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Old 11-05-2011, 05:03 PM
 
13 posts, read 29,843 times
Reputation: 10

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Hello,

I have a series of questions that I'm hoping some folks can chime in on and help my family make the best decision.

First, after an extensive search in the suburbs (North, South, West, and eve NWI) my wife and I have agreed we'd like to buy a home in Flossmoor near the Metra station. We just fell in love with that area and it still makes for a reasonable 40-45 min commute into the Loop during the week. The key for us is to buy within a few blocks of the station so it makes for an easy short walk thus not adding a ton of commute time.

Our price range can go as high as $350k or so and I we see a number of homes that would suit us fine. Obviously, we'd love to spend less, but are willing to go up to $350k.

We anticipate we'll probably be staring at a $12k tax bill each year which we could pay monthly in escrow ($1,000) or one lump sum I would imagine annually. First question, and key question, how much of that $12k do we see back at tax time? That's a lot of money to not see much back and it may alter our decision on how high our purchase price can be.

I did some research and figure the following assuming a $350k purchase price, 15 year loan (we prefer this), 5.0% interest rate (perhaps we can even get lower), $1000 annual homeowners insurance, $12,000 annual property tax, and no PMI (over 20% down) - our total payment monthly would be $3,249.

Now, if taxes were stripped out, our payment would be $2,249 per month. Then of course we'd be responsible for paying a lump sum of $12k annually and would have to save for that.

So let's assume the 1st example at a payment of $3,249. As we prepare our budget, what can we assume we'll pay monthly on gas, electric, water, sewer, and garbage bills - please break down if possible. Assume 2500 sq ft home.

We are just trying to get a ballpark idea of what our monthly expenditures will be if we choose to buy in this area at this price.

Also, in terms of home ownership, are there any other monthly expenditures (major) that we are missing here?

Thanks - we look forward to the replies.
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Old 11-05-2011, 08:22 PM
 
1,796 posts, read 6,077,281 times
Reputation: 1171
Just wanted to give you a reply seeing as though none have come in yet. One thing that may be a pleasant surprise, depending on where you are moving from is the lower cost of car insurance as well as the cost for a village of Flossmoor vehicle sticker.

I haven't lived in Flossmoor for about 8 years now so I can't give recent costs. But I certainly enjoyed living there. One of the true gem suburbs of Chicago. Was just back in the Chicago area a few weeks ago, and everything still looked great - granted it was nice and warm outside and that makes all the difference in the world to me. Enjoy Flossmoor.
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Old 11-07-2011, 08:43 AM
 
829 posts, read 1,735,479 times
Reputation: 285
I second that opinion. Hyde Park and Flossmoor have always been my two favorite communities. It's amazing how manicured and taken care of everything in Flossmoor is. It's a real show community. You don't have to wonder where your jaw droppingly high property tax bill is being spent when you live in good old Floss. I just had lunch at the Flossmoor brewery adjacent to metra station on Saturday. Not too many other suburbs, if any have a brewery and restaurant at there metra station. From flossmoor it's only a 40 minute drive or by metra train to the loop during rush hour and a 35-40 minute drive to oak brook during rush hour. So yeah flossmoor has always made since for commuters.
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Old 11-07-2011, 09:36 AM
 
Location: South Chicagoland
4,111 posts, read 7,363,182 times
Reputation: 2017
Part of the reason why lawns and such look so nice in Flossmoor is because of strict local ordinances that are strictly enforced. There's always a catch to so-called perfection.

Flossmoor Station is a great resturant with lots of memories for me.
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Old 11-07-2011, 10:30 AM
 
Location: Not where you ever lived
11,544 posts, read 25,113,118 times
Reputation: 6189
It is impossible to get a breakdown on utilities on any home because people use utilikties differently. The age/type of furnace and AC make a huge difference. Insulation and type of windows also make a difference in cost too. With children you really need to hire a state licensed person to inspect your house plus a state licensed person to test for mold and radon. Hidden mold will not only make your family sick is it outrageously expensive to remove and rebuild your house. Yes. Rebuild your house. Mold remediation means removing the affected walls and floors to the stud and rebuilding.

Taxes are a one-way rat hole you fill. They go up every 2-3 years. Your real estate taxes support your schools and city services. You can take a 30-yr loan and pay it off before 15-years if you are dilligent and make two payments. The first is the regular payment. The second is paid two weeks later and applied toward principle only. The caveat is you must watch your mortgagor. They tend to apply it to principle and interest -- which is NOT YOUR INTENT for the second payment. BOA is going to be in Federal Court on RICO charges in about 3 weeks. If you are lucky you can find a local bank in IN or IL that will take your loan and work with you. Local banks usually lend in a 50 mile radius. If you are a young family with excellent credit you can conceivably take a 40-year and pay it off very quickly.

Older houses have lower taxex. It is often better tax wise to buy a older well constructed home with a lower realestate tax and improve on it than it is to buy a newer house with higher taxes that is filled with eye candy. Location is everything.

Just my two cents.

Last edited by linicx; 11-07-2011 at 11:06 AM..
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Old 12-04-2011, 06:58 PM
 
3 posts, read 2,686 times
Reputation: 15
Hi - We have lived in Flossmoor for about 6 years and love it. To give you an idea of what we typically pay, let me give you some information on our home. We live about 4 blocks from Metra west of the train station. We purchased our home in 2005 for 310K. Our home is about 50 years old and about 2000 square feet. We pay about $7800 per year in taxes. We have a new furnace and new windows in the home. Here's a breakdown of what we pay in utilities:

gas: as low as $15 in the summer, as high as $300 in the winter
electric: $100-$300, higher in the summer with AC and we have an in-ground pool
water/sewer: $200-400 quarterly - again higher because of the pool
garbage bills: $80 quarterly

On average your total utilities will likely run you about $500 per month. Hope this helps.
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Old 12-05-2011, 08:56 AM
 
Location: Chicago
2,883 posts, read 3,849,853 times
Reputation: 2743
Taxes are paid twice a year in IL. Best to speak with an accountant about your particular tax situation.
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