lake county real estate. and then some…

selling homes…a family tradition

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158B Golf Road, Libertyville IL 60048

Updated 2 bedroom, 2 bath Libertyville condo offers maintenance free living!  Laundry room in unit, plus an attached 1 car garage.  Affordably priced too! $153,900

Click on photo below, to see interior pictures

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18904 Woodale Trail, lake Villa IL 60046

Beautifully updated Regency model tucked on a private lot in Deerpath Estates.

To see interior photos, click on the picture below.

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18493 Springwood Drive, Grayslake IL 60030

Freshly painted and ready to go!  Four bedroom Oakwood home features hardwood flooring, vaulted ceiling, fireplace and unfinished basement.  $258,900

Click photo below to see interior pictures.

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Should I sell, or should I rent…

Looking to move, but not sure if you should sell your current home, or rent it instead?  Read what Keeping Current Matters has to say…

Should I Rent My House Instead of Selling It?  | Keeping Current Matters

The results of Fannie Mae’s June 2015 National Housing Survey, were just released showing that more and more homeowners are warming up to the idea that now may be a great time to sell their home.

The amount of respondents that stated that now is a good time to sell rose three percentage points to a survey high of 52%; which may translate to a healthier market as more homes are listed in the coming months.

At the same time “the percentage of respondents who expect home rental prices to go up rose to 59% – a new survey high.” Doug Duncan, senior vice president and chief economist at Fannie Mae, gave this insight: “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates.”

There is a chance that those who believe rental prices will rise may consider renting their house rather than selling it at this time.

However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord?

Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.

10 Questions to ask BEFORE renting your home

  1. How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations? (This happens most often during holiday season and back-to-school time when families with children have extra expenses).
  2. Because of the economy, many homeowners cannot make their mortgage payment. What percentage of tenants do you think cannot afford to pay their rent?
  3. Have you interviewed experienced eviction attorneys in case a challenge does arise?
  4. Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
  5. Will you allow pets? Cats? Dogs? How big a dog?
  6. How will you actually collect the rent? By mail? In person?
  7. Repairs are part of being a landlord. Who will take tenant calls when necessary repairs come up?
  8. Do you have a list of craftspeople readily available to handle these repairs?
  9. How often will you do a physical inspection of the property?
  10. Will you alert your current neighbors that you are renting the house?

Bottom Line

Renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.

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Have you ever wondered…

… what the impact of owning a home has on financial stability in your retirement years?

Homeownership:¬ A Key to Well-Being in Retirement | Keeping Current Matters

There has been much talk about homeownership and whether it is a true vehicle for building wealth. A new report looks at the impact owning a home has on the financial wellbeing of people closing in on their retirement years (ages 55-64).

In recently released study by the Hamilton Project, Ten Economic Facts about Financial Well-Being in Retirement, it was revealed that:

1. Middle-class households near retirement age have about as much wealth in their homes as they do in their retirement accounts.

“Over the past quarter century the largest single source of wealth for all but the richest households nearing retirement age has been their homes, which accounted for about two-fifths of net worth in the early 1990s and accounts for about one-third today.”

2. Home equity is a very important source of net worth to all but the wealthiest households near retirement age.

“Home equity is an important source of wealth for middle income households, accounting for more than one-third of total net worth for the second, third, and fourth quintiles of the net worth distribution… The fifth quintile has a much larger share in business equity—almost a quarter—than any other quintile. (The figure leaves out the bottom quintile of households because they have negative net worth. It is likely that these households will rely almost exclusively on Social Security in retirement.)”

Here is an asset breakdown for the middle 20% of Americans determined by median net worth ($165, 720):

Components of Net Worth | Keeping Current Matters

Obviously, the data again proves that homeownership has a big role in building wealth for American families.

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14368 Dan Patch, Libertyville IL 60048

Spacious Green Oaks 4 bedroom enjoys tons of updates inside and out.  So great – it sold in 3 days!  $589,900
To see interior photos, click on picture below

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12 Portshire Drive, Lincolnshire IL 60069

Beautiful Lincolnshire home. Flexible floorplan, huge yard and updated kitchen and bathrooms. Gleaming floors, soaring ceilings. A delightful belnd of mid-century modern with today’s amenities. Who do you know who would like to be one block away from Laura B Sprague Elementary? $538,500

To see interior photos, please click house below…