I know that home prices are low and interest rates are low, so in general a good time to buy property.
But I always always advise my client buyers to sit down with a reputable lender to explore what their
options are, i.e. what kind of loan, for how much borrowed money, then to consider their closing costs
or how to get them paid by the Seller, and then look at their monthly expenditure when owning the home
monthly loan payment
taxes per month
insurance per month
repairs money put aside every month for repairs new water heater, new A/C etc.
Then deduct your other monthly expenses like food, car insurance repair and gas
clothing and entertainment (like cable, movies etc.)
and cell phones
Is there anything left or do you not have enough money at the end of each month?
Furthermore what happens if for bad luck you lose your job, do you have a reserve of
money that can carry you through a few months until you find another job?
Just be careful before jumping into it, make sure a good Realtor and Lender will put
honest and straightforward numbers in front of you, and then take some time to think
Sometimes waiting a little like a year and save some money, is a smart move.
Let me know if you need a Galena area lender and Realtor to start discussing it.
Good luck to you.
Hope this helps...
Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois
and RElocation Expert
Working always in the very BEST interest of her clients
at @Properties North Shore
Edith speaks French, German, Spanish & more
Get to know Edith and her Service her website is
It may be possible to lease with an option to purchase after 1-3 years. You might be able to negotiate a credit from your lease payment toward the purchase price. I live in the Galena Territory and have been active in real estate for 27 years. ROczak@RuhlCommercial.com