Suburb to live that matches. (Chicago, Naperville: for sale, renters, HOA) - Chicago Suburbs - Illinois (IL) - City-Data Forum

mmicha · 08-09-2011, 11:23 AM

Hey everyone,

I'm in the process of shopping for a place. I'm currently renting in Glendale Heights. This is also the town where I work.

I grew up in the Palos Hills/Oak Lawn, Orland Park area. I'm looking at townhouses and much of my search has been in the Darien/Willowbrook/Westmont region.

I work in IT, and many jobs seem to be north in Oak Brook/Naperville/etc. so I don't want to scurry to far away. I've also got friends back in the Palos Hills area/Oak Lawn, Orland Park area. Does anyone have any suggestions or insight into the areas I've been looking. My budget is about 200k, and I'm 29 years old.

Thanks.

css9450 · 08-09-2011, 11:27 AM

Oak Park.

Vlajos · 08-09-2011, 11:27 AM

Keep renting. I wouldn't buy anything in that price range out there.

mmicha · 08-09-2011, 11:38 AM

What is wrong with that price range? I've looked in the 230k as well, and am just hoping to get out the door under 200k.

Vlajos · 08-09-2011, 11:43 AM

Quote:

Originally Posted by mmicha

What is wrong with that price range? I've looked in the 230k as well, and am just hoping to get out the door under 200k.

There is probably little upside over the next 5 years at least. May as well save and rent.

chet everett · 08-09-2011, 01:39 PM

Quote:

Originally Posted by Vlajos

There is probably little upside over the next 5 years at least. May as well save and rent.

If the OP was looking at stuff a whole lot less expensive (like under $100K) I might feel differently, but unless the OP is looking at the kind of place that appeals to empty nester (with first floor master, lots of storage, easy access / lots of 'walk to' options, which frankly even such formerly desirable units are sitting on the market if the HOA has issues / there are too many renters for the lenders to OK financing...) I think renting is much less risky / better use of one's funds.

My advice would be same in Chicago itself, as the dynamics are just as unfavorable there too.

Now if the OP was shopping for a single family detached home where they could have MUCH more control of the return they could hope for -- of course the maintenance / updates might be more than they are willing to take on, but that is a much more likely way to make purchase have higher return...

sunnyandcloudydays · 08-10-2011, 06:16 AM

I would rent as well- in todays market who wants to be chained down into a property . its a gamble - simply put its not 2004 anymore

take it from me i want to move and am stuck because of the market
pains me to see all the props for sale that i want dearly but cant do because of the house i am upside down in..

yep my fault didnt put down a lot of money and counted on the appreciation
luckily its a freddie loan and not an arm loan that was subprime or i would be in a world of hurt.

looking back this was a lesson that i learned alot from and would be very very cautious next time around and do a ton of research and background info on schools , resale, and take a good look at trends in the area.

wont make the same mistake ever again... who knows maybe i am stuck here forever

want to move into chicago but stuck in the burbs!!!!!

chicagojlo · 08-10-2011, 09:02 AM

If there is a good chance you will be changing jobs it's not wise to buy a home right now. You can't just up and sell it if you need to relocate anymore like you used to be able to. If you're not certain that you will be employed in that area for at least the next 7-10 years you shouldn't buy there.

If you do buy make sure it's a place you can live long term, ie if you get married or have children, or that it's easily rentable (factoring in that you would lose the homeowners exemption on your property taxes and your homeowners insurance would go up).

Vlajos · 08-12-2011, 02:05 PM

Quote:

Originally Posted by chet everett

If the OP was looking at stuff a whole lot less expensive (like under $100K) I might feel differently, but unless the OP is looking at the kind of place that appeals to empty nester (with first floor master, lots of storage, easy access / lots of 'walk to' options, which frankly even such formerly desirable units are sitting on the market if the HOA has issues / there are too many renters for the lenders to OK financing...) I think renting is much less risky / better use of one's funds.

My advice would be same in Chicago itself, as the dynamics are just as unfavorable there too.

Now if the OP was shopping for a single family detached home where they could have MUCH more control of the return they could hope for -- of course the maintenance / updates might be more than they are willing to take on, but that is a much more likely way to make purchase have higher return...

I think in Chicago, the upside is better. Of course that's neighborhood dependant.

rfr69 · 08-12-2011, 03:48 PM

People keep saying little upside. Isn't looking for an upside what got us into this mess?

The only downside in my mind is if you are ging to sell it will be tough.

Aside from that forget about trying to time the market buy at the very bottom, etc.

If this guy needs a place to live, thinks buying will be cheaper than renting, and finds a place he likes why not buy.

Rent prices are high and going higher, save yourself some money by buying plus even if you want to move as long as your still in the Chciagoland area keep the place as a rental.