Chicago's North Shore - North and Northwest Suburbs Real Estate Archive

Great question! In fact, it’s one I often answer for potential home buyers. And my answer usually comes down to this: It depends on you--your situation and your goals for the future.

Here are some questions you need to ask yourself: Do you think you’re ready to move into the world of homeownership? Does your job require you to relocate frequently? Are you ready to “settle down” and raise a family? Not sure what you want to do yet?

As a real estate professional, I do know that buying a home has real advantages in today’s market: Realtor.com reports that housing affordability is the best it’s been in nearly 30 years. Right now buyers can cash in on hefty price drops and rock-bottom mortgage interest rates--and many people don’t realize just how great the market is!

If you still need some help on making your decision on if you should continue to rent or make the plunge to buy, the Our Family Place Home Buyer’s Information Center lists some of the pros and cons noted below, and I’ve added some of my own:

Buying Advantages:

* You gain equity in your home through mortgage payments.
* Your home could be one of the best long-term investments you will ever make.
* You can decorate and remodel the way you want.
* You get homeowner tax breaks.
* You build your credit standing.
* You can improve your property using home equity loans.
* You gain independence and pride as a homeowner.
* You can transfer your property through your will.

Buying Disadvantages:

* Your costs are variable.
* Your equity may change due to market conditions.
* You usually must sell your home to move.
* You handle maintenance and upkeep.
* You usually need more cash to get in.

Renting Advantages:

* Your costs are fixed for the term of your rental.
* You don’t lose equity.
* You can move at the end of your lease term.
* You have fewer maintenance worries.
* You need less cash to get in.

Renting Disadvantages:

* You never get equity.
* You can’t always decorate or remodel the way you want.
* You don’t get any tax breaks.
* Your lease is for a limited time period determined by your landlord.
* Your rent may go up at the end of your lease and other terms may change.
* Your landlord may not fix problems or invest in routine property maintenance.
* You normally can’t transfer your lease without the landlord’s OK.
* You may face eviction if you and your landlord have a dispute.

That’s a lot to think about. To put these pros and cons into dollar terms, try out this rent v. buy calculator offered by the Federal Home Loan Mortgage Insurance Corporation (better known as Freddie Mac). Don’t be shy--check out different scenarios and see what they mean for your finances.

Yes, there are lots of variables to consider, and you’ll need to do your homework to decide what’s right for you. Working with a qualified real estate professional who can provide current market advice for your area can help.

I’m always ready to assist potential buyers debating the “rent v. buy” decision. Feel free to contact me and I’ll be happy to discuss your specific needs or answer any questions you might have about any aspect of real estate.

If you have been considering listing your home or are actively looking for a new home to purchase, you may notice a change at the front door!  A new lockbox system has been introduced to this area as of August 2008.  Homeowners and agents now will have a new secure electronic box to potentially use when selling their homes or showing those properties.  Introduced the first week of August, this box replaces the old gray Supra boxes that were so widely relied upon in this area for many, many years. 

This new box, SENTRILOCK, introduced to the brokerage community by the National Association of Realtors is spreading nationwide with the majority of Realtor Associations in the Chicago metro area selecting it as their first choice for secured electronic lockbox application, including the North Shore-Barrington Association of Realtor (www.NSBAR.org ).   Conversion to the new lockbox system which included turning in all old gray boxes was a successful event that took place during the first half of August and the new lockboxes are now showing up throughout the area.

As with the old boxes, to access these boxes, one must have an active keycard that is tied directly to them and identified by a key number with a password that is needed to make it work and provide security.  The keycards are the size of a credit card and expire each and every day, so that agents who wish to use them, must diligently update their cards daily.   One issue in the use of these boxes is that not all of the Realtor Associations have selected this box as their box of choice for the members, so those without a keycard in this area can actually also call in and receive a one-time code that can be used to obtain keys for access.  This assures that those using these boxes will be able to provide and monitor access by all agents, something that is not available to those using the newer generation of Supra boxes (the "blue" Supra boxes).    We are still seeing an abundance of our solid and trusty non-electronic boxes that do not record access such as the combination, pin push or other simple code-type boxes that have been commonly available for decades.

Allyson Hoffman, RE/MAX North

TODAY'S FEATURED PROPERTY

It's that time of year when we have our air conditioners running and windows open to help make our homes a little bit more bearable during these warm summer months. As a result of trying to battle the extreme heat we tend to forget what we have heard, and learned about being energy efficient.

Here are a few summer tips for your home that will help keep you on track with an energy efficient plan.

For Outside

• Longer days mean we don't need out outdoor lighting as much. Adjust your outdoor lighting timers accordingly and you'll save money and extend bulb life.
• Try solar-powered outdoor lighting or garden lighting as an alternative. They are energy-efficient, inexpensive, safe and very easy to install.
• Electric mowers are a recommended alternative to gas mowers as the electric models tend to pollute less and are much quieter.
• For the same reasons as above, electric grass and hedge trimmers are a great alternative to gas powered models, although manual trimmers are a more commonly recommended alternative, by professional gardeners.
• Using a broom to clean your driveway and walkways is just as effective as a gas powered leaf blower and is not harmful to the environment.

For Inside

• There is really no need to have your gas fireplace's pilot light during the summer. Save energy, and money, by turning out the fireplace's pilot light until the fall. It is always a good idea to refer to the operating manual for your furnace to learn how to do this properly or  consult a technician. 
• During hot days, it helps if you keep the windows closed and then reopen them in the evening when it cools off.
• Blinds and draperies should also be closed on hot days to keep the inside temperature cooler and comfortable. 
• Everyone knows that hot air rises and that makes your attic at hot spot in the home.making sure your attic has the proper insulation will protect your home from excessive heat penetration in summer and cold penetration in winter.  making sure your attic has the proper insulation will protect your home from excessive heat penetration in summer and cold penetration in winter. 
• Floor and ceiling fans are a fabulous way to create gentle breezes throughout your home to keep your family cool and comfortable.

These are a few summer tips to keep your family comfortable in your homes, during this hot summer as well as a few energy saving and environmental alternatives.

Have a fabulous summer.