It's really only Wednesday?

kvruns · May 2018

@short+sassy I can’t believe you can get a house for under $50K yet rent it out for $1100 a month. That just doesn’t compute for me!

ernursej · May 2018

6fsn said:

@ernursej I'm sorry recovery is sucking. What was the surgery? I had a hell of a time with my gallbladder. Everyone else bounced right back:(

Gyne related surgery.

ernursej · May 2018

I could only dream of spending that much on a property. A 2 bed/2bath 1000sqft condo in my neck of the Canadian woods costs at least $200000. Houses of same size are roughly $250000+. You would have to go way out of town to find something under $100000.

TrixieJess · May 2018

ernursej said:

I could only dream of spending that much on a property. A 2 bed/2bath 1000sqft condo in my neck of the Canadian woods costs at least $200000. Houses of same size are roughly $250000+. You would have to go way out of town to find something under $100000.

^^^^ What she said. My little cottage was bought for $180K 15 years ago. If we were to sell it now, we could ask $350 to $400K in our neighbourhood without blinking an eye.

thisismynickname2 · May 2018

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

ShesSoCold · May 2018

thisismynickname2 said:

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

My taxes in the far west suburbs are NUUUUUTTTTSSSSSS. I look at my $7,200 tax bill and think of all the wonderful things I could do with that money. Or how much more house I could afford if that $600 a month went to principal.

That's one of the big reasons I want to move. I know everywhere has taxes but FFS it;s crazy here.

STARMOON44 · May 2018

ShesSoCold said:

thisismynickname2 said:

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

My taxes in the far west suburbs are NUUUUUTTTTSSSSSS. I look at my $7,200 tax bill and think of all the wonderful things I could do with that money. Or how much more house I could afford if that $600 a month went to principal.
That's one of the big reasons I want to move. I know everywhere has taxes but FFS it;s crazy here.

That sounds so low to me!

ShesSoCold · May 2018

STARMOON44 said:

ShesSoCold said:

thisismynickname2 said:

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

My taxes in the far west suburbs are NUUUUUTTTTSSSSSS. I look at my $7,200 tax bill and think of all the wonderful things I could do with that money. Or how much more house I could afford if that $600 a month went to principal.
That's one of the big reasons I want to move. I know everywhere has taxes but FFS it;s crazy here.

That sounds so low to me!

Holy crap where do you live?! LOL

redwoodoriginal · May 2018

STARMOON44 said:

ShesSoCold said:

thisismynickname2 said:

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

My taxes in the far west suburbs are NUUUUUTTTTSSSSSS. I look at my $7,200 tax bill and think of all the wonderful things I could do with that money. Or how much more house I could afford if that $600 a month went to principal.
That's one of the big reasons I want to move. I know everywhere has taxes but FFS it;s crazy here.

That sounds so low to me!

This! Although I live in Chi I grew up on Long Island and the taxes my parents were paying 10+ years ago were horrifying and the #1 reason they decided to move after we all finished college.
But yeah. I wish I could have found a 4b house for that Indy price! Our 2b/2b was what we settled on bc we wanted 3b but could not bring ourselves to pay that $$$ at this point in time

short+sassy · May 2018

redwoodoriginal said:

This! Although I live in Chi I grew up on Long Island and the taxes my parents were paying 10+ years ago were horrifying and the #1 reason they decided to move after we all finished college.
But yeah. I wish I could have found a 4b house for that Indy price! Our 2b/2b was what we settled on bc we wanted 3b but could not bring ourselves to pay that $$$ at this point in time

On the bright side, areas with high property values will typically also have amazing appreciation. Hopefully with a bit of time, appreciation will work for you all and result in a generous positive equity. And then you all can stair step to a bigger house...with maybe even money left over.

It's actually a constant debate on a real estate investing forum I frequent, lol. Appreciation vs. monthly cash flow. You will typically have some measure of both but, almost by definition, you'll be sacrificing one for the other. And, really, neither answer is right or wrong. It's really more question of what an investor's long-term goals are.

At this point in time, I'm a "monthly cash flow" girl! But I could see that as I acquire enough properties to get my monthly cash flow to the level I want it, then I might start slanting more toward appreciation plays.

kvruns · May 2018

thisismynickname2 said:

What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.

are your monthly condo fees high? Although I suppose high is a subjective term.

thisismynickname2 · May 2018

kvruns said:
thisismynickname2 said:
What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.
are your monthly condo fees high? Although I suppose high is a subjective term.

@kvruns They're less than $300 a month, which for building maintenance, disposal, water, and reserves for bigger stuff, is reasonable to us.

@STARMOON44 but recall that SSC said her place was $215k and she pays $7200 in taxes... is that a worse rate than LI? I know the coasts are obnoxious with taxes too. We paid $250k for our condo and our taxes are $4k, to illustrate the difference between city and burbs.

@short+sassy appreciation isn't really happening in Illinois. In most areas the prices haven't recovered since the recession and taxes keep going up even with stagnant or declining property values. It's causing out-migration, and because our government won't trim spending at any level (local/state), the pressure is on the people who remain and taxes just keep going up.

short+sassy · May 2018

thisismynickname2 said:

@kvruns They're less than $300 a month, which for building maintenance, disposal, water, and reserves for bigger stuff, is reasonable to us.

@STARMOON44 but recall that SSC said her place was $215k and she pays $7200 in taxes... is that a worse rate than LI? I know the coasts are obnoxious with taxes too. We paid $250k for our condo and our taxes are $4k, to illustrate the difference between city and burbs.

@short+sassy appreciation isn't really happening in Illinois. In most areas the prices haven't recovered since the recession and taxes keep going up even with stagnant or declining property values. It's causing out-migration, and because our government won't trim spending at any level (local/state), the pressure is on the people who remain and taxes just keep going up.

Yeesh, sorry to hear that then. RE does ebb and flow so hopefully there will be a turn around at some point in the future.

I'd be really frustrated also if my property taxes kept going up, without the value of my home going up also.

ernursej · May 2018

We only pay $1800 for property taxes!! We are in a 2 bed/2 bath 1200 sqft place that we bought for $300000 6 years ago. People complain about property taxes all the time!!

redwoodoriginal · May 2018

thisismynickname2 said:

kvruns said:
thisismynickname2 said:
What I paid for 800sq feet in Chicago is equivalent to what my friends paid in the suburbs for houses 2-3x the size. That being said, their property taxes are also 2-3x what ours are- not only because of size but because the p-tax rates in the burbs are higher.
This is why I love condo and city living though- no lawn to mow, no driveway or sidewalks to shovel, no major maintenance to worry about, and more affordable [property] taxes.
are your monthly condo fees high? Although I suppose high is a subjective term.
@kvruns They're less than $300 a month, which for building maintenance, disposal, water, and reserves for bigger stuff, is reasonable to us.

@STARMOON44 but recall that SSC said her place was $215k and she pays $7200 in taxes... is that a worse rate than LI? I know the coasts are obnoxious with taxes too. We paid $250k for our condo and our taxes are $4k, to illustrate the difference between city and burbs.

@short+sassy appreciation isn't really happening in Illinois. In most areas the prices haven't recovered since the recession and taxes keep going up even with stagnant or declining property values. It's causing out-migration, and because our government won't trim spending at any level (local/state), the pressure is on the people who remain and taxes just keep going up.

Depends where. We live down near university of Chicago / north Kenwood so our area luckily is getting a lot of tearing down old buildings and building new condos and our neighborhood specifically, and they’re actually selling for high prices that I was surprised by. We’re hoping it stays that way so when we sell in 5-7y @short+sassy will be correct in our return going up substantially. It’s what we are hoping for so we can end up in Kenwood proper or Hyde park proper vs a little bit north where we are now that is still being gentrified.

TrixieJess · May 2018

ernursej said:

We only pay $1800 for property taxes!! We are in a 2 bed/2 bath 1200 sqft place that we bought for $300000 6 years ago. People complain about property taxes all the time!!

In our city the average is $5500 a year, we pay slightly less than that, but our property is small.

6fsn · May 2018

Our house is valued at $225k by the auditor and we pay $5200 a year. That’s considered high for the area. Ohio property taxes fund schools.

mrsconn23 · May 2018

Our house is valued at over $300k (which we did NOT pay that much for this house and is why we've been in the appeal process for our valuation) and we pay $3200 a year in property taxes. Our property taxes fund our schools as well.

charlotte989875 · May 2018

6fsn said:

Our house is valued at $225k by the auditor and we pay $5200 a year. That’s considered high for the area. Ohio property taxes fund schools.

This is very similar to Buffalo. We're looking in the 225-275 range and taxes around coming out around 5-7k.

short+sassy · May 2018

Wow! It's really interesting to see all the property tax info. Apparently property taxes in NOLA are fairly low (comparatively). I'm shocked, lol. Politicians here take every opportunity to line their pockets with people's money. However, we do have an exceedingly high sales tax (10.5%).

My numbers for my properties are something like:

Appraised value (personal home) $160K. It's actually worth about double that amount and I am ruing the day when that catches up. Taxes are $650/year, but I also have a $75K Homestead exemption, so the taxes are based on $85K.
Appraised value $61K (worth $65K). Taxes $675.
Appraised value $80K (worth $110K). Taxes $1200.
Appraised value $107K (worth $120K). Taxes $1700.

ernursej · May 2018

I'm never going to complain about my property taxes again! We pay fairly high income taxes (provincially and federally) but no provincial sales tax ... only federal sales tax.

edit to ensure if didn't sound like we paid no taxes on purchases at all ... that would be brilliant!

It's really only Wednesday?

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