There is no common formula to calculate property taxes based on square footage. I can help you look up certain villages and tell you how much (approximately) the taxes currently are for the properties of your target size and style.
Please feel free to contact me directly.
office 224 330 6924
VP of Mortgage Lending
Guaranteed Rate, Inc.
Northbrook, IL 60062... more
Great question! A condo is one level and can have neighbors above or below you and on either side. A townhouse is typically 2 levels and you only have neighbors next door. Does that help? It is considered more of a house because you don't have anyone above you.
Have your Realtor check into complexes that are FHA approved.
There are many factors in the cost of your taxes. They take into consideration square footage, # of bdrms, # of bathrooms and what the school districts are. For instance, homes in the Stevenson HS district pay higher taxes than Vernon Hills HS etc. If you tell me approx what you would need/want to pay in taxes I can tell you where you can find a house like yours for that amount. Are you looking to stay at around 13-15K or even less than that?
There is a home that is listed as a "short sale" @ 309,900 that was built in 2006 and the property taxes for 2008 were $9552.19....listed as having no exemptions.
You can call the local assessor's office or visit their website to find out what the current tax rate is.
I hope this helps!... more
I don't believe anyone can give you an accurate estimate of townhome appreciation in Vernon Hills over the next 5-6 years. We are in uncharted territory in the housing market. There is no history upon which to base a projection. That said, owning is still preferable to renting even if the value doesn't increase like it has in the past. You need a place to live. You may as well be paying your own mortgage instead of the landlord's. Any improvement you do to your dwelling adds value to you, not your landlord, and eventually, as you get older, you pay off your mortgage and have a place to live with no payments. We will likely see Real Estate get back to appreciating a few percent per year within the next few years but it also keeps pace with inflation, giving an added advantage. In addition, you get the appreciation and inflation on a $150,000 asset (at 3% a year that's $4,500) but you've only invested the downpayment (possibly as lttle as $5,250) That's a VERY good return. That's called "leverage".... more
Unfortunately realtors are not allowed to give their opinion on schools but here is great website to compare schools in Ilinois http://iirc.niu.edu/ so you can see what precentage of the students met governmental standards in each school.
Here is a link to see demographics for Vernon Hills http://www.city-data.com/city/Vernon-Hills-Illinois.html
If you aren't working with a buyers agent I would love the opportunity to help you find a home. There is no fee to you as the buyer (the listing agent shares their commission with the agent who brings them a buyer) It really does make a huge difference when you have an expert in the area to help you with all of your questions.
Please call or email me so we can discuss the Vernon Hills area further = )
What's wrong with Cherry Valley...where do I start? Just kidding. I have several clients who've bought and sold in Cherry Valley and love it there. I also have clients who like a more homogeneous feel to a subdivision and don't like to drive by rental communities on their way home. Cherry Valley though offers some of the best prices in Vernon Hills for the size and it's shown very similar appreciation to much of the ret of Vernon Hills. I know of a few homes that are actually an outstanding vallue currently in that area because the sellers are very motivated. If you'd like this sent to you, please let me know.... more
Hi, again, Shushi!
I often have clients ask my opinion of one subdivision or another. Just so you know, "steering" or directing a client to one area versus another is a Federal Offense for Realtors to do, so we just can't even go there. What I advise my clients is to get in their cars, drive through the neighborhoods and talk to people who live there-candidly asking them the pros and cons. You'll be surprised how open and helpful people are! As far as a basement or not, that's another personal decision. For example, a young couple that's planning to stay for a while and possibly raise children there might appreciate or need more storage. A couple downsizing and considering a ranch model might prefer no basement-no stairs whatsoever. I hope this helps, and please let me know if you have any other questions!