Step-by-Step First Time Buyer Guide for Evanston

Buying your first home in Evanston can feel exciting and a little overwhelming. You want a place that fits your life, your budget, and your commute, without surprises at closing. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by Megan Livatino will help reduce the stress of buying a home and help you enjoy the journey as much as possible. This guide gives you clear steps, real numbers, and local tips so you can buy confidently in Evanston. You will learn the timeline, costs, inspections, and city-specific details that matter most. Let’s dive in.

Why Buy in Evanston

Evanston offers a mix of single-family homes, multi-unit properties, condos, and townhomes. Evanston also has several historic districts. If you buy a historic home, exterior changes may require city review. You can confirm rules and permits on the City of Evanston site.

Proximity to Northwestern University supports a strong rental market in parts of the city, which can be helpful if you plan to rent a unit in the future. For many buyers, transit access is a standout advantage. You can ride the CTA Purple Line or the Metra Union Pacific North Line to downtown Chicago, often in 20 to 45 minutes depending on origin and service.

Families often look at District 65 for elementary and middle schools and District 202 for high school. Keep your search neutral and fact-based. Check official district information for boundaries, enrollment, and programs. 

Step-by-Step Path to Your First Home

Define what you are looking for

• Start by thinking about how you live day-to-day. What neighborhoods fit your lifestyle?
• What features matter most — outdoor space, a home office, proximity to transportation, or top-rated schools?
• Clarifying your goals early helps to focus your search and find the right fit faster.

Understand your budget

• Before touring homes, it is helpful to understand what you can comfortably afford.
• You will need to review your income, savings and credit score.
• When considering your budget, you also want to factor in property taxes, insurance and potential HOA fees, closing costs and moving expenses.

Get pre-approved

• Your real estate agent will be able to connect you with a few local lender options.
• It is never too early to connect with a lender who will gather information from you and will outline your financing options.
• Your lender will provide you with a mortgage pre-approval which will set your price range, show sellers that you are serious, and give you confidence when it’s time to make an offer.
• In competitive markets, a strong pre-approval can make all the difference.

Work with an experienced local agent

• The agent you choose matters. Your agent will be your guide, advocate and strategist.
• Look for someone with deep local experience, up to date technology to help you to find properties, an understanding on how to spot value and red flags, clear and consistent communication, positive relationships with other local agents, and superior negotiation skills.
• Buying your first home is smoother and less stressful when you have an experienced local real estate agent in your corner.

Begin your home search

• Now the fun part begins! Together with your real estate agent, you will set up custom property searches and alerts and hand-select homes that fit your goals and lifestyle.
• As you begin to tour homes, you may change your search criteria periodically.
• You will attend showings and open houses until you find the property that fits your current vision.
• Touring many different properties can help to give you the confidence that you need when you find “the one”.

Make a strong offer

• Prior to making an offer, your experienced real estate agent will provide you with a Comparable Market Analysis (CMA) to help you to determine the ideal offer price, based on local trends, condition and timing.
• You will have a clear understanding about recent comparable sales, market conditions, and seller motivations as you determine your offer price, earnest money amount, close date, tax prorations, financing options and inspection contingency options.
• You want your offer to stand out from other offers so that you can secure the home that you love.
• Often sellers provide a counteroffer to potential buyers. Your real estate agent will help to negotiate for your best overall outcome.
• When both parties have agreed to the terms, a final contract will be prepared by your agent and signed by the sellers.

Attorney and inspection review

• After your offer is accepted, you will need to do your due diligence with the help of a real estate attorney and a professional inspector.
• Your real estate agent will provide you with a list of trusted professional if you need.
• Your inspector will assess the home’s condition and provide you with a detailed inspection report that will help you to determine if you ask for any credits or repairs from the seller.
• Add specialty inspections as needed: radon, sewer scope, termite, chimney, HVAC, or lead and asbestos reviews in older homes.
• Your attorney will review the contract, disclosures, and title, and will ensure that you are protected throughout the deal.
• These steps help to provide you protection and ensure that you fully understand what you are purchasing.

Appraisal and loan finalization

• Submit a full mortgage application and documents right away.
• Once the attorney review and inspection review are complete, your lender will order an appraisal to confirm the home’s value. If the value comes in low, you may renegotiate or adjust loan terms.
• Underwriting to clear-to-close often takes 2 to 4 weeks, sometimes more depending on the lender and property.
• Once approved, your loan moves into the final stages, and you will receive a clear-to-close — the best three words in the process!

Closing day

• Complete your final walk-through within 24 to 48 hours before closing.
• On closing day, you will sign the final documents, receive your keys, and celebrate your new home.
• Closings in Illinois are usually handled by your attorney and title company, with funds transferred electronically the same day.
• After funds transfer and recording, you get the keys.

Welcome Home

• Congratulations — you are officially a new homeowner!
• Your experienced real estate agent will be by your side long after closing.
• Whether you need a trusted contractor, a design referral, or market updates for future planning, they will be there for you.

Typical Timeline

Typical timeline from accepted offer to closing is about 30 to 60 days for a financed purchase. It can be faster for cash or longer if condo reviews, historic issues, or special approvals are involved.

What it really costs

Upfront and closing costs

• Earnest money deposit. Often between 2 to 5 percent of the price, held by the listing brokerage, title company or attorney.
• Home inspection. Plan to spend between $350 to $700, with specialty tests such as radon, sewer scopes, termites and asbestos, being an additional cost. 
• Appraisal. The appraisal is ordered by your lender after the attorney and inspection review are complete, and typically $350 to $700.
• Down payment. Many first-time buyers use low down payment loans. FHA can be as low as 3.5 percent where eligible. Some conventional options start around 3 to 5 percent.
• Closing costs. Usually about 2 to 5 percent of the purchase price. This includes lender fees, title insurance, recording fees, transfer taxes where applicable, escrows for taxes and insurance, and attorney or title company fees.
• Prepaids and escrows. Expect prorated interest, property tax escrows, and homeowners insurance.

Ask your lender for a Loan Estimate early so you can see itemized fees and expected cash to close.

Ongoing costs after closing

• Property taxes. Cook County taxes can be significant compared to some areas. Review the property’s assessed value on the Cook County Assessor site and recent bills via the Cook County Treasurer. Confirm exemptions you may qualify for.
• HOA or condo fees. Cover common area costs, master insurance, and reserves. Review budgets and reserve studies to assess risk of special assessments.
• Utilities and maintenance. Electricity is typically through ComEd and gas through Nicor. Set up service and budget for routine upkeep, especially in older homes.
• Insurance. Standard homeowners coverage is required by lenders. Consider flood insurance if needed and sewer backup coverage, which is common in older urban areas.

Programs and assistance for first-time buyers

• State programs. Review Illinois Housing Development Authority first-time buyer programs for down payment assistance and special loans.
• Federal options. FHA, VA, USDA, and conventional programs may offer low down payment routes. Learn more about FHA through HUD program information.
• Local and employer programs. The City of Evanston may offer income-eligible programs. Large employers, including universities, sometimes have assistance for employees. Check current availability and rules.

Inspections that matter in Evanston

Standard and specialized tests

• General home inspection. Covers structure, roof, plumbing, electrical, and HVAC.
• Radon testing. Strongly recommended in Illinois. See EPA guidance on radon testing and mitigation.
• Sewer scope. Older sewer lines and urban stormwater conditions make this a smart add-on.
• Termite or wood-destroying organism inspection. Consider it if you see wood damage or moisture concerns.
• Lead paint and asbestos. Many older homes may have these materials. Review EPA information on lead-based paint disclosures and consult specialists when needed.

Disclosures you should expect

• Lead-based paint disclosure is required for homes built before 1978.

• Radon disclosure for properties under the 3rd floor. 

• Illinois sellers complete the Real Property disclosures for known defects.

• Ask for them early and review with your inspector and attorney.

Condo and HOA due diligence

• Request governing documents, budgets, reserve studies, and recent meeting minutes.
• Ask about planned capital projects and any pending special assessments.
• Confirm owner-occupancy levels and insurance coverage on the master policy.

Local planning checklist

Transit, commute, and parking

• Map your commute using the CTA Purple Line and the Metra Union Pacific North Line. Typical travel to downtown Chicago can range from 20 to 45 minutes depending on start point and time of day.
• Check neighborhood parking rules on the City of Evanston site if you own a car.

Schools and neighborhood fit

• Confirm current school boundaries and enrollment policies with District 65 and District 202.
• Consider proximity to parks, libraries, and recreation centers.
• Keep notes on noise, traffic, and light at different times of day.

Historic homes and permits

• If a property is in a historic district or has a landmark designation, exterior work may require city review.
• Verify permits for past renovations and additions. Unpermitted work can affect insurance and financing.

How closing works in Illinois

• Many buyers and sellers in the Chicago area use attorneys to review contracts, resolve title issues, and attend closing. There is no automatic attorney review by statute, so engage a professional early.
• Title search and title insurance are standard. Title companies coordinate closing with your attorney.
• After closing, the deed is recorded with the Cook County Recorder of Deeds. This completes the transfer of ownership.

How a local advisor helps

A calm, organized guide can make your first purchase smoother and less stressful. You get help refining neighborhoods, reading condo documents, coordinating inspections, and negotiating repairs or credits after inspection. You also benefit from local knowledge on historic homes, transit, taxes, and city rules that affect your budget and timeline.

If you are planning your first home in Evanston, let’s talk through options, neighborhoods, and a plan that fits your life. Megan Livatino is here with local insight, steady communication, and step-by-step support from search to keys.

FAQs

What is the typical timeline to buy a home in Evanston?

• For a financed purchase, 30 to 60 days from accepted offer to closing is common, with cash purchases often faster.

How much cash should a first-time buyer budget for closing?

• Plan for down payment plus closing costs of about 2 to 5 percent of the price, along with inspection and appraisal fees and prepaid escrows.

Which inspections are most important for older Evanston homes?

• In addition to a general inspection, consider radon testing, a sewer scope, termite review, and specialist checks for lead paint and asbestos.

How can I estimate property taxes in Evanston?

• Review the home’s assessed value on the Cook County Assessor site and recent bills through the Cook County Treasurer.

Are there first-time buyer programs I can use in Illinois?

• Yes. Explore Illinois Housing Development Authority first-time buyer programs and ask your lender about FHA, VA, USDA, and low-down-payment conventional options.

Do I need a real estate attorney to buy in Evanston?

• It is common in the Evanston and Chicago area to hire an attorney to review the contract, handle title matters, and attend closing, which helps protect your interests. Your real estate agent should be able to provide you with a list of trusted real estate attorneys.