Ready to buy your first home in Highland Park but not sure where to start? You are not alone. Between choosing a neighborhood, timing your search, and planning for closing costs, it can feel like a lot. This guide breaks it down into clear steps tailored to Highland Park so you can move with confidence from first showing to keys in hand. Let’s dive in.
Why Highland Park works for first-time buyers
Highland Park sits along Lake Michigan in Lake County, about 25 to 30 miles north of downtown Chicago. Many buyers choose it for its mix of housing options, access to nature, and practical commute.
Daily life and commute
You have convenient rail access to Chicago on Metra’s Union Pacific North Line, with stations in Highland Park and Ravinia. Check the current Union Pacific North Line schedule to plan your commute.
Home types you will see
- Single-family homes from early 20th century to newer infill, with a range of lot sizes.
- Condominiums and townhomes that offer lower maintenance and entry prices, many near downtown and transit.
- A distinct lakefront segment with premium pricing.
Neighborhood pockets to know
- Downtown Highland Park and the Ravinia corridor offer walkable streets, dining, cultural spots like the Ravinia Festival, and easy access to Metra.
- You will find established blocks with mature trees and larger lots, plus pockets of newer redevelopment.
- Proximity to the Highland Park and Ravinia stations is a practical plus for commuters.
If schools are part of your decision, look up current boundaries and performance on the Illinois State Board of Education and local district sites. Keep your review neutral and fact-based so the data fits your needs.
Your timeline from search to keys
Every home search is different, but this outline reflects common timing in Highland Park and the North Shore.
Pre-approval and prep: 1 to 3 weeks
- Get a full mortgage pre-approval, not just a prequalification. Many lenders can turn this around in 1 to 10 business days once they have your documents.
- Research neighborhoods, taxes, commute time, and any HOA rules if you are eyeing a condo or townhome.
Active search: 1 to 6+ months
- In competitive moments, buyers can move from first showings to an accepted offer in a few weeks. Other searches take several months, depending on price range and must-haves.
- Stay flexible on timing, closing date, and small preferences to widen your options.
Offer to close: 30 to 45 days
- Offers can be accepted the same day in hot situations or negotiated over a few days.
- A typical contract includes these milestone windows:
- Inspection: often 5 to 10 business days after acceptance.
- Appraisal: usually ordered within 7 to 21 days.
- Loan underwriting and final approval: often 21 to 45 days.
- Most local closings land within 30 to 45 days of contract acceptance.
- Your lender must provide a Closing Disclosure at least 3 business days before closing. Review the CFPB overview of the Closing Disclosure timing so you know what to expect.
Smart offer strategy in Highland Park
Build a strong, safe offer
- Bring a current mortgage pre-approval letter to signal you are ready.
- Price your offer using recent comparable sales and the current inventory in your segment.
- Align with the seller’s timeline if you can. A flexible closing date can help your offer stand out.
- Include key protections:
- Home inspection contingency so you can inspect and negotiate within the window.
- Appraisal contingency to protect you if the home appraises below the contract price.
- Financing contingency to allow cancellation if your loan is not approved.
- Title contingency, with standard title work and title insurance.
When the market heats up
You may see tactics like escalation clauses, larger earnest money, or shorter inspection windows. These can strengthen an offer, but they also add risk. Most first-time buyers should avoid waiving inspection or broad protections unless the price reflects an as-is condition and you are fully comfortable with the tradeoff. Talk through each step with your agent and, if you choose, a real estate attorney.
What your monthly and closing costs include
Typical buyer closing costs
Plan for roughly 2 to 5 percent of the purchase price in buyer closing costs, not including your down payment. Your costs will include some or all of the following:
- Lender fees, such as origination, processing, or points if you choose them.
- Appraisal fee ordered by your lender.
- Title services and lender’s title insurance, with an optional owner’s policy recommended by many professionals.
- Recording fees and state transfer-related fees.
- Prepaid items like homeowner’s insurance, property tax escrows, and prepaid mortgage interest.
- HOA or condo transfer fees, plus prorated dues if the home is in an association.
- Inspection costs, such as home inspection, radon test, or sewer scope.
Your lender will send a Loan Estimate within three business days of your application and a final Closing Disclosure at least three business days before closing.
Taxes, transfer, and recording specifics
- Illinois historically charges a state real estate transfer tax of $0.50 per $500 of the purchase price, which equals 0.1 percent. Always confirm current rules with the state or county.
- Lake County recording fees vary by document and page. You can confirm current fees and transfer-tax requirements with the Lake County Recorder.
- Property taxes are based on assessed value and the tax rates of local districts. Expect prorations at closing so each party pays taxes for the time they owned the home. Review assessments and timing with the Lake County Assessor and payment details with the Lake County Treasurer.
If you are buying a condo or townhome
Add time to review the association’s budget, reserves, and recent meeting minutes. Ask about special assessments, rental policies, and pet rules. Solid reserves and transparent records are helpful signs. If you plan to use a first-time buyer program, confirm the building meets your lender’s project requirements.
Practical tips for older homes and condos
- Budget for preventive maintenance in older homes. Roofs, HVAC, electrical, and foundations may need updates.
- Schedule professional inspections early in the contingency window so you have time to review results and respond.
- For condos, ask for any planned capital projects and the expected funding source.
- If permits or future renovations are on your mind, consult the City of Highland Park for guidance on local rules.
Considering buyer assistance programs
Some buyers use down payment or closing cost assistance. Look into statewide options through the Illinois Housing Development Authority. Program details and eligibility can change, so confirm current guidelines directly with the program and your lender.
How Kim Kelley Residential supports your first purchase
As a boutique, founder-led practice in Highland Park, you get hands-on guidance from a senior agent who knows the North Shore block by block. You will see the right homes faster, use current local comps to price your offer, and navigate inspections and timelines with a steady plan. The focus is your goals, your budget, and a smooth path to closing.
If you are ready to explore Highland Park or just want to map your next steps, reach out to Kim Kelley Residential. You will get responsive, personalized support from the first call to the day you get your keys.
FAQs
How long does a Highland Park purchase take from offer to keys?
- Most contracts close in 30 to 45 days, assuming normal title and loan timelines, with inspection typically in the first 5 to 10 business days and appraisal within 7 to 21 days.
What closing costs should a first-time buyer budget in Lake County?
- A common range is 2 to 5 percent of the purchase price, covering lender fees, appraisal, title services, recording, prepaids, HOA fees if applicable, and inspections.
What contingencies should I include as a first-time buyer?
- Most first-time buyers include inspection, appraisal, financing, and clear title contingencies to protect their investment and keep options open during due diligence.
Are there transfer taxes or special fees in Highland Park?
- Illinois historically charges 0.1 percent at the state level, and you should confirm current recording fees and any local requirements with the Lake County Recorder before you finalize numbers.
How do I confirm my commute options into Chicago?
Where can I verify property tax assessments and billing?
