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Lincolnwood IL Homes for Sale
Find Your Dream Home with RMC | Lincolnwood IL
As a suburb of Chicago, Lincolnwood IL is a great place to settle. It is the perfect location to raise a family or to get away from the busy life of the city. With its tree-lined streets and quiet neighborhoods, the village of 12,500 residents boasts a serene environment with friendly people. Therefore, Lincolnwood homes for sale abound for those who want to live in this fine community. Whether you require a small home or a large estate, you can find a wide range of houses for sale that can suit your requirements. These homes have a lot to offer, and it is up to you to decide on the features and amenities that you want so that you can feel that you are getting your money's worth as you purchase your new home.
Why Buy a Home in Lincolnwood?
RMC Realty, Inc. has beautiful Lincolnwood IL homes for sale. Regardless of size, our homes can cater to your needs. Whether you need a small home, ranging from 1-3 bedrooms, or a large luxury home, which can come in 4-7 or 9 bedrooms, you can count on us to find the right home for you. For example, homes in Lincolnwood Towers are a vision to those who want to enjoy 21st-century living. These houses showcase wide master bedrooms with private baths, spacious dressing areas, and walk-in closets, providing comfort and convenience to every wishful homeowner. Furthermore, large kitchens feature modern designs and attributes that enhance the cooking experience. Dining and living spaces complete these homes, providing areas for bonding and recreation.
Additional rooms such as sunrooms and rec rooms add character to each home. Hardwood floors and intricate fireplaces accentuate the aesthetic features of homes. Basements can be re-envisioned to adopt your own style and purpose, and home systems such as plumbing, heating and air conditioning, and electrical are always efficient and energy-compliant. Also, bathrooms are a wonder. They offer places where you can relax at the end of the day or quickly prepare for the day ahead. Lastly, location is everything, so these homes are nestled in peaceful neighborhoods are close to essential places such as markets and schools.
What type of home makes sense for me?
The first thing you need to do is assess your income and determine if your budget is ready for the costs that come with buying a house. Whether you're looking at a starter home or a forever home, you'll need to accommodate for extra costs and responsibilities that come with it. You'll also want to spend some time thinking about how much you'll need in the way of space and amenities: are you living alone? Will you rent out extra space?
For a person living alone, you likely won't need more than a two-bedroom, one-bathroom house. But, perhaps you want to prepare yourself for a family and in the meantime you want to rent out the extra space to friends. Having the extra income from tenants each month will help make your mortgage that much more manageable. Below, you'll find a list of the common types of housing and which may best fit your current situation.
For a starter home, you might go for an apartment, condo or townhouse in an up-and-coming area. If you’re thinking forever home, a single-family detached or a house with land to build an addition later could be a better fit — but it’ll be more expensive.
Condos: the individual owns the interior of a unit while sharing common areas such as garages, rec rooms, or gyms, which makes upkeep easier. Condo owners own only the interior of their unit, which may be nice for someone who doesn't want to worry about yardwork but a little suffocating for an individual who wants privacy or freedom to make changes to their home.
Townhouses: owners have a bit more responsibility, as they own both interior and exterior of their townhome, though the common areas remain shared. Owners own their unit’s interior and exterior, including the roof, lawn and driveway, but not the communal areas. Again, this is a nice choice for someone who wants a bit less responsibility than full home ownership, but someone who wants privacy or freedom to update may outgrow it quickly.
Apartments: ideal for someone who isn't looking to stay in an area long term, or one who isn't able to afford a mortgage just yet. Tenants are also less responsible for upkeep, maintenance, and other costs a homeowner has.
Houses: homeowners obviously have the most freedom here, as they are free to modify or update their building; the caveat, though, is that the flexibility comes with a price. They'll have fees and responsibilities that renters do not. Owners will have a chance to build equity, put down roots, and take advantage of tax breaks and incentives.
Why buy a house instead of renting?
when you live in an apartment, you don’t have to do maintenance on the property.
Renting can be the right move for people in the right circumstances—for instance, those who don’t plan to stay where they are for very long, or who live in an expensive city where home prices are simply out of reach.
Homeowners can deduct mortgage interest on their federal income taxes.
When you buy a home, you enroll in a forced savings plan. No matter how tight your budget may be, you find the money to make your monthly mortgage payment.
Month by month, you pay down the mortgage and increase your equity — the amount of money you can sell the house for less than what you still owe on it.
House buying tips
If you don’t have a 20% down payment, you are going to wind up handing a lot of money to the bank to make up for it.
Take your monthly debt payments for your already existing debts. Add to that your monthly mortgage payment for a 15-year mortgage. If that adds up to more than 40% of your monthly take-home pay, then you’re putting yourself on a very dangerous financial tightrope
Some lenders suggest that you can afford mortgage payments totaling about 1/3 of your gross income but others suggest closer to 28% for housing related costs including mortgage, insurance and taxes.
Utilities can be $200 to $600 or more each month, depending on the size of the home. It takes a lot more energy to heat or cool a larger home, plus you’ll likely have to start picking up the bill for water and trash services.
When it comes to mortgages, there are fixed-rates and adjustable rates, or ARMs, which are priced very differently. You can take out a mortgage for 30 years or as little as five years (interest rates are typically higher the longer the term of the loan)
The True Costs of Buying a Home
You likely know that there are most costs to buying a home than simply what appears on the realty ad. There are a few extra costs that you should know about, including the earnest money deposit, home inspector fees, closing costs, as well as the required cash reserves.
An earnest money deposit, submitted with the offer, is normally 1-3 percent of the offer price. When the offer is accepted, this deposit becomes part of your down payment. Expect your mortgage lender to ask for anywhere from 3.5-20 percent down.
According to the U.S. Department of Housing and Urban Development, home inspector fees typically range from $300-$500.
Closing costs include real estate attorney fees, tax payments, title expenses, and mortgage processing fees, among others. These can vary by locality and the price of your home. For the purposes of establishing a savings target, most experts recommend budgeting 2-5 percent of your total purchase price.
Many lenders will require you to have a certain amount of remaining cash available at the time of closing as a stipulation of the loan. It’s often based on your monthly mortgage obligation and a common range is 2-6 months worth of payments.
Below, we've included a table with low and high estimates for monthly costs of home ownership.
|Cost category||Low estimate||High estimate|
|Down payment (incl. earnest money)||3.5% of purchase price||20% of purchase price|
|Closing costs||2% of purchase price||5% of purchase price|
|Cash reserves||2 months of payments||
6 months of payments
Your Source of Homes for Sale in Lincolnwood IL
RMC Realty, Inc. is ready to make your dreams come true with homes for sale in Lincolnwood IL. To us, finding the right home for a family is an important task. Therefore, we take a personalized approach to real estate, knowing each of our clients at the individual level to determine their characteristics and needs. Thereafter, we use this knowledge to find suitable homes with the right comforts for their requirements. In doing so, we help them find homes where they can live and grow as a family, as opposed to forcing them into buying a home that they will only regret in the future, just to make the sale. At RMC Realty, Inc. we have your best interests in mind. Our goal is to help you find the perfect home for sale in Lincolnwood.
Let RMC Realty, Inc. be your source of homes for sale in Lincolnwood IL. With our help, you can have the home of your dreams and experience a great time in finding it. Our unique processes ensure that we focus on every detail of the house search to address your needs and exceed your expectations. You may not know what you want from your dream home, and we're here to help. RMC Realty, Inc. is your best bet in finding the right home for your family. With over 40 years of experience, we take pride in the way we have changed lives by offering only the most appropriate and beautiful homes in Lincolnwood IL. Trust us today to be your realtor, and you will never regret choosing us to help you in your search. Get in touch with us today to schedule a viewing of a home that you have found in our property listings.