Yesterday I seriously looked into what I would have to do if I purchased the condo in Evanston. I found that I could, for sure, put down $50,000 out of my CREF stock. With that large a down payment, my mortgage payment along with taxes and community fees would be less than what I'm paying for rent now.
The downside -- I would have a terrible commute to work -- which would also be expensive. And, when I talked to my son, I realized that it is really TOO close to them -- as in sharing a wall. Not something any of us really want. Another condo in the same building would be great, but we all want some degree of privacy. So I'm not going to pursue this one.
I hope that housing prices remain low, as I make this transition in the next few years. Everyone says the recovery is still far away.
I will continue to save my money. Maybe I can eventually pay cash for a condo if prices remain low!
Today my Discover card turns over. It seems I always charge in the neighborhood of $750 on it -- I charge everything except bills and some low-cash purchases. I would say I will try to keep it down this month, but I know I will be ordering wedding pictures for sure, and they will be costly.
The condo
February 11th, 2011 at 12:06 pm
February 11th, 2011 at 12:55 pm 1297428946
Apparently we are in the same area. I live near Evanston, in fact, my first home was there.
1. commute: All of Evanston is served by METRA & CTA. Perhaps this can work for youe
2. Too close to son: Our first place was 1 mile from my parents & 3 mi from his. We had a RULE: No coming w/o calling first.
That said I would caution you on Evanston property taxes. They are SKY high and go up WAAAY faster than inflation. One of the reasons we left.
February 11th, 2011 at 12:59 pm 1297429188
February 11th, 2011 at 01:31 pm 1297431076
Yes, I'm aware of the taxes in Evanston, and I was figuring them into my equation.
With one son (and grandsons) in Evanston, and one son in Skokie, that area is quite a draw for me. Still, I don't want to be right in their laps! You had a good rule.
CTA and Metra are both great for getting you downtown but not good suburb to suburb. My job is in Elmhurst, so the commute would not be too nice whether by car or by train.
Still thinking all this through....
February 11th, 2011 at 02:53 pm 1297436004
Never hurts to have a plan so you can move when you find something!