Considering Buying a Condo in Edgewater - Advice Please!

[chet everett]

... people were happy with TVs much smaller than the HD displays of today, a 24" stove was considered acceptable and nobody tried to run a business from their home. These things are not unique to Edgewater but it does explain why folks do pay more for buildings built more recently.

Better to re-think things now than have regrets after you've signed up for a long mortgage ...

Originally Posted by jaka853

Just came from seeing the condo again. I have to say, I'm not sure. It's smaller than I thought and I just feel kinda 'meh' about the place now.

[jaka853]

Originally Posted by chet everett

... people were happy with TVs much smaller than the HD displays of today, a 24" stove was considered acceptable and nobody tried to run a business from their home. These things are not unique to Edgewater but it does explain why folks do pay more for buildings built more recently.

Better to re-think things now than have regrets after you've signed up for a long mortgage ...

Thanks, Chet. I think I'm just scared. First timer jitters! It's 900 sq feet, which isn't huge but isn't terribly small either. We live in a 700 sq ft apartment now, so it's an improvement.

[C. Maurio]

Originally Posted by jaka853

Hi everyone,

My partner and I are thinking of buying a place in Edgewater, near Clark and Elmdale. This was a bit unexpected, but we found a nice 2-bd condo for 115K and put in an offer. I have two questions for you:

First, do you think this is a good area to invest in? We currently live at the edge of Uptown/Andersonville (Clark and Lawrence), so we're familiar (and like) the neighborhood, but we don't know how different Edgewater is to where we are now. Also, we noticed some construction going on in the area and would love to hear your thoughts on whether you think the neighborhood is likely to improve over the years.

Second question is for the financial folks on the forum. Here's the scenario: I make 75K and my partner makes 35K. We have some debt (28K in student loans for me, 20K in student loans for her). In the next two months, I plan to start a business (I already have clients lined up; income will remain the same or higher). The business has zero overhead, so that's a non-issue. But being that neither of us have purchased a home before, do you think this is a good move or should we wait a couple of years? I'm not part of the "buying is always better" bandwagon, but I want to know if, in this case, it makes more sense.

Last points: We'll stay in the condo for 5 - 10 years. Also, my partner has 1 year left in school.

Thanks in advance for any input!

I think you will be fine with that decison as far as the neighborhood goes. It is not Lincoln Park but it is a whole lot cheaper and fairly safe. It is not far from the lake which should make it at least hold its value if not go up over the next 5 years. People in that area are generally nice and there is not too much crime there.

[jaka853]

Update: Had the home inspection and everything was solid. No major issues. We haven't gotten the HOA's financials yet, but they replaced the boiler equipment 10 years ago, which is good. Hopefully no major expenses on the books any time soon.

Anyway, looks like the ball is moving! I got over my jitters (at least that's what I'm telling myself). Thanks for everyone's input and well wishes. I'll let you know how it turns out.

[snoylekim]

I assume you 'surveyed the infrastructure' re broadband/internet access and outlet access, and number of outlets near your work area ..sometimes people forget this or don't visualize these with the equipment they'll be using for their activities .. since you'll be running a business...take a moment to determine where your computer, peripherals, etc will be in the space ..it can be expensive, or even against association rules or code to modify these after the fact.. Also , if you need broadband, make sure there's a good cable ( Comcast /RCN) or other higher speed ( U-verse) access for your building ..

[lmandu6559]

so the person who is buying condo in Edgewater-what are your property taxes?