That could mean a slight return on your investment not to mention the tax benefits of home ownership.
Home ownership offers freedom to make decorating choices, to have pets and just feel relaxed that this is your own home. You are not subject to someones rules and mandates
It still is the great American dream!!!
Are you moving, selling and buying again after 2-3 years?
Would you keep the Hinsdale home as a second home or an investment, rental property?
I echo the First Answer from "Voices Member" that you may lose money on a short stay. Unless you are purchasing with cash, the first 5 years of owning a home with a mortgage are largely interest payments rather than reducing principal balance of the money loaned to you to complete the purchase.
In an unstable market, location holds up best. Hinsdale itself is a great location - quick train ride to the city, easy access to I-294, I-55, and O'Hare and Midway Airports. Location matters inside Hinsdale as well - there are areas in Hinsdale that hold their value better than others. If you do decide to buy, just make sure to buy a really great location in Hinsdale!
One of the good things about Hinsdale is that it didn't get hit as bad as most other local towns. Hinsdale and Western Springs is down, overall in values but when this market turns around I would be pretty confident that Hinsdale and Western Springs will lead the way.
My only concern is "when" will it turn around? That's the million dollar question.
You also have to weigh the pluses and minuses of renting. Here are some of the minuses most people don't think about: If you rent, you may need to move again after 1 year, or the landlord could substantially raise the rent. Even a multiple year lease may not protect you. I have seen many tenants who have to move because the landlord was not making mortgage payments and the home they were renting was foreclosed on.
Investment Property Specialist
Evergreen Real Estate
asking that question shows "smarts"...it's a great question. Here's a website to help you make a better decision...there's some great info and tools (rent vs buy calculators, etc)...just follow the link:
If you buy, will your home increase in value in the next 3 years? Most "experts" agree that we are at, or near, rock bottom. Of course, they've been saying that for 2 years. Market values are expected to rebound by 2013 in the Chicago metro area. Hinsdale is an attractive area so you may be OK...I would go in with the thought that your home's value would be the same in 3 years...maybe a slight increase.
For more info, you can email me at firstname.lastname@example.org or call me at 708-597-8884. Neil Coleman
Does it make more economic sense to rent or buy? Using your numbers find out which way below.
Why renting at a higher monthly cost could be the cheapest way out. A very different look at things below.
Consider some reasons to wait to buy a house.
Do low interest rates make it a good time to buy? Maybe not, consider the blog below and the comments also.
It comes down to monthly cost, including repairs, heat, taxes, insurance and so on compared to cost per month to rent. Then add in closing costs and realtor fees to sell. Consider the risk of being unable to sell and move away easily when the time comes and make a decision.