Chicago really gives you the best of both worlds — big-city energy with that friendly Midwestern feel. You'll find world-class dining, lakefront living, diverse neighborhoods, great public transit, stunning architecture, and a thriving cultural scene. And compared to other major cities, Chicago's cost of living and housing are surprisingly affordable.
Beyond your down payment, plan to budget for:
Home inspection
Attorney fees (Illinois requires one for closing)
Title insurance and recording fees
Homeowners insurance and property taxes (often prorated at closing)
Moving costs and initial utility setup
These typically add up to about 2–5% of the purchase price.
A standard home inspection in Chicago usually runs $400–$800, depending on the size and age of the property. Condos tend to land on the lower end, while single-family homes or larger properties can cost more.
If the appraisal comes in below the agreed price, you've got a few options:
The seller can lower the price.
The buyer can cover the difference in cash.
Both parties can negotiate a compromise.
If no agreement is reached, the buyer can cancel the contract and the attorneys will handle the next steps.
As your real estate broker, I'll work with you and your lender to figure out the best approach.
Property taxes in Chicago average around 2.1% of assessed value, though this varies by neighborhood and reassessment year. Cook County reassesses every three years, so it's worth reviewing the recent tax history before buying. One thing to keep in mind: in Cook County, property taxes are paid twice per year.
Legally, no — but it's highly recommended. Chicago's real estate process involves attorney review and city transfer taxes, so having a licensed real estate broker on your side makes a big difference. We help with pricing, negotiation, paperwork, and protecting your interests all the way through closing.
On average, expect 30–60 days from offer acceptance to closing.
Start researching and touring homes at least 3–6 months before you're ready to move. That gives you time to get pre-approved, explore neighborhoods, and get a feel for market pricing before making an offer.
Most Chicago landlords list apartments 30–60 days before move-in. If you're eyeing a high-demand area or a unique property, start looking 60–90 days out to get the best selection.
Closing costs cover lender, title, and attorney fees. In Chicago, buyers typically pay 2–5% of the purchase price, while sellers can expect 6–8% of the selling price.
Yes! We represent buyers, sellers, and renters throughout Chicago. We tailor our strategy to your goals — helping buyers find the right fit and guiding sellers to price, market, and negotiate effectively.
Reach out to a lender or mortgage broker to review your income, credit score, debt, and assets. They'll issue a pre-approval letter showing what you can afford — a key step before making any offers. I'm happy to connect you with trusted local lenders who specialize in Chicago properties.
Absolutely! We have a list of preferred professionals we love working with and would be happy to share.
Find out here.