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The Hudson Company 851 Spruce Street Winnetka, Illinois 60093
Buying
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Checklist For Buying Click here for printable version
Much of this checklist has to do with the financing of your purchase. Before you start your search, you should find and work with a lender to obtain approval for the financing you will be seeking. Other aspects of your search involve how you live and commute, and why you want to be in a certain location.

Financial Considerations
Have you met with your lender to be pre-approved? Don't bother with pre-qualification - obtain a pre-approval; it's a commitment from the lender.
Do you need to sell your current home before purchasing? Talk to your lender to see how you can bridge the financial gap between the purchase and sale.
Do you know your price range and housing budget? Your lender can help determine what you can comfortably afford.
Property Considerations
Do you know which neighborhood or community you want to live in?
What type of property is ideal? Contemporary or traditional? Vintage or new? Loft or high-rise?
Are you interested in doing some renovation to the home you purchase?
How much space do you need? How many bedrooms? Do you need a home office? What about parking?
How do you commute? Do you need to be near the expressway or public transportation?
Will this change in the near future?
Are there any timing issues such as relocation, an apartment lease or a school enrollment deadline?
Some of your Costs of Purchasing
Property Inspection: $250-$750, depending on the size of the home
Lender Application/Appraisal Fee: $250-$350
Lender Underwriting Fee: $75 - $225
Lender Processing or Administrative Fee: $150 - $200
Attorney's Fee: $500-$750
Title Insurance Fees: $600 - $1500 (includes Document Preparation and Recording Fee, Lender Title Insurance Policy Fee, and Settlement or Escrow Closing Fee)
Homeowner's Insurance: For condominium or cooperatives: property insurance is typically included in your assessment; you will need to obtain a certificate of insurance from the association's carrier. For other properties: buyers are typically required to purchase a full year's homeowner's policy - check with your insurer regarding cost.
Revenue Transfer Stamps: Chicago: $7.50 per $1,000 of the purchase price. Wilmette: $3.00 per $1,000 of purchase price (Typically, buyer pays this although it is negotiable.)


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