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I currently live in Bartonville, IL and workin in Peoria Heights, IL. Its approx. 15 miles one way. I am wanting to move out of the city area and into a smaller town. I grew up around Sparland/Lacon area. I really like Lacon, IL. I have found a couple places in the area that are in my price range as well.
Almost everyone I know though is asking why Im moving so far away and that to drive that long 25 mile (one way) trip 50 miles (round trip) daily would be exhausting and could get bad in the winter.
Im trying to weigh the positive things and the negative things about moving to Lacon but working in Peoria Heights. Im thinking positive would be less crime, affordable and small town living (which I like). The negatives would be the commute to work everyday and especially during the winter.
I dont know how well the snow plows take care of the roads up there during winter months. Any advice and informative information is greatly appreciated. Thank you!!
Food for thought:
First, I would say the Lacon you knew as a child is not the Lacon you find today. It is a farming town where most of the crime is drug related activity. Twenty-five miles is no big deal in central Illinois - except to those who never did it regularly. I drove from EP to PH five days a week for years. I enjoyed it because I liked Peoria Heights.
The drive from Lacon to PH is not as exhausting as the drive from Peoria to Pekin. The downside is the hill from Prospect to Galena Road that passes the small nature preserve is closed in the winter. This means you either tackle Grandview Drive, which is not plowed in the winter - or you use War Memorial from Adams to Prospect. These issues you do not have in Bartonville. IL 29 is a State Route that is maintained by Stark/Marshall and Peoria Counties.
There is a difference between not liking mid-size cities the size of Peoria and trying to recapture the home town feel when you were a young child. We generally find most of the people and things we liked are gone. It is a place we do not recognize.
If you take the time to investigate Galena Road (IL State Route 29) and wander off on side roads and Old Rome Road you may find a small enclave that suits your needs and is closer to PH. As for doctors, hospitals, bakery and grocery you will more likely be in Peoria due to the selection and price. It is amazing how much shopping you can do at 6 am, or at midnight without the traffic or the crowds normally found at the grocery store.
I personally like PH, I always have. There is a small apartment complex at the stoplight at the bottom of the hill. It is nice; I have friends who live there. An end apartment away from Galena Road might make the difference for you. A little farther north on Galena Road is a small enclave near the river that you might like. Mossville has some nice quiet areas too. Old Rome Road is very different. It begins at the exit on IL 29 and ends in Chillicothe two blocks east of Il 29. If the internet is important to you, you should understand the farther you move away from Peoria the more the broadband speed degrades. You may find yourself on an local phone system that offers little in Internet.
Thank you for the information. To answer some of the questions...
I understand that I cannot expect Lacon to be like it was during my childhood. I never expected that nor do I expect that when I go back. I have friends there and I often visit the town, a lot has changed and Im fine with it.
The route that I plan on going if I moved up there would be Rte 29 to Rte 6 (I think) its the start of 474 which starts in Mossville. I would then just go up that non-steep hill hit Knoxville and straight down Knoxville to Glen and to work. Im pretty sure the roads would be clear most if not all the way from Chillicothe to Peoria. I was just curious about the route from Sparland to Chillicothe.
I lived in an apartment in Peoria Heights many many years ago, it was, I think, Forest Park Apartments. I did not like them at all. I am currently renting and I love my apartment where Im at now. When I move from here, I want to buy and not rent anymore. I think the only reason I would maybe rent again would be if it was in Lacon and I would be renting there to see if I would like to permanently live there. Thats still an option.
Im currently checking out places in Spring Bay, Chillicothe, Rome, Dunlap, Brimfield areas (Also checked out Hopewell Estates). Mostly I find way expensive homes and homes well over my budget. I really cannot afford something over $70K. Nor can I really afford high property taxes and most of those places have high property taxes.
Lastly, yes I understand that there may be some "crime" in Lacon. Anywhere there is to be expected some crime. I dont think Ive ever heard of a place that didnt have some kind of mischief going on. Its just a lot less in smaller towns as everyone pretty much knows each other.
Again, thank you for the advice and comments. If anyone else has any advice or suggestions, it would be greatly appreciated!
About Illinois taxes. Real estate taxes in the county are less than in a city. The downside is the police and fire are county services rather than city services. There is a good side to this. Rural Development loans are issued in counties and small cities. The down payment and interest rate is lower than a conventional loan. If you buy a property to rehabilitate the cost is very low. The HUD 203k loan allows the buyer to purchase the house and include the cost of the repair in one loan. In the end you can have a very nice house without spending an arm and a leg, and a manageable mortgage too. The 203k is an old time loan that is not popular as it may take twice as long to close than the conventional loan.
I have always liked Lacon. I think it is a very interesting community. I like your plan and I think it is workable. Bayview Gardens and Spring Bay are in Woodford County. I like Lacon better. The downside to living on the east side of the river is accidents on the bridge. The next closest to McCluggage is Murray-Baker.
Thank you for that info. I knew there was some kind of loan that incorporated a renovation/repair loan with it. One house I plan on viewing on Wednesday is a small 1 bedroom/1 bath 490 sq ft house in Lacon. Its got a full basement which is another 400 or so more sq ft I can use for storage and maybe washer/dryer. I currently live in a 800 sq ft 2 bedroom apartment but only use a little less than 600 sq ft as my 2nd bedroom is used for storage.
The house is approx. 50+ years old but they are asking a little over $20K for the place. I thought if I got a loan with the renovation amount, say a total of $30K to $40K (renovation plus house), I would have a very decent payment (around the same as my rent if not cheaper) and I would use the $10K - $20K for remodeling the house the way I want it and improve the place. Just as long as its worth the $20K in first place.
Im in my 40's and am thinking about getting serious especially since everything is going up in prices and rent not to mention utilities and groceries.
Thank you again for that information. I will do some reseach on the 203K loan from HUD.
We flipped houses for 30 years. I've lived with basements for many years. If you see a sump pump it is a blessing. Much of central Illinois is over an aquifer. My basement does not get wet from rain, but it does get wet when the aquifer is too full. I have a basement with the 3" umbrella fountains that adds water faster than I can sweep it up. The sump pump is much easier than trying to dump water out of a basement window. I have two walls of shelves, storage is no problem. Water +air = mold. After I remove water in the basement I use a commercial floor fan to aid the drying process. It is important to change your furnace filters on a regular basis. I like the 3M Filtrere best.
It is not unusual to find a house in a city that has a well and septic system grandfathered. Do not be afraid of it. I have a well pump, pressure tank and sump in my basement plus the w/d and furnace. The downside is the pump can no longer be in the basement. If it fails I have a choice. Install it outside or bring in city water.
800 sf is a respectable size if the rooms are big enough to meet your needs. Closets and kitchen cabinets are usually lacking in the 1/1 house. Age is usually moot because IL builders understand how to build a house with good bones that will hold up to our wicked weather and time.
Two things I've learned is insulation and e-windows will cut the utilities nearly in half while providing a warm house in the winter and cool house in the summer. The e-window also reduces the UV light that causes furniture to fade. The other gotcha is the furnace. It is is over 20 years old it has no heating value. The 90/10 is the best value as only 10% of the gas is lost. It will also reduce the cost of utilities. In the 70s it was very popular to install heat vents near the ceiling. It was a dumb idea for Northern houses. Heat rises; you live in a cool house all winter.
Do not buy a house that does not pass a house inspection by a licensed inspector. You will receive a written report of every defect inside and out. A friend was going to buy a 3/2 house in Lincoln. The report showed it had been in tornado winds that removed the roof, twisted the rafters, and pushed it off the concrete slab foundation in one corner. It was a no sale. The inspection is worth every penny and it must be a Contingency in your offer. This means if the house fails the inspection either the owner fixes it, or you don't buy it.
My friend in Lincoln had a very difficult time getter her ESCROW (downpayment) back from the realtor. I have never, nor will I ever, offer more than a $500 escrow. Realtors who want, or demand, a larger Escrow are not trustworthy in my eyes. Once you have a signed Offer and you go to the bank you can then offer your 20% or ?, but not to the realtor. The CLOSING is where all the financial is disclosed. I like CEFCU, and it is one of the 5 companies in Peoria that does the 203k.
Cosmetics are cheap. Buy your lights and ceiling fans when it is on sale. You can find some great bargains at Lowe's, Menard's and Target if you are patient. You might find the 17" stool for your bathroom is a real convince as you age.
A thought ... if you have the land area, you can always add a sunroom or family room. I have a 1/1 with the 15x16 sunroom I really enjoy. Houses are a lot of fun if you don't mind the work and mess involved.
I got a question for you Iinicx or anyone else who has purchased a house. I have been told many different scenarios about buying used houses. It seems that the ones Im concerned about are the people who have told me NOT to buy a used house as its always going to need repairs ALL the time and it NEVER ends.
I understand there may be some repair work but hopefully not every month nor every year. Yes, Im definately investing in getting a professional inspection done on the place before I make my decision, that is a definate must. Unfortunately, the sale is "as is" so I dont think the owner will fix up the issues that I may have with the property. I also understand that I dont have the option to buy it either, however, how do you know if even with the repairs not being done (but you can get them done with a 203K loan) if its worth purchasing?
I will be asking today as to why the owner is selling it "as is". I have several questions to ask the realtor including if there are liens on the property, if the house has been in escrow. I checked my pre-approval paperwork and it mentions escrow (insurance) at $91. I dont know if thats the same as escrow or not. I plan on going into CEFCU now since you mentioned they do offer the 203K loan. I checked on their website and it doesn't even mention this type of loan.
Im not a repair person at all and was concerned about minor repairs like toilet leaking or plumbing fixes. I found some great how to videos on You Tube.
Im just tired of paying rent and not showing anything for it as well as not having many things that I would like in which owning would have those privileges.
I went and viewed the house. It had some minor repair work on the outside. Will need new siding prob blown in insulation, new doors and some gutter work. My main concern was a small patch of what looked like black mold in the basement. It was a bit damp in the basement. Was told that since its a small amount (approx. a 3 x 3 sq foot area) that I would be able to fix it myself. The basement has new windows on it. Part of the gutter was down so Im thinking with all the rain, it just gushed right straight down into the house as the area where the gutters are not on, its the same side in the basement where the mold is at. Im thinking that if I dry out the basement by opening up the windows for several days, dry out the walls then bleach out the mold then maybe even put some sealant on the walls and fix the gutters on that side where it drains away from the house, that should take care of the mold. Some people Ive mentioned this too instantly say to stay away from purchasing a house that has black mold in the basement.
"As Is" usually means the owner is not willing to make repairs. If it is minor they might.
Escrow is moot. It only applies to you and your contract. What the seller did with others has not affect on you. Liens are moot. A lien would be from a repair claim on the house that was not paid. All liens and clouds on the title are settled before the Closing can go forward. A lawyer will look at the title and write an opinion.
The real estate company or lawyer who handles the contract MUST by law have an Escrow account separate from all other accounts. You money is in there. It the sale fails, due to no fault of your own, your money must be refunded to you. If you are worried about taxes do not buy in town, buy in the County - which are certainly cheaper than Peoria County.
CEFCU and 4 other Peoria lenders do 203k loans. So does Herget Bank in Pekin. If you cannot buy that house look for another. If CEFCU does not want the loan, I would talk to Ron Riggins.
All houses need repair at some time or other -- even new houses. The only difference is the degree of repair and the cost. I never bought a new house, I don't intend to. The trick is the buy the worst house in the best neighborhood and when you are done you will have a house with value. The best in the worst 'hood is a loser.
When you take a 203k loan you must have a FICO of 640 or higher. You cannot have outstanding debt. You'll need opening and closing costs, down payment, and one year insurance. The 2013 real estates taxes are prorated and so are utilities. The downpayment is the total of the escrow plus cash you bring to the Closing.
Before you get to the closing you will need certain things: termite inspection, your home inspection, an FHA appraisal, and an estimate of the completed repairs from a contractor. You may not be allowed to move in before the repairs are completed.
The first step is the contract. The first question is it owner occupied? It the answer is NO, the next question is how long has it been empty? How long has it been for sale? How old is it? How much have comparable houses sold for in the last six months (you can do this yourself in the court house)? Then you see the house. Look in the corners. Open cupboards, and drawers built in. Open closets. Look at the windows. Turn on faucet, flush the toilet. Look in the basement? You should see a furnace, an electrical panel, and probably w/d hookups. You could also see: water conditioner, sump pump, well pump, and/or compressor. The written house inspection will tell you the age and condign of everything in the house that relates to the house. Items like carpet and appliances are not inspected. A garage or carport are also included in the inspection as is the grading of the land around the house. The FHA Appraiser will tell the mortgagor of the value "as is", but not as a house fully renovated
If you like what you see, and it suits your needs, then your nest step is the offer. I would open at $17,950 to test the water so to speak. He might deny it, or he might counter-offer. It's a game. You do not know until you try. EVERY contract you sign must INCLUDE the Contingency. And on the contract. It will state the house must pass a HOUSE Inspection and a MOLD Inspection (only if has been empty, or you smell mold or see evidence of it).
My friend in Lincoln signed the contract that included the Contingency on a separate piece of paper that got lost. They had her sign a new contract that did not include it. The broker knew it was a bad house and he tried to shove it off on a handicapped senior.
I got the inspection report, it was a mess. I told the broker was no sale. Them I took it to her bank, picked up the title to her section of farm land that bank borrowed. I guess the banker thought I came in on a wagon because she told me the contract was done and she owned the house. I asked to see the paper work. My friend's signature was not on any of it. I said, "She signed no loan papers, or anything else, she is not buying this house!" Then I tore up the loan papers, took the land deed and left. It took 6-8 months to get her $500 escrow back. Broker said he gave it to the seller, and seller did not want to send it back.
This was not about senior safety, or a good house. It was about the section of land that is worth close to $1M bucks. Yes she had the land, but her salary would not support an $80K house. We squashed that bug and a year later she bought her house. The same year the broker died and his company folded.
Seller gets NOT one cent until the Closing. This is when all the monies are distributed between the buyer(s) and seller(s), and the other interested parties such as HUD.
For the first time buyer it is a nerve-wracking process. Once you sign the Contract to Buy and offer the Escrow, relax. You are half-way down the road to home ownership.
Quote:
Originally Posted by Red2goBlue
Awesome info.
I got a question for you Iinicx or anyone else who has purchased a house. I have been told many different scenarios about buying used houses. It seems that the ones Im concerned about are the people who have told me NOT to buy a used house as its always going to need repairs ALL the time and it NEVER ends.
I understand there may be some repair work but hopefully not every month nor every year. Yes, Im definately investing in getting a professional inspection
done on the place before I make my decision, that is a definate must.
Unfortunately, the sale is "as is" so I dont think the owner will fix up the issues that I may have with the property. I also understand that I dont have the option to buy it either, however, how do you know if even with the repairs not being done (but you can get them done with a 203K loan) if its worth purchasing?
I will be asking today as to why the owner is selling it "as is". I have several questions to ask the realtor including if there are liens on the property, if the house has been in escrow. I checked my pre-approval paperwork and it mentions escrow (insurance) at $91. I dont know if thats the same as escrow or not. I plan on going into CEFCU now since you mentioned they do offer the 203K loan. I checked on their website and it doesn't even mention this type of loan.
Im not a repair person at all and was concerned about minor repairs like toilet leaking or plumbing fixes. I found some great how to videos on You Tube.
Im just tired of paying rent and not showing anything for it as well as not having many things that I would like in which owning would have those privileges.
As a person who dealt with lung issues for 35 years, I wish I knew then what I learned 10 years ago. Mold spores kill. You can see black and green mold. You can smell some types of mold. You cannot see or smell hidden mold. Mold hides in places I never though possible like behind ceiling light fixtures, and in wall studs.
Mold Remediation removes all mold. And depending upon where it is, and how extensive an area it covers, removing it can be more expensive than the cost to replace the house you are considering buying. My basement has evidence of water from the past; it has not evidence of mold.
If you want this house you need to add two contingencies to the face of thethecontract. Not on the back, and NOT on a separate piece of paper: [1] It must pass Mold Inspection; [2] It must pass a Home Inspection.
An Appraisal is an opinion of the Appraisor. It is not an inspection
Contingency: A future event/circumstance that is possible, but cannot be predicted with certainty.
.
Quote:
Originally Posted by Red2goBlue
I went and viewed the house. It had some minor repair work on the outside. Will need new siding prob blown in insulation, new doors and some gutter work. My main concern was a small patch of what looked like black mold in the basement. It was a bit damp in the basement. Was told that since its a small amount (approx. a 3 x 3 sq foot area) that I would be able to fix it myself. The basement has new windows on it. Part of the gutter was down so Im thinking with all the rain, it just gushed right straight down into the house as the area where the gutters are not on, its the same side in the basement where the mold is at. Im thinking that if I dry out the basement by opening up the windows for several days, dry out the walls then bleach out the mold then maybe even put some sealant on the walls and fix the gutters on that side where it drains away from the house, that should take care of the mold. Some people Ive mentioned this too instantly say to stay away from purchasing a house that has black mold in the basement.
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