BUYING A HOME IN SCHAUMBURG

by Sarah Leonard

Schaumburg, Illinois, is not only a premier suburban business destination but also a great place to call home. Located just 30 miles outside of Chicago and about 11 miles west of O’Hare International Airport, it offers the perfect blend of big-city and small-town living. With a history of thoughtful planning and vision, Schaumburg has transformed from a small farming community into a thriving economic center that is home to more businesses in Illinois than any other community outside of Chicago.

WHY SHOULD YOU BUY A HOUSE IN SCHAUMBURG, IL

When considering buying a home in Schaumburg, there are many factors to take into account. The following list highlights just a few of the reasons why Schaumburg is an excellent place to call home and why it might be the right choice for you.

Strong economy and job opportunities

Schaumburg is home to a strong and diverse local economy. Its businesses provide support to the community's 78,000 residents and the northwest suburbs by offering professional and high-quality services and goods.

Excellent schools

Schaumburg is served by the highly-regarded Schaumburg Township Elementary District 54 and Township High School District 211, which consistently score well on state tests. The town also has a number of private and parochial schools available. In addition, its proximity to Chicago means residents can access a wide range of colleges and universities.

Vibrant community and amenities

Schaumburg offers a wide range of activities, events, and amenities for residents to enjoy. The town has a number of parks, recreational facilities, and community centers, as well as a variety of shopping, dining, and entertainment options. The town also hosts several festivals and events throughout the year, providing residents with plenty of opportunities to socialize and get involved in the community.

TOP 6 NEIGHBORHOODS IN SCHAUMBURG

Schaumburg is a large and diverse community with many different neighborhoods to choose from.

Weathersfield

This neighborhood is known for its spacious homes and large yards, as well as its excellent schools and proximity to shopping and dining.

Town Square

This neighborhood is located in the heart of Schaumburg and is known for its walkability, as well as its proximity to the Woodfield Mall and other shopping and dining options.

Lexington Fields

This neighborhood is located in the southern part of Schaumburg and is known for its large homes and excellent schools.

The Greens of Schaumburg

This neighborhood is known for its golf course community, as well as its proximity to shopping and dining.

Spring Valley

This neighborhood is located in the western part of Schaumburg and is known for its spacious homes and excellent schools.

The Woodlands

This neighborhood is located in the eastern part of Schaumburg and is known for its large homes and proximity to parks and recreational facilities.

It's worth noting that the above neighborhoods are just a few of many available in Schaumburg, and the best neighborhood for you will depend on your personal preferences, lifestyle, and budget.

WHAT TO KNOW ABOUT BUYING A HOUSE IN SCHAUMBURG

Median house price

Schaumburg has a diverse housing market that includes single-family homes, townhouses, and condominiums, so the prices can vary depending on what type of property you are looking for. Additionally, the town has a mix of newer and older homes, so the home prices can vary depending on the property’s age. Currently, the median home price in the area is around $350,000.

Closing costs

When buying a home in Schaumburg, closing costs can include a wide range of fees, such as appraisal costs, title insurance, attorney fees, property taxes, and more. These costs can add up to several thousands of dollars and are typically the buyer’s responsibility. However, in certain circumstances, the seller may agree to cover a portion of them as part of the purchase agreement. It's essential to review the purchase agreement and ask your real estate agent or attorney to explain any fees you don't understand before signing.

Property taxes

The Village of Schaumburg began collecting property taxes in 2009, and since then, it has been implementing a consistent strategy of reduction or maintenance of the levy each year. The 2021 levy remained unchanged from the previous year, which was also 5% lower than the 2018 levy.

REQUIREMENTS FOR BUYING A HOUSE IN SCHAUMBURG

Conventional loans

These loans are usually sold to government-sponsored entities like Fannie Mae and Freddie Mac. They can be used to buy a home in any location, including Schaumburg. Borrowers are usually required to make a down payment of between five and 20 percent of the purchase price and have stricter credit and income requirements than government-backed loans such as FHA or VA loans. However, they often have more favorable terms and lower interest rates.

FHA Loans

FHA loans are a type of home loan that is backed by the government and tend to be popular among first-time homebuyers or those who have lower credit scores and income. They are a good option for those with limited funds for a down payment, as FHA loans only require a three-and-a-half percent down payment.

VA Loans

VA loans are a great option for eligible veterans, active-duty service members, and some surviving spouses looking to purchase a home.

MONEY-SAVING TIPS FOR BUYING A HOME IN SCHAUMBURG

Find the best mortgage rate

Finding the best mortgage rate is crucial for getting the most favorable terms and the lowest overall cost for your home loan. A realtor can help you find the best mortgage rate by connecting you with reputable lenders and mortgage brokers. The Sarah Leonard Team is well-connected with local lenders and can help you understand the local market and the lenders who are more likely to approve your application.

Use a bigger down payment to keep monthly payments down

A larger down payment means a smaller loan amount, which leads to lower monthly payments. Furthermore, a larger down payment can reduce or eliminate the need for private mortgage insurance (PMI), an additional monthly cost that's required when you make a down payment of less than 20 percent of the purchase price. This way, by putting in a larger down payment, you increase your property equity, decrease the loan amount, and have a lower monthly mortgage payment.

Increase your credit score

Increasing your credit score is a smart money-saving tip before buying a home in Schaumburg. A higher credit score can qualify you for a lower interest rate on your mortgage loan, saving you thousands of dollars over the life of the loan. Additionally, a good credit score may also increase your chances of getting approved for a mortgage loan, which can be especially beneficial for first-time homebuyers or those with a limited credit history.

Use a commission rebate to save money

A commission rebate is a way for homebuyers to save money on the purchase of a home by receiving a portion of the commission earned by the real estate agent. In Schaumburg, when you buy a home, the seller pays a commission to the listing agent, typically around six percent of the purchase price. A commission rebate allows a portion of that commission to be returned to the buyer, usually around two percent.

READY TO BUY IN SCHAUMBURG?

When it comes to finding the perfect home in Schaumburg, it's essential to work with a realtor who knows the area and can guide you through the process. The Sarah Leonard Team is an excellent choice for anyone looking to buy a home in Schaumburg.

Recognized as the Top RE/MAX team in Illinois, the Sarah Leonard Team has a proven track record of success, with over 700 closed homes in the last year. Each client is treated as if they’re the team’s only priority. If you're looking to buy a home in Schaumburg, reach out to the Sarah Leonard Team for professional and personal service that will exceed your expectations.

GET MORE INFORMATION

Sarah Leonard

Broker | Owner

sarah@sarahleonardsells.com

+1(224) 239-3966