Planning to Buy a Single Family Home in North Shore Chicago - 5 Frequently Asked Questions
Are you planning to buy a single family home in North Shore Chicago? Maybe you’re looking for more space? Maybe you’re looking for a specific school district? Maybe you want to be closer to the beach? These are all common reasons to buy a single family home in North Shore Chicago but let’s look at some of the 5 most frequently asked questions to consider in your single family home search.
5 Frequently Asked Questions about Buying a Single Family Home
What is a single family home?
Technically, there are two types of single family homes: attached (condos) and detached (a stand alone house). Usually, when people refer to a single family home (SFH), they are referring to the latter: a standalone, detached house that is usually accompanied by a yard. Single family homes are very common in North Shore Chicago and can be accompanied by large lots, or even private lake Michigan access.
Do I pay monthly assessments, similar to a condo association?
All depends on the individual property. If you belong to a homeowners association or similar subdivision, you may be paying monthly assessments for landscaping and potential road maintenance. In addition to monthly charges, there are likely restrictions on exterior property features, such as signage that can be placed in your front yard. Always double check if a property belongs to a homeowners association before submitting an offer.
Does lot size matter?
Yes, especially when it comes to new construction. Depending on the zoning (usually set by the municipality), there is usually a determination of how much above-grade square footage can be built depending on the lot size itself. Always check with your licensed builder and architect to confirm plans and zoning restrictions before submitting an offer.
Should I get an inspection?
Ah, yes. Yes you should always get an inspection immediately once under contract, even if your purchasing a new construction home. Inspectors will typically find an array of issues that are hard to find with an untrained eye or without specialized equipment. If anything, accompanying an inspector during the home inspection will teach you a lot about the home and give you a possible timeline of upcoming repairs down the road.
Should I buy the home AS-IS?
It all depends on your level of comfort with taking on new projects and your familiarity of home construction. It also depends on the property itself. It’s usually more common in the multi-family space or when a property is being sold as a teardown to a developer, since the next buyer is likely to rehab the property or build new. Something to remember is that you can buy a home as-is and still conduct an inspection. However, you, or your lawyers’, ability to negotiate maintenance items will be limited.
Buy a Single Family Home in North Shore Chicago
Are you planning to by a single family home in North Shore Chicago, or you’re just curious about the market, feel free to browse the single family home search links below for each North Shore Chicago community.
Start searching for North Shore Chicago Single Family Homes for Sale
About the Author: Jake McClure is a licensed real estate broker, REALTOR, and the group leader of the Burling Square Group - Your North Shore Chicago Real Estate Experts! Burling Square Group is a division within Fulton Grace Realty.
Disclaimer: This post, and any other information on burlingsquaregroup.com, should not be construed as lender or legal advice. Always consult your attorney or lender for legal or lending advice. I am not a lawyer or lender and I don’t pretend to be.