Northwest Crystal Lake

[Onthemove007]

We want to add at least one more to our family and that clock is ticking. Really, the most we can wait is about a year....and working a 60 hour/week job in a 2 bedroom TH with 2 kids sounds like a nightmare....hence the inclination to get creative in getting out of here. We are definitely going to try to rent the TH for a few years to recover some of the value- but there is no way the rent will cover the mortgage...so we'll always be paying a bit extra off of that. We will be stretching a bit to meet both mortgages, but that guarantee with Marketplace helps alleviate some of that stress. In the process of saving for a down payment....not sure how that works with New Construction. Does anyone know what you typically put down to get the building started? Do you submit your full down payment before building begins?

[cubssoxfan]

Originally Posted by Onthemove007

We want to add at least one more to our family and that clock is ticking. Really, the most we can wait is about a year....and working a 60 hour/week job in a 2 bedroom TH with 2 kids sounds like a nightmare....hence the inclination to get creative in getting out of here. We are definitely going to try to rent the TH for a few years to recover some of the value- but there is no way the rent will cover the mortgage...so we'll always be paying a bit extra off of that. We will be stretching a bit to meet both mortgages, but that guarantee with Marketplace helps alleviate some of that stress. In the process of saving for a down payment....not sure how that works with New Construction. Does anyone know what you typically put down to get the building started? Do you submit your full down payment before building begins?

Have you asked the mortgage holder for assistance in lowering your mortgage payments? I was talking with a friend who is taking real estate investment classes and he said banks won't volunteer it, but may provide it if requested.
I understand the need for more space, but until #2 is on its way you can probably hold off. Are there other avenues/companies offering the same thing as this builder but in better locations?

[Onthemove007]

It's a Freddie Loan and I think they will only lower if you can show financial hardship or default on your payments...so we are refinancing, but that is as good as we can do for now without defaulting/foreclosing etc. We are in research mode right now, but may act if we find anything. There are several builders that Marketplace works with and they are building in other locations....Wheaton and St Charles are among them but selection is limited, pricing is higher of course, and size of property is greatly reduced. We have our eye on these as well...Wheaton is a stretch and we don't have details on pricing. Thanks for the housing therapy helps to talk this out

[middle-aged mom]

This sub feeds into School District #200. Property taxes in this sub are as high as $12-14K a year, once fully assessed.

It's likely you may pay more for the new build than if you were outside the prorgam. It's also going to mean you will receive less net proceeds from renting the current TH and thus the gap between your monthly nut and your income may be larger than it would otherwise need to be if you managed the TH yourself.

Generally speaking you will have to pay an incremental monthly PMI unless you have 20% down or use FHA financing.

Markets generally recover from in the inner ring out. By this I mean AH will likely rebound faster and stronger than far NW Crystal Lake. That one can hop an express train in AH and be downtown in about 30 minutes can't be beat. The parks and pools and convenience of AH cannot be beat.

The cost of private schools can be daunting. We paid about $10K a year for my daughter to attend Viator, in AH. While high school is a distant expense at this juncture, it's likely the point in time that you may desire to exit the public school system.

There are plenty of places between AH and NW Crystal Lake to consider, including Lake Barrington, North Barrington, FRG and Cary. Prospect Hts is also a consideration. It's unlikely however, you are going to find a new build closer in, at comparable prices, thus the dilema.

[divakat]

There are suburbs that have more going on---they are not all equal. Some have walkable areas with restaurants, parks, shops, etc. and some don't. Most of Crystal Lake is not within walking distance to anything---even a park.

My point with St. Charles and Geneva is that they both have more desireable traits than CL, including better schools. It is true that they are just as far as Arlington Heights, but the OP seems to want rural and as they are a young couple, I'm guessing they don't have the budget to be in Barrington, Bannockburn, Lake Forest and the like.

[cubssoxfan]

Originally Posted by divakat

There are suburbs that have more going on---they are not all equal. Some have walkable areas with restaurants, parks, shops, etc. and some don't. Most of Crystal Lake is not within walking distance to anything---even a park.

My point with St. Charles and Geneva is that they both have more desireable traits than CL, including better schools. It is true that they are just as far as Arlington Heights, but the OP seems to want rural and as they are a young couple, I'm guessing they don't have the budget to be in Barrington, Bannockburn, Lake Forest and the like.

The reason they are looking in CL is because of a builder promotion to help cover the under water portion of their current mortgage. And your comment on most of Crystal Lake not being in walking distance to a park is just false. CL has a downtown area with shops and restaurants and then the strip of major shopping and chain restaurants along rte 14. St. Charles and Geneva have their downtowns along rte 64 and 38; nice ones too and then have the major shopping and chain restaurants along Randall Rd. Many neighborhoods in all 3 that are were the first to be settled and are in walking distance to the downtown.

[Onthemove007]

Thank you for the great discussion everyone! Much appreciated!

[cubssoxfan]

^^ Good luck, I understand your desire to get out from your tough spot. But try not to underestimate what a drag & drain commuting can take. What's the saying something like lose sight of the forest because you were so busy looking at the trees?
I had a job where I commuted from AH to West Chicago and it was opposite rush hour traffic. It took 55 minutes on a good day and 1:15 with construction, weather or accident. I was actually relieved when I left that job because the commute had started to really wear on me.

[Onthemove007]

Thank you! I have a similar commute when I do go into the office - to St. Charles and passed through West Chicago...needless to say, I have fully embraced the telecommuting option Appreciate all the advice!!