You are asking many great questions. It seems like the big concern is the overall rate of return you will realize over a long duration. To really figure that out, you also need to consider what the Glen will be like 20-30 years from now. WIll it have the same, lesser or greater demand than today? 20-30 years from now, unless the townhome is updated during that time, it will most likely be considered outdated.
Your current home in Glenview, you can create an estimate of costs to expect if you were to stay there. Weigh that out against the opportunity cost of the added amount of money it will cost you to put down, finance, and put into association dues. You can use an excel spreadsheet to run your numbers.
If you have the option of living in either, think about what really fits your lifestyle. In the end your house is where you call home, where you go to relax, and where you create your memories. Where do you want to call home? The price difference should really not be the deciding factor.
Feel free to call/e-mail me if you need further help or would like to debate the pro's/cons. I live, work and sell in Glenview so will definitely enjoy the conversation :)
All I can say is I live in The Glen and I love it. My wife and 3 boys love it as well. The Glen is a town within a town as everything is very convenient. There are very few communities like The Glen.
After this recent meltdown in the real estate market, the homes in The Glen came back sooner in price vs. the homes outside of The Glen in Glenview. I can't predict what it will be like in 20-30 years but as of right now the market in the Glen is hot. The demand to buy here is great.
So, sell now while prices are good and move to your new home!
1. Does this change which schools your children will attend?
2. Is the change going to provide a better life for you and your family?
3. Can you afford to carry 2 mortgages if you rent your current home instead of selling?
Homes in the Glen offer newer construction and more modern amenities and are walking distance to shops and entertainment. Does your current home offer these opportunities. Property values in Glenview will continue to rise and now is a great time to sell because inventory is low however that will only benefit you of one of the two proposed transactions. Historically single family homes command a higher price than townhomes. You also need to remember is your looking at living in the townhome for 20-30 years it will not be new construction when you want to sell.
What do you mean by "make sense"? Opinions vary, my favorite color is black and I imagine you have yours. I would not ask for other peoples opinion in determining my favorite color.
You mentioned investment, I would speak with a financial consultant, an accountant, and a local Realtor to see where the market is at now.
I have learned over the years a persons primary residence is more than just an investment, it is their home. I would factor that into my decision as well, maybe it is not the best investment but if it is what I really want to do....go for it.
Hope this helps, best of luck.
Spirit Messingham, PLLC
3rd Generation Full-Time RealtorÂ®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
What is more important to you? Long term return or comfort of easy maintenance of life and life style in the Glen?( It's best to have both I know, but we have to prepare for the worse and what is more important to you if only one can achieve)? If you enjoy putting money + time + some inconvenience in changing a older home to a more comfort living, current home may be good enough. But if you already feel the current home is not enough or your life style or career style may change, i.e. kids, out of town clients visits, travel to market... may be a newer and larger town house with space and parks, schools near by for a easy maintenance will give you peace while away from home?
I believe when reviewing purchase of home, we should not only review the finance and the house, but also our life style, neighborhood, and dream/hope and achievement. Investment is not only about money, I hope. ( Money helps, it buys us house, but what will make house more valuable is "home", a sweet home. )
One thing to remind you, regardless of your decision - don't stretch too much. Also, taking time to discuss with spouse and children to find out what is best for everyone. Have a clear goal and price you are willing to pay for the family (after discuss with your financial pro), tell the realtor you trust and evaluate your objectives with her/him, then go for it as a team.
A heart for your family, a heart for the community your family is in, a peaceful mind of taking the responsibility, a will plan to have the finance and family support, and know every effort you put in will have harvest, buying a dream home is a journey of joy and growth for entire family.
Good luck and Best wishes.
Juanita Soong in Glenview
It is always good to work closely with a professional who can answer your questions and concerns.