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December 2016

Found 18 blog entries for December 2016.

For those looking to ring in the New Year with their little ones, Chi-Town Rising is offering a special free family-friendly countdown and celebration. 

The "Around the World for New Year's Eve" event, presented by the Chicago Cultural Mile Assocation, aims to educate and entertain children about New Year's traditions around the globe. 

  • How to Watch Chi-Town Rising Live on New Year's Eve

The event begins at 3 p.m. at Wrigley Square, located at the northwest intersection of Millennium Park on Michigan and Randolph. Families will be able to see celebrations from several countries and children will have a special passport they can have stamped at each station they visit. The countries represented at the event include Brazil,

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The American Dream of owning a home is very much alive.  The turning real estate market is coaxing more first time home buyers out.  Record low mortgage interest rates (In 1981 interest rates skyrocketed to 18.45%!), and property prices are empowering millennials to invest in a property rather than rent.  This helpful guide will help you traverse the many confusing aspects of home buying:

 

1. Do the Math: Make sure you are in the position to be able to afford a home.  Lenders typically allow a 28/36 rule which means your mortgage payment, property taxes, and insurance should not take up more then 28% of your monthly gross income.  Then, you add to that your current total monthly debt payments (e.g. college loans, credit cards, which can't be more

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I know a lot you may have the same question, "Should I keep renting?" 

Well, I hope this informative chart by Ginnie Mae can help you answer that question:

 

The chart below shows a cost comparison for a renter and a homeowner over a 7 year period.

The renter starts out paying $800 per month with annual increases of 5% The homeowner purchases a home for $110,000 and pays a monthly mortgage of $1,000

After 6 years, the homeowner's payment is lower than the renter's monthly payment

With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years

 

 

Source: Ginnie Mae

 

Also, check out THIS rent vs. buy calculator that takes into account where you are currently renting to get a

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To avoid surprises before you buy a new home look at the following:

  • General structure: Is the house tilting to the right or is it nice and straight?
  • Roof line: Is it nice and straight or do you see the roof “sinking” at places?
  • Foundation: cracks in the foundation can be fixed fairly easily.  However, you should look for bulging foundation walls. Bulging is a possible sign of major repair (costly one).
  • Water pressure: The pipes could be clogged and old or maybe you need to upgrade the water service.
  • The sump pump: Is there a sump pump in the basement? It is good to have one, and if it is not there you might want to install one. And it’s not just a sump pump, you need to dig concrete around the perimeter of your
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We have all seen some of those HGTV shows where a couple buys a home with a plan to redo the kitchen, bathrooms, etc. In return for all this work, they spend less money upfront on the purchase, and possibly get some sweat equity after doing the work themselves.  This all sounds great when you are watching it on TV thinking to yourself,  “Oh yea, I could totally do that”.  However, in real life it is a bit more complicated and sometimes you may discover even more of a headache than you had expected.

It all starts with your budget.  First, you buy the house (the easiest step in the process).  Then, considering you got a good deal in a good location you are already headed in the right direction. 

Now, you have to figure out how you are going to get

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Toxic mold infestation has been an area of concern for property owners and tenants for a number of years. While mold can pose a significant threat to the health of individuals who are exposed to its harmful spores, and property damage can be considerable, many individuals feel forced to remain living in their infested homes, simply because they don’t know where to turn, who can be held liable, or how to get out of a legal lease or purchase contract.

There are a number of factors that should be considered when an infestation of mold is discovered in an Illinois home in order to determine what legal options may be available. A good place to start is to evaluate the status of property ownership.

Legal Options for Property Owners

Property owners may

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In 2016, we welcomed the following brokers at REDCO!

 

Monika Cabaj Redco Monika Cabaj

Nate Buttrey Redco Nate Buttrey

Christine Trinh Redco Christine I. Trinh

 Peter Kourtis

Tania Mihaylova Redco Tania Mihaylova

Angel Prodanov Redco Angel Prodanov

Muntie Leschewski Redco Muntie Leschewski

Irina Castravet Redco Irina Castravet

Sergio Cardenas Redco Sergio Cardenas

Bobby Vasilev Redco Bobby Vasilev

Sergiusz Zgrzebski Redco Sergio Zgrzebski

Renata Zieleziecki Redco Renata Zieleziecki

Julius Little Julius Little

                        Barbara Jandura

 

 

 

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Courts Plus

186 S West Ave Elmhurst, Illinois Call (630) 833-5064    

Courts Plus is a community facility located in the southern part of Elmhurst on West Ave and just north of St. Charles road. It is owned and operated by the Elmhurst Park District. It is a two-floor facility and offers an array of workout options and excellent court areas to encourage safe and fun exercise. Courts Plus offers a 75-foot, five-lane, indoor lap and exercise pool, therapeutic whirlpool, six indoor tennis courts, three indoor courts for racquetball, wallyball, handball, and two-on-two basketball, an indoor climbing wall, group exercise studio, multi-purpose room, a coed dry sauna and clean, spacious men's and women's locker rooms each equipped with a steam

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Mortgage Rates To Continue to Go Up

On December 14, 2016, Fed raised the interest rates by .25 percent. Since the election and until the Fed meeting on Dec. 14th mortgage rates went up by 0.5 percent. This has already made a big impact on affordability of housing. Mortgage in the amount of 300K is now almost $90 more expensive, every month. Rates are to continue to go up and there is not much we can do about it. The fact is, we still have historically low interest rates. If you already own a home and have a fixed mortgage you will not be affected, however if you have a second loan on your home; an equity line of credit, your payment next year will change a result of Fed's decision from December 14th. According to Fed, HELOC (home equity line of credit)

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New Construction Homes typically come with some new features that older homes would simply not have.

- better insulation, newer building codes require much more insulation on your walls and ceilings, many new homes will have a sprayed on insulation

- energy efficient windows, regardless of the brand, windows in a new home will be good energy savers

- smoke and carbon monoxide detectors - standard on new homes

- energy efficient furnace, water heater and appliances

- LED lights. LED technology is here, most new homes will have LED lightening throughout

- smart thermostat (easily controlled with your smart phone)

- better and safer electrical panels( mainly more sensitive breakers )

- sump pump and a battery backup on it

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