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Things to know before buying a luxury home in Orland Park, Illinois

Things to know

Under contract: a 6-bedroom, 5-bathroom luxury home in Orland Park, Illinois

The mid-sized urbanized village of Orland Park is one of the best places to live in the southwest of Chicago, Illinois. With a land area of 8.6 square miles, Orland Park began as a humble village before becoming the sought-after affluent suburb it is today.

What draws people to settle down in Orland Park?

First and foremost is the excellent livability. In terms of educational attainment, cost of living, and great neighborhoods, Orland Park ranks way up. As important, its commercial growth has been outstanding.

With around 60,000 residents, Orland Park is a great area for those who want the exclusivity that comes with high-end living at its finest. A tour of the top neighborhoods will yield the availability of breathtaking estates, sprawling six-bedroom stunners, multi-acre vacant land, multifamily investment property, and so on.

Orland Park’s reputable public, private, and charter schools, abundance of restaurants, forest parks and lakes and ponds also make it a magnet for those who want to raise a family or live in an attractive, peaceful environment.

How it began

The village was first called the English Settlement following the arrival of immigrants from the British Isles beginning 1834. Of the waves of settlers, one was the family of John Humphrey, who sailed from England in 1848 and became the father of Orland Park many years later.

When John was 21, he joined a wagon caravan bound for California, but would eventually return to the place he grew up in to work with his family. In 1879, he purchased the land next to the planned town center of St. Louis and Pacific Railroad’s new railroad stop, Sedgewick. Following a campaign launched by villagers and led by John Humphrey, the stop was eventually renamed Orland Park.

Today, Orland Park remains a thriving residential community of about 60,000 residents.

Things to know before buying luxury homes in Orland Park, Illinois

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  • Make a wish list of what you want in an Orland Park luxury home

    It is essential to list down the things that you want in an Orland Park luxury home. Should it have a pool? A nice sunset view and a spacious garden? Consider your lifestyle and align it with the kind of home you’re looking for. If you’re dropping serious money on a home, you should get the bells and whistles you desire.

  • Learn about the neighborhoods of your shortlisted homes

    Your home should not only be where your heart is, so should the neighborhood. As real estate professionals remind buyers time and again: you can change your house, but not its location.

    Does the neighborhood conform to your needs, whatever they may be? If you value privacy, are the homes spaced far apart? If you have kids, are the schools in the area to your liking? And are there enough parks and playgrounds you can bring them to? Due diligence leads to excellent real estate decisions.

    For example:

    • Deer Haven was developed in 2012. The neighborhood, located at 108th and 143rd Streets, answers your need for late-model luxury homes.
    • Sterling Ridge was developed in 2010. New construction modern homes can be found in this exclusive subdivision at 167th and 108th Streets.
    • Silo Ridge was developed in the 1990s until the early 2000s. Located along Wolf Road and 151st Street, it offers exclusive listings. Inquire from your local real estate agent.
    • Ashburn Sound was built in the 1990s and offers first-class Orland Park living. The neighborhood is located at 153rd Street and Wolf Road.
  • Research the market value of homes in Orland Park

    Depending on the state or city, the market value of homes will rise and fall according to conditions both national and local. Compare how the prices of Orland Park homes have changed year over year, and determine where it’s likely to be in the short term. How do house prices stack up against comparable homes in nearby cities or neighborhoods? If you’re not sure how the numbers impact your purchase, consult your local Orland Park Realtor. Discuss your concerns and seek their advice.

Factors to consider when buying luxury homes

scale model of a modern house

  • Trim your list to the best neighborhoods

    Consider the top three neighborhoods that conform to your needs and wants. Check out their pros and cons. Again, your neighborhood should be as important as your dream house. True luxury rests on being in a place that answers your heart’s desire. Whether you want to live in a place that’s peaceful or vibrant or a mix of the two, your neighborhood should provide a great luxury home experience.

  • Your home should be future-ready

    Your luxury home should be all set for your future needs. It should sustain growing a family and their changing needs. Consider if it’s a great buy for the long term and, if significant enough, to hand down to the next generation.

  • Work with a real estate agent

    Real estate agents will go above and beyond to land you the best possible properties. Hire a local agent with a sterling reputation. If you haven’t found an agent yet, check credentials, years of experience, track record, etc. of likely candidates. Interview them in person. Apart from credentials, make sure their personality matches yours.

Tips when buying luxury real estate

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Always negotiate

Negotiation should be an important consideration when buying a luxury home. For high rollers, the sky may be the limit but value for hard-earned money still rules. Talk to your agent and strategize about what to offer, whether you plan to pay in cash, how to counteroffer, and so on.

Exercise patience

Hunting for your dream luxury home requires patience. In fact, the same is true of luxury home sellers. When sellers of high-end homes don’t list their property, they’re willing to hold out and protect the privacy of a few chosen buyers vetted by their agents. For buyers, it means not settling for the grandest or most expensive home on the market. If your agent knows you, they will offer you the kind of homes that they think tick most, if not all, of your boxes.

Tap your agent’s network for exclusive luxury listings

If you can’t find a home on the open market, ask your agent to tap their network for unlisted homes for sale. This is the perk of working with a seasoned agent with an established industry network – they know where to look.

Always do a home inspection

You don’t want to buy a money pit. So order a professional home inspection. This process could take several hours for a standard home inspection and one to two days for a specialized luxury home inspection. It costs around $1,000 or double the price of a standard inspection. Aside from inspecting the usual roof, basement, HVAC system, and foundation, a luxury inspection covers the pool and spa, home cinema, security systems, guest room, and porch and lawn, to name a few.

Look for property with high resale value

As keen as the homebuyers are in choosing the perfect luxury home, it’s safe to say that luxury properties also come with risks. Even if investing in real estate is often solid and builds wealth over time, you want to make sure the odds are in your favor as far as the home itself and the location are concerned. When looking for a high resale value property, consider the future development in the area, the current condition of the home, neighborhood safety and security, and whether it sits on a convenient location for work, school, and play.

Talk to multiple lending companies or buy in cash

To make sure that you’re getting the best loan rates possible, talking with several financial companies will help assess their lending terms and conditions. It is not advisable to go with the first lending company you visit. Proceed only when you’re armed with a number of loan options.

When buying pricier homes, look into jumbo loans. Make sure you have a credit score of 700 in order to qualify for a higher-than-average loan amount set by the Federal Housing Finance Agency (FHA).

On the other hand, if you have more than enough money to pay cash up front, that’s even better. In the first place, it’s hard for sellers to say no to an all-cash buy. As a buyer, you won’t have to bother about interest rates, mortgages, and closing costs.

Budget for maintenance and repair

How much will you need for maintenance and repair? Ask your agent to recommend reputable and discreet tradesmen who can estimate a yearly spend on keeping your home and all of its extras (pool, sports courts, etc.) in tip top shape. Budget accordingly.

Consider all options before making a decision

Before buying that dream luxury home, make sure that all efforts have been exhausted to land the cream of the crop. Have at least two to three options and list down the pros and cons of each property. Go over your luxury home checklist again. Does this house have the amenities you want? Is it convenient for work, school, and leisure? Does the neighborhood feel safe and secure? Trim down those options and if the price is right, that dream property is almost yours.

Thoroughly read the contract

Take your time reviewing the fine print of a luxury home purchase. Bear in mind that your comfort and long-term investment are at stake. Coordinate with your real estate agent for any queries and concerns. Countercheck any references that may need revisions before you come to an agreement.

Steps when buying luxury real estate in Orland Park

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Update your credit score

Again, keep in the mind the importance of your credit score when you shop for homes. A good credit score means lenders see you as a good risk based on your financial history. The three-digit score, ranging from 300 to 850, will spell the difference between qualifying for a home or not. For a luxury home purchase, credit score ratings should be 700 or higher. To improve your score, pay your bills on time, check your credit report for error, or eliminate debt.

Be liquid enough for the down payment or earnest money

To show that buyers are serious about buying a house, they can offer earnest money or a deposit on a home for sale. Note that if the deal goes awry, earnest money may not always be refundable. Consult your real estate agent for details.

When it comes to down payments, lending companies usually require 20% of the total list price. You can offer less but higher down payments tell the lender you’re a good credit risk because you have a higher stake in the property. Thus, the lender will often lower the interest rate on your mortgage.

Pre-approve your loan and mortgage arrangements

Scout for good lending companies with a reputable name and have them pre-approve the loan for your luxury house. Financial history, bank records, credit scores, and sources of income should be ready for reviewing as these documents will make or break your loan application. Lenders are free to approve loan amounts and mortgage rates as they see fit to make sure real estate owners can afford their big splurge.

Stick to the budget

Even high rollers have to work within a budget. Assess how much you want to spend on a house and stick to it. Think about the expense of redecorating or refurbishing the house after you move in. Consider routine repairs and maintenance. Once you take future expenses into account, including insurance and property taxes, then you’ll understand why sticking to your budget is important – no matter your station in life.

Begin the luxury home searching process

Your agent will arrange to show you several luxury homes that match your requirements. Have your checklist ready so that expectations and reality match up. As always, stick to the plan, which is to look at two to three homes before you make an offer.

Make an offer

Before you make an offer, find out why the seller is selling, the home’s previous selling price, and issues, if any, regarding the house and the neighborhood. They may be factors that affect the amount you intend to offer. Consult your real estate agent about key points or attachments you need to make or include in your offer letter.

Schedule a home inspection

It’s time for the buyer to figure out what works and what doesn’t and that is where the home inspector comes in. A luxury home inspector will be able to assess the condition of everything, from standard features to luxury amenities. The results of the inspection will tell the homebuyer the condition of the property beyond its surface desirability.

An appraiser, on the other hand, will assess whether the list price of the property comes close to the amount the buyer would like to borrow. The appraisal, which is ordered by the lender, is based on market trends, home sales of comparable properties within the neighborhood, and an inspection of the whole estate. The lender will only cover the appraised value.

Close on your Orland Park home

Once your home has been inspected and appraised:

Cash buyers need only make a walk through of the property the day before closing to make sure repairs have been done following the results of the inspection, or if the owners have vacated the property. The idea is to make sure the house is in the condition you and the seller agreed on (including repairs following the inspection report).

Otherwise, be prepared to wait from 30 to 45 days before you can move into your new house – it’s the length of time from the day you complete your mortgage application to the day of closing. Your earnest money, which has been held in escrow, will be applied to your down payment of the home. Consult your real estate agent on the procedures and the documents you need to have on hand to make sure the closing happens without a hitch.

Work with America’s most creative and sought-after luxury real estate agent

Alexandra Shaban

Alexandra Shaban has been in the business of luxury real estate for the past 10 years. Hailed as the Top Youngest Real Estate Agent in Illinois, Alexandra has sold a majority of her listings through more than 40,000 followers on social media. She is now also part of the top 1% of agents of Jameson Sotheby’s with her impressive credentials. A trusted agent of corporate business owners, athletes, and Chicago elites, Alexandra has earned her reputation as one of the best Realtors in the state.

If you’re looking into luxury homes in Orland Park, Illinois, Alexandra Shaban will find you the remarkable property you’re after. For inquiries, call 312.554.9496 or contact her here.

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