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Lago Vista, Plainfield, Illinois 55+ Community

03-12-12
Bill Ness, 55Places.com Active Adult Community Guide
Bill Ness, 55Places.com Active Adult Community Guide: Real Estate Agent in Chicago, IL
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Lago Vista Lockport, Illinois active adultThe southwestern Chicago suburb of Lockport is home to the popular Lago Vista active adult community. This resort-style community is set on 350 acres of land and is designed around 22 scenic lakes and ponds dotting the community landscape. The community opened in 2004 and is planned to have 832 homes upon completion.

Homes at this gated Illinois active adult community are all one-story ranch style with floor plan options including single-family detached style homes and attached townhomes. Today interested home buyers can choose between either new construction or resale homes priced from the high $100’s to the high $200’s. There are five single-family style floor plans ranging in size from 1,500 to 2,196 square feet as well as three townhome floor plans ranging from 1,300 to 1,550 square feet. All of the homes include lawn care, landscaping, snow removal and full access to all of the wonderful community amenities. The monthly homeowner association fees vary based on home style.

The amenities at Lago Vista Illinois are centered around a wonderful community clubhouse. Here a full-time activities director ensures residents enjoy making new friends and meeting new people with an exciting line-up of events and activities. The 21,000 square-foot Club Lago is the heart of the community offering a comprehensive collection of amenities to encourage a physically fit and socially active lifestyle. There is a fitness center with an aerobics area, an indoor swimming pool and even a ping-pong room. Other features include studios for arts and crafts, a computer center, library, meeting rooms and a large banquet room. A sports lounge offers billiard and card tables as well as a large screen TV perfect for catching the big game. Finally, the community spa offers massage therapy and beautician services as well.

Outdoors the fun continues with another swimming pool, bocce ball courts, horseshoes, a picnic pavilion and miles of trails for walking or biking. The beautifully landscaped community is set amidst 22 sparkling lakes and ponds making for scenic vistas in every direction. Visiting grandkids will appreciate the children’s playground.

There is plenty to do within the community as well as an abundance of recreational opportunities available in Lockport and surrounding suburbs. Lockport is just a short drive from the popular town of Naperville offering exciting nightlife, shopping and cultural attractions plus downtown Chicago is just 40 minutes away. Surrounding areas offer fantastic golf courses, museums, shopping, dining, health-care facilities, continued education and much more.

For more information and photos of this and other IL active adult retirement communities please visit 55Places.com. To stay in touch with us please join our Facebook page by clicking the Facebook link below.

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special incentives to prospective buyers

03-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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Fannie Mae, that government-owned (that means you and me) mortgage giant is the largest buyer of mortgage loans in the United States. It pretty much has always been this way since Fannie’s charter was changed back in 1968. When a lender makes a mortgage loan that conforms to Fannie guidelines, that lender may sell that mortgage loan to Fannie Mae for a price, as reported by Richard hartian.

Why do lenders sell loans? When a lender sells a loan they can make an instant profit on that loan in lieu of collecting interest payments over the years, but more importantly, it provides the lender with additional capital to make more loans. It’s a never-ending process that keeps the mortgage markets liquid.

But something happened during this mortgage buying process that has given Fannie Mae a bit of a problem: thousands and thousands of the loans that were sold to Fannie Mae went bad. Homes were foreclosed upon and now Fannie Mae is sitting on some real estate they’d rather not own; and this real estate portfolio is growing every day.

So what do you do when you have too much of something you don’t want? You provide special incentives to prospective buyers. Fannie has done just that with the Fannie Mae HomePath program, perhaps the most underrated home buying opportunity in the country.

Fannie Mae recently published a special website designed to showcase newly foreclosed properties, financing options and buying incentives at www.homepath.com.

Fannie Mae HomePath RenovationThis new program provides those who intend to occupy the property a 15-day “First Opportunity” to make an offer on these homes. The special incentives include:

  • Down payment As Low As 3%
  • No Appraisal Required
  • No Mortgage Insurance Required
  • Option To Finance The Closing Costs
  • If A Condo, The Condo Project Requirements Are Waived

Did you get all that? 3% down? No appraisal? Option to finance the closing costs?

That’s right. Fannie might be taking a hit on this program, but it’s a lot better for Fannie Mae to implement this program than to keep those non-performing assets (loans when no payments are made) on their books.

Are you a real estate investor? After the 15-day “First Look” period expires, then occupancy requirements are also waived. Further still, HomePath has a special “Renovation Program” that allows borrowers to both acquire the property in addition to financing up to $35,000 for repairs and upgrades!.

The financed amount that can be used for renovations is limited to 35% of the “as repaired” value of the home. “As repaired” is the value of the home once the repairs have been completed. For example, a Fannie HomePath home is listed and needs a new roof and plumbing. If the value after repairs is $100,000, then up to 35% of that amount is available to be financed into the new loan; or $35,000. Any amount above $35,000 can be paid in cash at closing The value used for loan purposes is the “as repaired” value of the home, or the value of the home once the repairs have been completed.

This program works in favor for those who want to buy a condo, yet find the condominium project falls outside of Fannie’s conventional condominium standards. This facet alone makes the HomePath program one to explore and makes this loan one of the most competitive on the market.

When you combine this competitive program and discounted homes with the historic interest rates we’re currently enjoying then this true “win-win” opportunity might very well be a once-in-a-lifetime event.

Not every lender participates in this program and fewer still are aware the program is even in existence. For that reason it’s critical to find a lender that has previous experience with HomePath.

If you’re looking for a true buying opportunity, explore the HomePath program. Homeowners and investors who have used this unique program have unearthed a true gem. It’s worth your time to explore.

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most important thing you can do to prepare your home for sale is...

03-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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Staging Secrets

Bye, Bye Clutter

The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture. When professional stagers descend on a home being prepped for market, they often whisk away as much as half the owner's furnishings, and the house looks much bigger for it. You don't have to whittle that drastically, but take a hard look at what you have and ask yourself what you can live without.




Furniture Groupings

There's a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn't the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.




Musical Furniture

Give yourself permission to move furniture, artwork and accessories among rooms on a whim. Just because you bought that armchair for the living room doesn't mean it won't look great anchoring a sitting area in your bedroom. And try perching a little-used dining-room table in front of a pretty window, top it with buffet lamps and other accessories, and press it into service as a beautiful writing desk or library table.




Room Transformations

If you have a room that serves only to gather junk, repurpose it into something that will add to the value of your home. The simple addition of a comfortable armchair, a small table and a lamp in a stairwell nook will transform it into a cozy reading spot. Or drape fabric on the walls of your basement, lay inexpensive rubber padding or a carpet remnant on the floor and toss in a few cushy pillows. Voila - a new meditation room or yoga studio.




Home Lighting

One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don't depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).




Make It Bigger

To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sunporch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.




Neutral and Appealing

Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.




Color Experiment

Don't be afraid to use dark paint in a powder room, dining room or bedroom. A deep tone on the walls can make the space more intimate, dramatic and cozy. And you don't have to go whole hog - you can paint just an accent wall to draw attention to a dramatic fireplace or a lovely set of windows. If you have built-in bookcases or niches, experiment with painting the insides a color that will make them pop — say, a soft sage green to set off the white pottery displayed within.




Vary Wall Hangings

If your home is like most, the art is hung in a high line encircling each room. Big mistake. Placing your pictures, paintings and prints in such stereotypical spots can render them almost invisible. Art displayed creatively makes it stand out and shows off your space. So break up that line and vary the patterning and grouping.




Three's Company

Mixing the right accessories can make a room more inviting. When it comes to eye-pleasing accessorizing, odd numbers are preferable, especially three. Rather than lining up a trio of accessories in a row, imagine a triangle and place one object at each point. Scale is important, too, so in your group of three be sure to vary height and width, with the largest item at the back and the smallest in front. For maximum effect, group accessories by color, shape, texture or some other unifying element, stagers suggest.




Raid Your Yard

Staged homes are almost always graced with fresh flowers and pricey orchid arrangements, but you can get a similar effect simply by raiding your yard. Budding magnolia clippings or unfurling fern fronds herald the arrival of spring, summer blooms add splashes of cheerful color, blazing fall foliage warms up your decor on chilly autumn days and holly branches heavy with berries look smashing in winter.




Serene and Inviting

Create a relaxing bedroom setting with luxurious linens and soft colors that will make a potential home buyer want to hang out. Bedroom staging trick: If you don't have the money to buy a new bed, just get the frame, buy an inexpensive air mattress and dress it up with neutral-patterned bedding. And remember to declutter. By cleaning out your closets, you're showing off your storage space, which sells houses - it always ranks high on buyers' priority list.




New Faces

If you can't afford new cabinets, just get new doors and drawer fronts. Then paint everything to match and add new hardware. And instead of replacing the entire dishwasher, you may be able to get a new front panel. Check with the manufacturer to see if replacements are available for your model. If not, laminate paper, which goes on like contact paper, can be used to re-cover the existing panel.




Repaired Wood

Unfinished projects can scare off potential buyers, so finish them. Missing floorboards and large cracks in the sidewalk on the way to your door tend to be a red flag, for example, and they cost you less to fix than buyers might deduct from the asking price.




Prim and Polished

Having tile professionally painted can make a bathroom look brand new. And accessorizing can make buyers feel like they're in a spa. Put out items like rolled-up towels, decorative baskets and candles. It's a great way to create a polished look, and it doesn't cost much to do.

Original Source: HGTV.com

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fast fix-it advice when it's time for you to do your homeowning duty

03-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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  • Mobile: (708) 439-0165
Top 10 Homeowner Skills

Too bad a house doesn't come with an owner's manual. And a weeklong seminar during which you learn the purpose of every button, switch and wire. But the keys to the castle come with no troubleshooting guide to dog-ear — and, we're betting, no wise master to unlock the mysteries of the place you call home.

Then again, that's what we're here for: to provide fast fix-it advice when it's time for you to do your homeowning duty. Because, at some point, you're going to have to know how to change out a light fixture without zapping yourself to kingdom come. Or paint a double-hung window without gumming up the works. Or stem the flood when the toilet overflows. And you're going to want to do things right. The first time.

So consider these 10 tips a crash course in homeowner self-confidence. Study them well. Owning a house means you're going to have questions. Luckily for you, we've got answers.

See more homeownership skills on ThisOldHouse.com

Video: DIY home repairs

Bing: Need to call a professional for repairs? Find one here



1. Fix a leaky faucet

This particular type of water torture is likely due to a failed washer inside a handle. The faucet is just the messenger.

To replace the washer, turn off the water supply valve under the sink. Stuff a rag in the drain so you don't lose parts, then take the handle apart. Pop the screw cover on top, remove the screw and pull off the handle. Use a wrench to disassemble the stem and line the parts up on the counter in the order they came off, so you know how it goes back together. Examine rubber parts or plastic cartridges for cracks, and take the offending piece to the hardware store for an exact replacement. Reassemble the parts you've laid out, in reverse. Then revel in the ensuing peace and quiet.




2. Locate a stud

Say you want to hang a shelf. Knuckling the wallboard can pinpoint a stud, but to improve the odds when your electronic stud finder has gone missing, use deductive reasoning. Most studs are placed at 16-inch intervals; once you know where one is, you can usually find the rest.

Start at a corner, where there's always a stud, or take the cover plate off an electrical outlet and find out on which side it's mounted to the stud. From there, measure 16, 32, 48 inches and you should hit a stud at each go. Eliminate all guesswork by using a thin bit to drill a test hole at the top of the base molding, which you can easily repair with a dab of caulk.



3. Unclog a sink

"Chemicals rarely clear a stoppage — they only make a small hole," says Richard Trethewey, This Old House's plumbing and heating expert. "A full stoppage requires mechanical clearing." Remove the stopper and block off overflow holes. With water in the bowl — the water puts more pressure on the clog — plunge with a flat-faced plunger. If that's not enough, get under the sink and take off the trap to see if that's where the clog is lodged. If the blockage is deeper, rent a hand snake. Slowly push the coil down the drain, carefully twisting, pulling and pushing when you hit the blockage. If the snake fails, call a drain-clearing service to get things flowing.




4. Remove a stripped screw

Hey, even This Old House master carpenter Norm Abram has been there. He recommends a hand screwdriver appropriate for the screw and a double dose of elbow grease to fix this unfortunate bit of handiwork. Gently hammer the screwdriver into the head. Then use as much downward force as you can while you slowly back out the screw.




5. Hardwire a light fixture

Anything powered by electricity requires that the current make a full circuit to and from the main box. All the wiring in a house has two lines: one that brings in the electricity (the hot wire) and one that carries it back (the neutral wire). Connect hot wires to each other and neutrals to each other. And make sure you don't become the conduit in between.

The hot is usually black and the neutral white. But if yours look different, use a circuit tester. With the electricity on, touch one node of the tester to the wire and the other to something metal that is not touching you. If the light goes on, that's your hot wire.

Turn off the electricity and connect the black ("hot") wire to the black wire or the brass screw on your fixture and the white (neutral) to white wire or silver screw. If your fixture has two like-colored wires, the grooved one always goes to the neutral connection. Be sure to connect the copper grounding wire from the cable to the green grounding screw in the junction box, then to the grounding wire coming from the fixture, if there is one.




6. Know which breaker to turn off

When you finally get around to putting in that dimmer switch, you won't want to be stumped by a poorly labeled breaker box. Ditch the pencil and paper chart — you're not changing your wiring any time soon. Instead, write directly on the metal next to each switch with a fine indelible marker. Have a friend plug lamps into all the sockets in a room and tell you via cellphone which ones go dark when you flip a switch. Be specific ("sofa and window walls only" or "kitchen minus fridge") when you jot it down.




7. Use a fire extinguisher

Work fast — the typical extinguisher has as little as eight seconds of life, so know in advance how yours works. Make sure to stow it near an exit so you can back out as you fight the flames. Then remember the acronym "PASS": 1) Pull the pin. 2) Aim the nozzle at the base of the flames. 3) Squeeze the trigger. 4) Sweep the spray from side to side. Don't assume the fire is out just because the flames are gone. Call 911 and wait for the fire department to give you the high sign.




8. Stem a flood — and save your wiring

As a safety measure, you should know where your main water and electrical shutoffs are. The water shutoff will be near where the water enters the house. Look for a metal wheel or a flat handle like a paddle. Or check outside for a mini manhole cover — the shutoff may be there. The main electrical switch will be in or near the main box. On an old fuse system, it may be a big lever or a handle that pulls out a whole block. On a modern breaker box it will be an isolated switch near the top of the box. Flip it to keep the circuits (and you) from getting fried.



9. Paint a double-hung window

Forget the blue tape for this job. Your No. 1 tool is a 1½- to 2-inch sash brush. Its angled bristles come to a point, giving you a fine line. Raise the bottom sash and lower the top sash so they've almost switched places.

  1. Paint the exposed parts of the top sash, now on the bottom, including the muntins.
  2. Carry a thin line of paint onto the glass to seal the glazing.
  3. Nearly close the window and paint the rest of the top sash.
  4. Paint the entire bottom sash, without getting paint between the sash and the stops (the pieces of wood in front that hold them in place).
  5. Paint the casing, sill and apron. Before the paint dries, move the sash up and down. "If you can't see a clear crack between the sash and the stop because of wet paint," says Tom Silva, "then you just glued the window shut."



10. Stop an overflowing toilet

A toilet works by gravity: The water in the tank — just enough to fill the bowl — drops down and pushes waste through the drain. The float drops, opening a valve that lets in water to refill the bowl and the tank simultaneously. The valve closes when the float rises far enough to shut off the water.

If the water from the tank can't leave the bowl fast enough, the refill will spill over. To stop the refill action, take off the top of the tank, grab the float and pull it up to close the valve. That should give you time to reach down and shut off the water, or at least wait for some of the water in the bowl to drain.

Original Source: RealEstate.MSN.com

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the average homeowner accumulates more overall wealth than the average renter

03-10-12
dale taylor chicago illinois realtor chicago illinois homes townhomes condos
dale taylor chicago illinois realtor chicago illinois homes townhomes condos: Real Estate Agent in Frankfort, IL
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CREATING WEALTH THROUGH HOMEOWNERSHIP - THE PROOF



Several real estate economists have shown that the average homeowner accumulates more overall wealth than the average renter.[i] However, it is not clear how this is done. Is it that owned property usually appreciates at such a rate that, after considering leverage, returns to ownership are extraordinarily high? Said another way, might homeowners accumulate more overall wealth because ownership is a great levered equity creator through property appreciation? Or, is it that owners acquire greater wealth, on average, because they are systematically paying down a mortgage thereby creating equity thanks to loan amortization? In other words, paying off property creates wealth, as researched by Ken H. Johnson, Ph.D of Florida International University (FIU) and Editor of the Jounal of Housing Research.

In ongoing research being conducted by Beracha and Johnson,[ii] these and other questions concerning homeownership and the accumulation of wealth are being investigated. In earlier research, Beracha and Johnson show that renting is the superior investment strategy; however, in this earlier strict horserace between buying and renting, a very bold assumption is made. Specifically, it is assumed that any rent savings (from lower rent versus mortgage payments) are reinvested without fail. Thereby, after balancing all of the costs and benefits from ownership and comparing them to renters’ portfolios from reinvesting rent savings, renting wins.

The question, however, very quickly becomes that, in a setting where Americans generally save less than 5% of their disposable income, is this assumption realistic and how might the removal of this reinvestment decision alter the outcome of the horserace between buying and renting? As part of their current research, this question is directly addressed. In particular, Beracha and Johnson find that after allowing renters to spend any rent savings on consumption (beer, cookies, healthcare, education, etc.), ownership leads to greater wealth accumulation, on average. The graph below highlights this finding.



The graph looks at the ratio of renters’ portfolio values to owners’ proceeds from sale for the entire U.S. between 1978 and 2010 both with strict reinvestment of rent savings and without reinvestment of rent savings.[iii] Clearly, numbers greater than 1 indicate that renting leads to greater wealth accumulations, while numbers less than 1 indicate that homeownership creates greater wealth, on average.

When renters are forced to reinvest (top line in the graph), the results confirm the earlier findings of Beracha and Johnson (2012). That is, in a strict horserace between buying and renting, renting wins in the vast majority of cases. However, when renters are allowed to spend rent savings on consumption (i.e. economically act like the typical American consumer), homeownership wins in virtually all instances. Notice that in the bottom line of the graph (no reinvestment), the renters’ portfolio values divided by owners’ sale proceeds is great than 1 for only four of the 32 years of the study. Thus, when renters are allowed to spend rent savings, homeownership is the clear winner in the wealth accumulation horserace.

Finally, in the same current research, Beracha and Johnson find that allowing for property appreciation rates to increase as much as 20% over their actual historic values results in virtually no change in the outcomes concerning wealth accumulation. That is, property appreciation contributes only marginally to wealth accumulation.

Implications

Without proof many have speculated about this outcome for years. However, there is now actual quantifiable evidence that homeownership is not the great levered equity creator that it has so often been touted to be. Instead, it appears that homeownership creates extra wealth mainly through its ability to force owners to save rather than through property appreciation. Thus, homeownership appears to be a self-imposed savings plan, which through time leads to greater wealth accumulation as compared to comparable renters. In short, buying a home makes Americans save.

Who says that Americans are horrible savers? Apparently, we are not. We have simply been saving through our homes rather than putting our savings in the bank.

Endnotes

[i] Homeownership is the most viable path to wealth creation for the majority of Americans. See Engelhardt (1994), Haurin, Hendershott and Wachter (1996), and Rohe, Van Zandt and McCarhty (2002), among others.

[ii] Eli Beracha and Ken H. Johnson, 2012, Beer and Cookies Impact on Homeowners’ Wealth Accumulation, ongoing research.

[iii] The research assumes 8-year holding periods. When the holding period is allowed to vary between four and twelve years, the results change only marginally. Thus, holding period has very little to do with the results.

Original Source: The KCM Blog


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