strategy #2- Live- In- Flip

Live in flipping is an old strategy that has been around for hundreds of years but again, never had a name until the internet. The strategy simply is like it sounds buy and live in the home while you flip it. This strategy is ideal for all the DIY’ers and handyman that don’t mind getting their hands dirty.  

Most home buyers are looking for move-in ready housing, but the move-in house comes at a cost. If you have great taste, a vision, and are ready to roll up your sleeves, this strategy could net you huge returns, and be tax-free.

If you are ok with a little dust this strategy could net you great gains with very little money down, vs a traditional house flip.

I would recommend using a real estate agent that is familiar with flipping or is an investor themselves. They could point out great homes that need a little TLC and could resale for great gains.

When you are live-in-flipping you must keep these two things in mind, 

1. You are improving the home to what the market desires, not your taste or design. 
2. Understand your limitations. Learn when to hire and when you can DIY. A poorly rehabilitated home can show up in home inspection and could cause thousands of dollars after repairs

Strategy # 3- Simply buy a house

In real estate, you must be creative, and this is why I wanted to introduce the last strategy. If you are not up for flipping or hacking your own home but want some hands-on investing in real estate then simply buying a house may work best for you.

Now I know that most people wouldn’t consider this a strategy or creative but simply putting your name on a deed could start you off in your investment career. The largest expense in most households is housing. By purchasing your own, you could be living rent and mortgage-free in as little as 15 years. Think about how much money you could save if you didn’t have you pay your rent or mortgage.

Having a free and clear home also provides you with the ability to borrow against the home. Having a line of credit of $300K-$400K would be a great start to your home flipping or investment career. Plus, it’s as easy and passive of a strategy as it gets.

Your first home could also provide you with the needed funds to purchase your second home and forever home. Most homeowners don’t start to buy buying them forever home. They simply buy what they can afford then sell and use the proceeds to purchase their second larger home and so on.

Conclusion

Real estate has been an important part of the US economy and growth. The United States government promotes homeownership because its provided wealth for all Americans alike. By using a government-backed loan, you could start investing in real estate for as little as 3% down. The tax law also allows you to realize a capital gain of up to $500k tax-free. Think about how favorable these terms are, where else can you realize a gain of up to $500k without uncle sam dipping in your pocket? 

These have been 3 easy strategies to start investing in real estate, There are many ways to start investing and even some that require no money down. It’s often the headline that attracts many people to those strategies but those strategies require marketing, selling, and negotiating.  These strategies on the contrary require very little knowledge or money.

Using the right realtor to help you find the perfect match is also crucial in a successful investment. The realtor can use data and sold history to determine the purchase price, estimate repairs, expected rental income, capital expenditures, and estimate returns.

If you are in the Chicagoland area and would like the help of realtors that are also investors please reach out, email, call, or text.

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Living in the big cities is considered a wonderful experience. This is geared by different aspects like culture, arts, energy, and fantastic food.

Living in these cities is never for everyone due to the predicament involved. Remember, there are expensive parking, traffic, and expensive housing, among other costly things. The suburbs benefit tremendously being close to the big cities, boasting every service offered in the big cities, and at reasonable prices.

The good thing is that despite your preferred suburb destination, Chicago will always be a short car or train ride away. But prior to addressing the best Chicago suburbs for commuting downtown, do you have one in mind?

Basically, there are several suburbs in Chicago, grouped as North suburbs, west suburbs, south suburbs, northwest suburbs, and southwest suburbs. Each suburb boasts its unique amenities, attractions, corks, and demographics, making it challenging to choose the one that best suits your needs. This piece, therefore, seeks to address the best of western suburbs in Chicago you can consider choosing.

Best of Western Chicago Suburbs

Western suburbs are commonly referred to as the “New England of the Midwest”. It is a great area to live, work, and play. People love western Chicago for its fantastic lakes and parks, clean boulevards, business districts, amazing tree-lined homes, and lively downtown. If you considered living in the western suburbs, here is a list of some of the suburbs with an easy commute to the city of Chicago.

Addison

Previously recognized as Dunkley’s Grove, Addison is a village found on Salt Creek. Its zip code is 75001, and the average commute time to Chicago is estimated to be a 25-minute drive and 46 minutes by train. The area is safe to live in due to the local ordinance protecting it to promote health, safety, and the welfare of its residents.

If you consider this location, you will enjoy services like garbage pickup, food pantry, right management policies, special events, administrative adjudication program, branch pickups, stormwater management, rental programs, and a devoted police department.

This area is loved for its culture and art, cultural and economic diversity, and historic preservation and interest.

Batavia

Batavia is a great little-sized city you should consider living in. Its zip code is 60510 and the average commute time to Chicago is a 44-minute drive. The area has a population of 26,420 individuals and up to five constituent neighborhoods.

Batavia is also a safe place for families with kids due to several top-rated schools, both private and public. The area also boasts a 150-acre park, adjoining thousands of forest reserves. This offers a great opportunity for playing and recreation.

Is that all? Well, the area allures you with stone buildings decorated around the downtown pathways. Windmills are still exhibited for people to see.

Carol Stream

Established 40 years ago, Carol Stream is a fast developing village you may want to live in. Its zip code is 60188 and the average commute time to Chicago is a 39-minute drive. One of the best reasons to consider living in this place is the thriving businesses across all industries.

In fact, the area was credited as the 21st certified city in 1986 for integrating all aspects that enhance high-quality living standards for the residents. Similar certification was awarded in 1991 and 1993 after engaging in the industrial retention initiative.

Oak Brook Terrace

If you are looking for recreation and a fun place, then Oakbrook Terrace is a one-stop solution. It offers marvelous places like Drury Lane Theater, several five-star restaurants, and other areas ideal for cultural, sports, and recreation activities. The town is also based near Clarendon Hills; a fascinating place you’d love to frequently visit.

Another great thing is the school system in this area. It provides access to outstanding private and public schools. There is still local entertainment, which boasts everything from casual dining and restaurant to top-notch designer shops.

You will also find many exciting and fun taverns and bars with cheap drinks specials. If you want to reside in Oak Brook Terrace, then its average commute time is approximately a 28-minute drive.

Elmhurst

If you’re after the very best of Chicago in the west suburbs, Elmhurst offers exactly these and more. Sitting on a pretty 10.306 square miles, Elmhurst is ideal for family, education, and general life. Elmhurst center has a great variety of restaurants and shops for every taste.

The suburb has a fast-growing economy and plenty of job opportunities to accommodate. If your priority is to be close to the city this is the place. Look out for apartments near downtown for an easy commute to the city via train or car.

Elmhurst is still a center of cultural heritage for its residents and visitors. It is just a 25-minute drive to Chicago.

Glen Ellyn

Occupying approximately 24 miles, Glen Ellyn is one of Chicago’s most preservative suburbs that hosts more than 30,000 people. Its average commute time is approximately 56 minutes by train and a 32-minute drive. The suburb is characterized by clean streets, affordable apartments, and good transport systems. For the riders, the Illinois prairie path sets the pace for cycling.

Since its beginnings in 1833, Glen Ellyn has increasingly advancing recreational facilities. The Main Street Recreational Center is a great place to be with family. The Ackerman Sports center and the Sunset Pool Aquatic center have for a long time attracted visitors into this village.

From a cultural point of view, this suburb boasts of founding novels, among them the popular “A Girl Who Owned The City” by O.T Nelson. Yearbook TV series and Lucas movie, among others, were also set in Glen Ellyn.

Hinsdale

If you’re looking for Chicago’s best suburb with some of the most renowned architectural works, look no further. This village is part of the National Register Historic District. Apartments in Hinsdale are exclusive and affordable, allowing for all classes of individuals. This fast-growing spacious community has all amenities including workout facilities, schools, hospitals, and more.

For families with young to middle-aged children, Hinsdale has a collection of primary and secondary schools. Elementary schools include Madison School, Oak School, Monroe School, and The Lane school. Opened in 1893, the Hinsdale Public Library situated at Memorial building’s west wing complements the educational institutions in the suburb.

The average commute time to Chicago is 26 minutes by train and a 39-minute drive. While it’s quite easy to commute to Chicago from Hinsdale to work, you might find it a bit interesting to look for a job in the suburb as there’re numerous fast-growing businesses found throughout the suburb.

Hinsdale brings through several recreational facilities including the Community swimming pool and Veek Park center. You could also take a walk at the Katherine Legge Memorial Park, or fascinate your eyes with the scenic beauty of Chicago from Brush Hill.

Conclusion

In a nutshell, there are several surprising places you want to live in and get an almost similar experience with Chicago. You are the one to decide your final place of residence because each suburb has its unique offers from social amenities, security, attractions, living standards, to job opportunities, among others.

If you have already identified the best suburb, don’t forget to engage a real estate agent. Reaching out to a reputable real estate agent help ensure the right home in the ideal location.