Rent vs Buy in Dupage County>Question Details

Phil2841, Home Buyer in Chicago, IL

Buy now or later in or around Wood Dale,Elk Grove Village area?

Asked by Phil2841, Chicago, IL Tue Jan 27, 2009

My wife and I are making the move from our apartment in Chicago (Irving Park/California) to the Western Burbs. Should we rent a place for around $1200 or buy? We would stay for at least 2-3 years, maybe longer in the right place. If we did buy we would be looking for a condo/town home for around $150,000 going the FHA route.

We can't figure out what would be our best option right now while trying to start a family. Suggestions ideas?

Thanks

Help the community by answering this question:

Answers

4
Phil, sitting down with a mortgage professional will give you peace of mind in your home search and since you are going FHA and looking at town homes and condo's this is a must first step. The only thing I would be concerned about is your 2-3 year time frame as prices are not rising at the present time. But with lots of properties on the market it is a buyers market and this should help you in the long run. As always putting equity in your pocket is a great thing and is one of the ways to start building wealth.
0 votes Thank Flag Link Sat Mar 7, 2009
Phil, the time you spend consulting with an experienced mortgage professional to run an analysis of buy now or continuing to rent will benefit you. From this consultation, the numbers will lead to an objective conclusion to help you.
0 votes Thank Flag Link Sat Mar 7, 2009
Phil,

It's difficult because you don't have all of the information necessary to be informaed. Our recommendation is to begin by meeting with a mortgage agent that can give you an idea of the amount you are qualified to borrow and the amount of your monthly payment.

This information should help you see your options more clearly.

Good luck
0 votes Thank Flag Link Thu Jan 29, 2009
With the interest rates as low as they are right now and the 1st time home buyers money of $7500 it's a really great time to at least start looking to see what is out there. $1200 when you look at it, all you are doing is buying a building for someone else. You really need to at least look at some properties before you dedcide which route is the best road to travel down

Linda DeMarco, Broker, e-Pro
312-771-9397
Century 21 Elm, Realtors
0 votes Thank Flag Link Thu Jan 29, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer