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Old 01-31-2014, 08:30 AM
 
57 posts, read 134,826 times
Reputation: 22

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Family (husband, wife, 4 kids) is moving to Orland Park area this summer and am wondering about the condos and townhomes for sale. I have lived all over the US and have never even thought of buying one but they certainly seem more affordable and updated in this area. What is the catch? Do they draw a more transient community? Are they more or less a rental? Bad investment? Are there any with a particularly safe and family/kids reputation? Any thoughts on this subject would be helpful. Thanks.
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Old 02-02-2014, 09:56 PM
 
36 posts, read 80,333 times
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I'm no expert, but we want a house because we want a yard for our kids. Many town homes and condos do not have that.
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Old 02-10-2014, 01:22 PM
 
Location: Will County
179 posts, read 458,710 times
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robinegms: Just a heads-up regarding the purchase of a Condo .. or a Townhome. If there is a Condo/Townhome Association connected with the property, check the Association and its financial status out thoroughly prior to buying. Also see if the Condo/Townhome project is approved for all types of financing, specifically FHA. The financial health and status of the Association can greatly influence the quality of life you lead within the property and the quality of services they provide. But also greatly influence the SALE of the property, should you decide to sell it in the future. Get experienced professional real estate advice before you make a final decision. You'll be glad you did the homework and made the effort ...
Shout if I can answer other questions or help in any way ...
Gene
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Old 02-10-2014, 03:09 PM
 
166 posts, read 330,224 times
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Condominums in the suburbs of Chicago are a terrible investment. Townhomes follow closely although there are more variables to that. My advice is to get the cheapest Single family home you can find in a desirable area or just rent.
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Old 02-10-2014, 06:23 PM
 
57 posts, read 134,826 times
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Yes, very helpful... thank you all!
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Old 02-11-2014, 09:43 AM
 
4,094 posts, read 7,111,958 times
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Condos would not be a good bet for a family with four kids. Townhomes maybe. Actually around where I live there are a number of very attractive townhomes that are updated and live like single family homes and would be big enough for a small family. There may not be a yard but there is plenty of green space and parks right surrounding and it would get a family into the school district here for much less than a single family home. The one below is updated and looks clean and very nice...its near where I live in South Wheaton. It has a garage and basement. If you were to get a single family home this nice I think you would pay more. There is green space and parks all around. Of course you have to factor in the HOA fee. I pay an HOA fee but it sure was nice seeing those plows and snow shovelers come around multiple times this winter, and no grass cutting in the summer!!!

Here's an example
2096 Willow Run, WHEATON, IL 60189 | MLS# 08520339 | Redfin
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Old 02-11-2014, 11:28 AM
 
Location: Arizona
3,690 posts, read 6,203,069 times
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The thing with the condos/townhomes in the Chicagoland area is that they don't move as easily as a single family home. The upside is they are usually cheaper than a single family but obviously this depends on the area, how new it is, amenities, etc. They can come with an association fee which usually the big two that covers is snow removal and lawn care and the taxes can be similar to a single family home, depending on location. If you are looking for a temporary place for a year or two it can be hard to sell. The market is flooded with condos and townhomes and people don't see the point when they can just buy a single family home for the same price.
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