Moving Back to IL: Real Estate Gurus Step-in

98GTPDriva

TCG Elite Member
Jun 24, 2008
1,473
0
Well, after living outside of IL for nearly seven years, I'll be moving back to the Chicago area in the near future. And yes, I do realize what I am doing and when it comes down to it, this is home for my wife and I. However, this time is different as we have kids now. So... here's where I need the almighty TCG's help:

I'll be working out of Downers Grove (literally 355/88) and we're looking to buy a home within 25 miles. We are looking to the South (Bolingbrook, Romeoville and Plainfield) or to the West (Oswego, Montgomery and Sugar Grove). These areas are within 25 miles (for the most part) and housing is affordable (what we're looking for) and property taxes are low(er).

I know a ton about the NW burbs, but nothing really about the burbs South of 88. What are the great areas and what are the areas to stay away from? Which areas have better schools and may be more family friendly? Any information would be helpful.

Also, what are your recommendations for a mortgage company? I currently have my rental property through Wells Fargo (no issues), but this is an investment property and not my primary residence. I'd like to get pre-qualified with a few big banks and a few local ones for comparison purposes. I have great credit and few debts, so I should be able to pull off a low rate.

Lastly, any tips on the buying process in IL would be helpful. I have only purchased in IN and I know real estate laws vary from state-to-state. I am trying to stick with a traditional sale vs. short sale/foreclosure as my wife and I have already been living apart for five months due to my son's illness/treatment and we don't want to potentially wait around 6+ months for a short sale approval.
 

guspech750

Guspech Superdriller
TCG Premium
Jan 23, 2010
9,322
6,111
North Aurora
Ten years living in North Aurora. Really enjoy it. Tons of shopping, rt88 minutes away, Cougars baseball and open farmland to get away from the crazy burbs when I want. Good school districts out here too. Property taxes suck no matter where you go. In ten years, ours has nearly doubled from about $4,500 to $7,800. Who else is going to pay for "Planned Parenthood". lol
 

wolfe

in black sheep's clothing
Jun 2, 2008
17,632
333
Si Oh Em Pee Tee Oh En
I'm out in Yorkville. Grew up in Oswego/Montgomery. We decided to move here because the taxes were lower than Oswego, home prices are lower, and can get to 88 easier (at least where I'm at)

Aurora has nice parts if you know where to go.

I'm not a big fan of Sugar Grove. Seems like they do everything possible to keep things from coming to their town. They don't have a lot, they vote things down and people just build them in the town right next door. So they still have to deal with the traffic, but no tax benefits.
 

Angus

TCG Elite Member
TCG Premium
Oct 12, 2007
11,796
862
HHI, SC
Congrats on the decision to move back. It's always on my mind, but who knows...

I'm biased, but why not the Tri-Cities like Batavia, Geneva, and St. Charles? I lived there my entire life and loved it. Schools are excellent and so are the downtown communities. If I moved back, it would be there.

Property tax rates are lower in these areas than the surrounding areas like N. Aurora, Aurora, Elgin, etc. Just FYI - Where there's generally higher real estate values, there's generally a lower property tax rate. IE, you'll pay more in tax on a $300k home in Aurora than a $300k home in Geneva.

Just my $.02 and good luck on the move back!
 

98GTPDriva

TCG Elite Member
Jun 24, 2008
1,473
0
He lived out of state. So that 3 years applies to only in Illinois property.

I have lived out of state for seven years. I own a town home in Indiana, but I have not lived in it for the last 3.5 years. It has been a rental property, so would I still qualify for the grant? It has not been my primary residence and I have never owned in Illinois. I could not find a clear answer on their website.
 

BeerOrGasoline

Me & Dead Owls Don't Give a Hoot.
Mar 15, 2009
3,985
1,082
New Lenox, IL
I have lived out of state for seven years. I own a town home in Indiana, but I have not lived in it for the last 3.5 years. It has been a rental property, so would I still qualify for the grant? It has not been my primary residence and I have never owned in Illinois. I could not find a clear answer on their website.

You should still qualify.
 
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