Looking to purchase first home. What area? (Arlington Heights, Skokie: short sale, rental)

[dja4260]

I will be working in Lombard. I've found 2 bed, 1.5 bath condos in Addison & Arlington heights that look great. I've also looked at a few in Wheeling & Des Plaines but I considered the areas in decline. I need to live close to 294 and or major highways. I've lived in Skokie my whole life but want to get out of this area. I intend to live here for 4-5 years then purchase a home.

My new condo needs

-To be in a safe community
-Close proximity to major highways (294, 290, etc)
-Able to sell property in future for a profit. (Desirable area)


Thanks for all your opinions

Dan

[chet everett]

I really woud recommend against a condo for your situation. With the time line you have and a desire to get a positive return on your investment you would really be better off with a single family detached home that is currently deeply discounted...

[GolfLover2]

Should you decide to view/buy a condo, please educate yourself to the pros and cons of condo ownership and sales ... especially since you want to own the condo for such a short time. My suggestion is to work with an agent that is well-educated and experienced in condo transactions ... as well as a lender with the same credentials. Know ALL about your condo prior to signing a contract and purchasing. That including whether the condo is presently approved for FHA lending, as that will effect your efforts to sell in the future. (You increase the number of buyers that will/can consider buying your condo that way). Condos can be challenging in the present market. Take precautions and protect yourself and your financial interests by educating yourself thoroughly. Best of luck to you .. and should you need referrals, please ask ...

[dja4260]

Our realtor is a close family friend of 20 years and has been in the business for 30+ years back when my mom was a relator. Our mortage broker is my girlfriends cousin. We have researched all the aspects of condo ownership and Fha style loans etc. We are not in a rush to purchase and rush into anything. I do however want to learn more about surrounding areas to make my search easier. I have also spoken to my bank loan specialist to get second opinions etc.

[TempesT68]

Factoring in property taxes, association dues, insurance,..etc Plus the fact condos in the area are slow to appreciate and the short time you plan on saying there, you'd likely be better off just renting.

[cubssoxfan]

I will be working in Lombard. I've found 2 bed, 1.5 bath condos in Addison & Arlington heights that look great. I've also looked at a few in Wheeling & Des Plaines but I considered the areas in decline.

Wheeling in decline?! Maybe we wear different glasses. Wheeling is more middle class, diverse and has a couple of small "no fly" zones. The condos on Lake Cook and Milwaukee and the condos on Milwaukee between Hintz and Dundee are NOT areas of decline.
Very similar to Skokie; the area has become more diverse. Many areas are still decent to quite nice while a few areas have become mediocre. But the good areas still far outnumber the mediocre areas.
And why would you live so far north when work is in LOmbard? There are many nice areas closer to work.

[Vlajos]

I agree with Chet. If you are looking to buy a condo for only 4-5 years (especially in a suburban location) and then buy a home, I would skip the condo years. Rent for the 4-5 years, save money and then buy the house.

[chicagojlo]

If you work in Lombard why are you looking in Arlington Heights and Wheeling? With gas prices being what they are you'd be foolish to commit yourself to such a long commute.

And yes if you are buying with your girlfriend in this economy something you can't turn around quickly is a bad idea. What if you split up? Unintended pregnancy? Lose your job? Nobody is lining up to buy 2/1.5 condos in the suburbs anymore. A smaller SFH would be much more likely to sell for a profit down the line, plus you don't have the uncertainty of assessments or other factors that make condos unsellable such as FHA approval or rental percentages.

[BRU67]

Originally Posted by dja4260

I will be working in Lombard. I've found 2 bed, 1.5 bath condos in Addison & Arlington heights that look great. I've also looked at a few in Wheeling & Des Plaines but I considered the areas in decline. I need to live close to 294 and or major highways. I've lived in Skokie my whole life but want to get out of this area. I intend to live here for 4-5 years then purchase a home.

My new condo needs

-To be in a safe community
-Close proximity to major highways (294, 290, etc)
-Able to sell property in future for a profit. (Desirable area)


Thanks for all your opinions

Dan

Not to pile on the condo but with a 4-5 year turnaround, that doesn't sound like the best move. I wouldn't buy anything I didn't plan to stay in at least 7 years, if not more, in this market. Condos even in the most desirable areas are probably going to be hard pressed to garner a profit sufficient to cover all your costs (assessments, closing costs, and the like). If you're not ready for a house, what's wrong with renting?

[dja4260]

These properties I'm looking at are rentable to start with. It would cost me the same to rent currently. I would think its in my best interest to buy now while the market is low. Considering the unit I'm looking at in Arlington Heights sold for 230k in 2004, and is now a short sale @ 53k, and appraised at 126k present. That sounds like a safe investment to me.

This is just one property that I'm looking at. I just can't see how renting would be in my best interest currently.