Newly married couple looking for our first home! (Chicago, Naperville: for sale, renting)

[damba]

Originally Posted by Curly Q. Bobalink

OP, have you considered spending less than your budgeted price on a (very nice) three or four-apartment-or-condo flexicore-construction building in one of the nicer areas you mentioned? My thought is you'd pay less in taxes than you would for the same square footage, potentially have better ability to re-sell down the road, and have privacy while still being close. Many of the larger homes you're considering have what I consider "fluff" space: huge foyers, grand entryways, lots of big windows, yet come up short on space for you to maintain your privacy. And, if your relatives should move out down the road, you could rent out "their" space, something you couldn't do in your own home. At the very least, I'd be looking for a house with a "related living" apartment already constructed on it. Personally, I'd be less focused on crystal chandeliers hanging from a two story entryway, and instead make sure you have your own laundry and kitchen. A million bucks is a large budget, but doesn't get you a "mansion" in Oak Brook. For instance, how would the brother entertain his own guests, especially opposite-sex, in a shared home?

Have you lived with his relatives in the past? Because even in a large home, you may be giving up things you are not currently aware of. As a young couple, privacy is a must IMHO. If you like this idea, you would be looking for a building with a large lot for ease of parking, and maybe add a garage, ideally not near a whole bunch of other rental units. Maybe it would be to buy a three-unit, new construction townhome building, or even have one built.

IMO, you are not familiar enough with their demographic, who can easily afford a SFH at that price point.

[Kmanshouse]

Since Naperville is in play, that's where you should go, full stop.

I lived there for 17 years. TONS of houses like what you are looking for. Great schools. Further south so closer to Kankakee. Less expensive due to the distance from Chicago.

You'll also find a fair amount of people in your socioeconomic range - lots of people living in larger homes that you can be friends with and compare toys and landscaping.

A little inconvenient to Schaumburg, which seems to work for you.

Look no further.

[Kmanshouse]

The reason I asked about Bloomingdale is that I grew up there. Haven't lived there for 25+ years, so I was wondering if it went downhill or something.

[Curly Q. Bobalink]

Originally Posted by damba

IMO, you are not familiar enough with their demographic, who can easily afford a SFH at that price point.

Damba, I read every post, and didn't see anything that mentioned their ages, income, ethnicity, background, etc., other than "newly married" and "first home". Depending on where they land, they could be facing a RE tax bill of $30K, plus upkeep expenses, plus maybe a mortgage of what, fifty grand? So you're looking at over $100K per year for housing expenses. Throw in being young and possibly not having all that big of a cushion (even with what I am assuming is a fairly high income), plus a recession (to many, almost a certainty) with falling housing prices and who-knows-what kind of job losses, and it's 2008 all over again. Additionally, JB's new progressive tax could take a big bite out of a say, $250K income (an extra $7K per year) that they may not be counting on, plus they have to contend with Trump's limitation on RE deductions.

I try not to make big plans based on "best case scenarios", but maybe that's too conservative for young people today, IDK. Do you have previous experience with the OP?

[damba]

Originally Posted by Curly Q. Bobalink

Damba, I read every post, and didn't see anything that mentioned their ages, income, ethnicity, background, etc., other than "newly married" and "first home". Depending on where they land, they could be facing a RE tax bill of $30K, plus upkeep expenses, plus maybe a mortgage of what, fifty grand? So you're looking at over $100K per year for housing expenses. Throw in being young and possibly not having all that big of a cushion (even with what I am assuming is a fairly high income), plus a recession (to many, almost a certainty) with falling housing prices and who-knows-what kind of job losses, and it's 2008 all over again. Additionally, JB's new progressive tax could take a big bite out of a say, $250K income (an extra $7K per year) that they may not be counting on, plus they have to contend with Trump's limitation on RE deductions.

I try not to make big plans based on "best case scenarios", but maybe that's too conservative for young people today, IDK. Do you have previous experience with the OP?

You just proved my point with that ‘doom and gloom’ diatribe.

[Curly Q. Bobalink]

Originally Posted by damba

You just proved my point with that ‘doom and gloom’ diatribe.

I see - these wild-eyed doom-and-gloomers at Crains Chicago Business are nothing but fear-mongerers.
https://www.chicagobusiness.com/resi...ake-steep-dive

[damba]

Originally Posted by Curly Q. Bobalink

And what exactly was your point? I mean, other than that one under your hat.

You mistakenly extrapolated ‘newly married couple looking for their first home’ as ‘people who have no clue about their own finances’ LOL.

The breadwinner, with family in the area mind you, earns enough to be comfortable with a home at that price point, and is clearly willing to help out his family along with his wife. That’s all I need to hear to know roughly what they are after, especially having a couple of friends with not so dissimilar extended family living together in a SFH. I just don’t see the same silly ‘risk’ portfolio that you are presenting. Give them the benefit of the doubt for crying sake(!)

[kitty_nina1]

I wouldn't buy ANYTHING right now. I wouldn't even move here right now.
Read the papers and read the news.
Our entire neighborhood is on the market it seems. A good neighborhood that we hand picked when moving here.
Our property taxes are up with home valuation up, but the property value is down!
People around here are offloading million+ homes for half the price. Losing hundreds of thousands on them.just to get out of IL.
Lots of people in our local FB group are very angry. Some have their property tax bills up nearly 40% with property values down, way down.
Politicians want tax $$ to fund unnecessary projects and their pockets (pensions),with socialism galore.
Be prepared to lose money.

[damba]

Ah, yes. Kitty returns for another installment to complain about something else she doesn’t like about Chicago besides school lunches, fees and busing.

[kitty_nina1]

Well enlighten me as to what it is I should know.
Perhaps if you lived anywhere else outside Chicago you'd know that $7 school lunches, bus fees, school registration fees and 2nd highest (in the nation) property taxes are not the norm outside of IL. They are the norm in "success" states such as California. We are quickly headed in that direction. All the nose diving properties will be bought out by foreign investors, and most people will be priced out of being able to afford a home, period.
You'd also be surprised to know that nobody working in the private sector has a pension that's guaranteed. In fact, nobody has any pension, period. Retirement savings are the responsibility of the employee and nobody else.
It mind boggling how people are failing to understand that these taxes are not affordable.
It has been a year in the public school system here for my children, and I should say there is absolutely nothing spectacular about it. It is average at best. The argument that you and several others were making last year about how these enormous taxes provide wonderful education doesn't stand. I've lived outside of IL, and I have seen better.