John Ziemba

St. Zachary is a Catholic Parish and School located in Des Plaines IL. The address for Saint Zachary's 567 W. Algonquin Rd in Des Plaines. The Parish is located just North and Adjacent to Friendship Jr. High School. The school is on the corner of Algonquin Rd & Elizabeth Lane. The phone number for St. Zachary's is (847) 956-7020. St. Zach's students are able to ride the same public bus as the students who go to Friendship Jr. High. Friendship Jr. High services students in parts of Des Plaines and parts of Mt. Prospect. For more information you can visit their offical website at www.saintzachary.org. Every year St. Zach's has an Augustfest event which is a fundraiser carnival event and casio nights are also held at the parish.

Schaumburg Tansfer Tax: $1 per $1000 of sales price

Who Typically Pays: Seller

Like many municipalites the Village of Schaumburg has imposed a real estate transfer tax. Schaumburg charges $1 per $1000 of purchase price. For example on a $300,000 home the transfer tax would be $300. In Schaumburg this is commonly a fee paid by the seller.

It should be noted that on certain types of transaction the buyer may end up paying the transfer tax. Please check with your attorney or real estate agent to make sure if you are a buyer you are not expected to pay.

For more information you may contact Village of Schaumburg via phone at 847-923-4539.

Your attorney should give you a form that is filled out and you may need to go to the Village to pick up the transfer the Village Hall is located at: 101 Schaumburg Court, Schaumburg, IL 60193-1899 and here is there general phone number 847.895.4500 and fax 847.895.7806.

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Any questions please do not hesitate to contact me for help.

John Ziemba

847-217-0480

Learn more about Schaumburg Real Estate or start your search for Homes of Sale in Schaumburg IL

Recently there has been a lot of talk and articles written that it is cheaper to buy rather than rent. I decided to due an anlysis to find out if this still holds true in Schaumburg, IL. I searched the MLS and found 5 properties that were condo or townhome properties that were labeled for rent or sale.

For my assumptions I assumed financing with an FHA Mortgage that requires 3.5% down. I assumed the mortgage rate would be 4.75% on a 30 year fixed mortage. Current market conditions may make the actual interest rate lower and some of the properties may not qualify for an FHA mortgage but these figures were used to compare all properties as equal as possible.

The monthly obligations accounts for the mortgage principal and interest, monthly association fees, real estate taxes and a mortgage insurance premimum required on all FHA mortgages of 1.15%.

Here are how the numbers compare:

Looking strictly at the numbers there is clearly no trend to draw a conclusion.

A couple of variables to look at when choosing a specific property are the real estate taxes and assocation fees. The real estate taxes can vary from property to property. Also the property may have lost the homeowner's exemption which acts as a discount on the property tax bill. All the properties listed above belong to a homeowner's association which charges a monthly fee for taking care of the common area. In addition, to real estate taxes, assocation fees will be different from association to association. Some may even cover utilites like the water, natural gas and garbage removal.

So if you are considering purchasing a home in Schaumburg, I think you need to take a look at all your options and understand the difference in cost between renting and owning. I always believe the best time to buy a home is when it makes sense for YOU to do it. If I can be of any help, please do not hesitate to contact me.

You can start searching for homes for sale in Schaumburg IL now

or

Start looking for homes for rent in Schaumburg

Thanks for taking the time and reading this post,

John

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Information provided by John Ziemba Keller Williams Team Realty 847-217-0480