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Old 02-02-2015, 09:56 PM
 
48 posts, read 53,778 times
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Buying is cheaper when it comes to monthly payments... For us mortgage was always cheaper than the monthly rent amount... So when you put the numbers together see which one makes sense... if you have money and not worried too much about what would be more reasonable... it's always good to live in Your own place, you can update anything and everything as you wish, not having to worry about putting it all back together/or painting it back before you vacate the place if renting. My husband and I are on our 3rd house (military), we purchase because we want to feel at home when we come home, not living in a borrowed space. We always paint it the way we like, we always change shower heads the way we like, I love gardening so always working on something landscape related... at the end it looks so much more welcoming to us... .and if we scratch or break anything ... it's ok- we don't have to worry about explaining anything to anyone.

Hope this helps- Good luck
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Old 02-02-2015, 10:00 PM
 
28,393 posts, read 68,141,354 times
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Default Some of this good, other, not so much...

Quote:
Originally Posted by JTW2013 View Post
People always tell you to rent when you are relocating but that's not always practical advice. We've just relocated from Chicago to the Phoenix area and wanted to rent for a year and then buy. However, we discovered that good rentals were hard to find. We decided to buy because we wanted to be in a particular school district and within the zone for several particular elementary schools. We had more choices in this area to buy than rent. Completely agree -- same factors are true in the Chicago region!

Prices and interest rates are going up so now is a good time to buy. But on the other hand, buying usually doesn't make financial sense if you're not in the house for about 5 years. Relocating without knowing the area could lead to a bad choice and that's a very expensive mistake to make. More solid advice!

I believe you can learn a lot about a area without living there. But I think you've got to narrow down what you're looking for so you begin serious research about a particular area.Useful info! What we did was to first limit ourselves to one part of the Phoenix metro. It was an easy choice because we based it on my commute to work.An excellent starting point in the Chciago region too! Then we researched school districts and found several that we liked. We looked for a district with a good GreatSchools rating NOTE THE MOST RELIABLE data by a LONG shot!!!that was well supported by the local population as demonstrated through support for bond issues, etc. Not necessarily a positive correlation unless there is a distinct pattern -- most affluent areas rarely need to issue bonds!

If I were you (coming in blind without any geographic limitations), I'd start by figuring out what is the most affluent towns you can afford. Affluent areas generally have better schools. Then think about what your family's interests are. Do you want to be by the lake?A valid point Are you liberal or conservative?Dubious at best Religious?Utterly silly as there is NO TOWN IN THE WHOLE REGION that would matter one way or the other. Into sports?Need more specifics -- sailing is gonna be hard if you are not close to a lake but otherwise pretty much as irrelevent as 'religious' Do you like older homes or modern tract houses? FINALLY something valid!Do you want to be in an urban area or a more rural area?More useful info, hitting the stride! Or somewhere in between? Will you or your DH need to rely on the Metra to get to and from work?Probably THE top question!!
I hope the OP finds my inline comments helpful. Some of the ideas are well supported. Others are not really factors AT ALL...
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Old 02-02-2015, 10:22 PM
 
397 posts, read 436,947 times
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Quote:
Originally Posted by chet everett View Post
I hope the OP finds my inline comments helpful. Some of the ideas are well supported. Others are not really factors AT ALL...
Where's the eyeroll emoticon when you need it?

Yes, I realize that Greatschools has its limitations but it's a good starting point for someone new to the area.

And my comment about support for the schools is based on Arizona which is different than in Illinois. Regardless, there are ways in Illinois to gauge a community's support for the schools.

And I think it's "silly" to say that things like religious affiliation, political philosophy, etc. are completely irrelevant when choosing a Chicago suburb. They aren't the most important things but the towns do have different 'feels.' People will feel more comfortable in certain towns over others. There are differences and it's "silly" to suggest otherwise.
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Old 02-03-2015, 08:08 AM
 
Location: Chicago area
8,202 posts, read 12,463,970 times
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Does that rent vs buy calculator take into account property taxes which add easily add $500-750 per month in expense to buying.
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Old 02-03-2015, 08:21 AM
 
61 posts, read 62,559 times
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Wow, I really appreciate the insight guys! Very helpful. We bought when we moved from out of state about 2.5 years ago, and bc of the market and the nice area we are in we will be able to break even and pay our realtor if we sell now, so we are really thankful for that as we know 5 years is a more typical time to recoup.

I think religion and house type, etc all matter so I appreciate the direction. The reason we are so all over the place is that we will hopefully have more info soon that may narrow the ideal area down to more north or west, so we are trying to have a couple towns in each area as contenders so we are ready when we hear

We are very involved in our church and would like to find the right one locally if we move. We are socially liberal but conservative otherwise, we like to live frugally and have a yard that is probably considered big in Chicago (we have 1.3 acres now...we know that isn't a possibility for us there!!) we would like to ideally spend 225-250 on a "ugly" property in a great area (where typical property prices are higher than that) with good outdoor space. We like projects so fixing it up would be good for us. We want really good schools but not super affluent, diversity is ideal. The kind of community where you can sit on your front yard and invite the neighbors over for a beer. A downtown area would be great.
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Old 02-03-2015, 08:25 AM
 
61 posts, read 62,559 times
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Leyla you have some good points about making a place a home. This would be our 4th house and in the past we've learned that lesson-thanks for reminding me

So, I guess the question is, out of the areas we are considering, where are we most likely to get out money back on a fixer upper?
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Old 02-03-2015, 09:05 AM
 
1,231 posts, read 1,330,296 times
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Quote:
Originally Posted by MSchemist80 View Post
Does that rent vs buy calculator take into account property taxes which add easily add $500-750 per month in expense to buying.
Yes, it adds the property tax rate.
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Old 02-03-2015, 09:14 AM
 
1,231 posts, read 1,330,296 times
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Quote:
Originally Posted by bdwebb219 View Post
Leyla you have some good points about making a place a home. This would be our 4th house and in the past we've learned that lesson-thanks for reminding me

So, I guess the question is, out of the areas we are considering, where are we most likely to get out money back on a fixer upper?
It would depend on how good of a deal the fixer upper is. Look at the fixer uppers available in each of the towns you're looking at and find which house is the best deal and then buy it. You can't go wrong with any of the towns you mentioned, but if you move to Winfield, make sure the house is in Wheaton school boundaries. Some parts of Winfield go to West Chicago schools which aren't good.
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Old 02-03-2015, 10:58 AM
 
11,972 posts, read 26,904,857 times
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Quote:
Originally Posted by MSchemist80 View Post
Does that rent vs buy calculator take into account property taxes which add easily add $500-750 per month in expense to buying.
That expense also figures in to rents. Landlords just pass on their taxes through higher rents.
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Old 02-03-2015, 12:09 PM
 
3,790 posts, read 5,554,288 times
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I think if you stay with this board and ask questions as you go along you will get solid advice. We would need to know a little more about you...I do think political bent, church going, where you work, etc. are important. There are many lovely suburbs here I think you could be quite happy.
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