e3geek

Will have to check what is the vacancy rate around that area but I guess it should be lower given the university nearby + a family area.

So far it seems like I should be able to get a 2 bed condo under 100K mark with low HoA fee, under 300 p/m. I might as well go west to Napperville if it is getting expensive in Evanston. There are plenty of houses and townhouses available under 300K mark with low HoA. If I can get a LoC against the property on mortgage rates why get the loan?

Lion in Winter

That area on your last link is not a student area. Too far away. It is a modest-income family area with some light industry.

e3geek

I am a bit confused between Evanston and Napperville at the moment. Will probably live in both areas and see how it feels. Evanston is good for condos and Napperville is good for houses. A few of my future colleagues live in Napperville and highly recommend it. I heard its been among top 5 in the US for family living and schools.

Lion in Winter

Evanston is good if you want an easy trip to the city and easier access to cultural life, of which Naperville is more or less devoid as far as I can tell. If you want a larger house and don't mind living in the vast hinterland that is suburban sprawl Chicago, then Naperville is fine - it just isn't me.

Lbjen

Napperville is right, it's a boring place to live unless you drive a minivan. It's great if you have kids but in the Chicago suburbs, condos are generally located in the less desirable school catchment areas. If you want to be in a good school in Evanston or Naperville, you don't want to be in a condo. Of course there are a few exceptions, but they are few and far between.

And that HOA is ridiculous for a condo looking like that in Evanston. You would pay less than that in a nice building downtown that has a gym, pool, doorman and covered parking. It's so high because it's a co-op, so that number includes your taxes, making it a little more reasonable, but you are mainly subsidizing all the deadbeats who aren't paying their assessments while they wait for the bank to come and foreclose on them. I was on the board of my HOA back in Chicago, so I have seen it all.

If you want to know more about Chicago real estate check out www.cribchatter.com, lots of great info on there.

Lbjen

Now this place, this is more of a deal. Right in the middle of the loop, literally walk to everything, and cheap enough that you can keep it and rent it out once you move out to the burbs.

http://www.redfin.com/IL/Chicago/182.../home/18938569

Lion in Winter

That is not true of Evanston. There is only one high school for the whole town, so it doesn't matter where you live, and the condos are all over the town too so they hit all the grade schools and middle schools.

Lion in Winter

458 square feet? Hope he doesn't have a family.

Lbjen

He was looking at small apartments in Evanston, it's a studio but at least you're not in the hood and more of your payment is tax deductible.

And high schools are a whole other ball game to elementary schools, most suburbs only have one or two.

Pulaski

Not sure what you mean? In the US people don't talk about "getting an LoC" (letter of credit, right?)

Most people get "a mortgage", meaning a standardized off-the-shelf loan to the standards laid down by the government owned mortgage finance companies the Federal National Mortgage Association (FNMA) aka "Fannie Mae", and the Federal Home Loan Mortage Corporation (FHLMC) aka " Freddie Mac". Most mortgages are for 30 year duration and fixed for the entire period. At the moment the only common alternative period is for 15 years, again fixed for the duration. Mortages that are fixed for 3 or 5 years are also available, that float after the initial fixed period, but these are considered undesirable because the floating rate tends to be ridiculously high, for a secured loan.

The most common alternative to "a mortgage" is a secured bank loan, which is commonly used by investors in rental houses, or by people otherwise unable to use Fannie Mae or Freddie Mac mortgages. They are at best fixed for five years, and then have to be refinanced.

Lion in Winter

Er, Evanston is not "the hood."

Evanston has 10 elementary schools, and 2 magnet schools that are K-8, and three middle schools. It is a university town and multiple languages are spoken.

Lbjen

The part where condos cost $50k is!

And I meant most suburbs have one or two high schools.

Lion in Winter

Have a look at some Evanston pics.

https://www.google.com/search?q=evan...w=1241&bih=605

Has anyone mentioned the weather yet? Hope you like winter.

Lion in Winter

That part is tiny. There's no need to live there or be affected by it in any way if you don't want to.

retzie

In a tangential direction, can I mention that buying property while on an E-3 may not be the greatest move? Apart from the fact that it is a very short-term visa, you are also supposed to be able to show your intention to leave the US. It can be a bit fuzzy proving this, but I'd say owning property here would definitely be on the list of things against you, once it comes time for you to renew.

Your other posts indicate you are hoping to get sponsored for a greencard. Personally, I wouldn't consider buying property without one.