But if your question is only related to if you intend to stay for 4 - 7 years, then I would say, if you intend to stay longer than 5 years you should experience some appreciation by then, as we hope that the economy and the
real estate market will show improvement by then. How much, truly nobody can really know at this time.....
So you want to make the choice of what you buy, by what in general you absolutely need, then what sells better than something else, look at locations, size of property, upgrades and construction and age, the schools etc.
And do not forget to consider your taxes....
Just a curious question on my part, why did you think/ consider Vernon Hills.... Is it close to work or family or do you have other reasons? And if none of the above reasons, would you consider other suburbs, any others in Lake and also in Cook Counties?
And as a first time home buyer we hope that the tax credit will be extended, or you hurry to close before
the end of Nov. 2009 to take advantage of it.
If I can be of any further assistance just contact me, I would love to e-mail you daily all new townhouses in the suburbs, school districts etc. you care to consider...
Warmest Regards always,
Edith Karoline YourRealtor4Life!
Working always in the very BEST interest of her clients...
Covering parts of the city of Chicago, the entire Northshore, and most if not all N and NW suburbs
Century 21 SGR with offices Southloop & West Loop and Northshore office in Lincolnwood
Michael gave you a very good answer that covers important aspects of rent vs own. I can add to this as a realtor covering Lake County and specifically Vernon Hills for the last 6 years and also former and current owner of a townhouse and other property in Vernon Hills.
Vernon Hills offers excellent value for the money these days, you can easily afford to buy property that was out of reach for you just a couple of years ago; there are a lot of townhomes that are now being offered below pre-construction prices of 2003-2004! I would really concentrate on newer properties that were built within the last few years - these are more likely to appreciate than the outdated townhomes built in 1980's and 1990's.
In my capacity of a Sr. Loan Officer I could help you with FREE mortgage prequalification so we can determine your comfortable price range and start shopping for your new home.
I can also offer you closing cost credits should you decide to work with our company. We are one-stop shop for all your mortgage and real estate needs!
Don't hesitate to contact me directly with additional questions and to start working on the prequalification.
RealtorÂ® - Express Real Estate Group, Inc.
Sr. Loan Officer - North Shore Financial Services Corp.
cell 847 630 6843
You are wise to consider investing in a property at this time. In my 34 years of actively helping people buy and sell property in the Vernon Hills area I have never seen both a larger selection of homes and interest rates being so low and affordable at the same time. Historically, Vernon Hills has always had good resale value but so much of the answer to your question depends on the price range of the townhome you are considering and the state of the real estate market when you are selling. You will currently find homes for sale at a much lesser price than they were at the height of the market in 2004-2005. For example...I just helped a first time buyer purchase a foreclosed townhome that was over $100,000 less than what the same model had sold for four years ago. You need to have a lot of informaton and knowledge about an area prior to making a comfortable decision. If you are not currently working with an experienced Realtor, please feel free to contact me.
Thank you and good luck.