Single Family Homes in Highland Park

highland-park-york-50A lot of my young friends are asking how much it costs to own a home in Highland Park. Well, more than you think, and by the time you’re actually ready to buy, more than it does today. Investors low and high are trying to flip homes in Highland Park, turning rugged, plaster-molting abodes into dream starter houses.

Now, there’s not exactly a dearth of inventory in Highland Park, it’s just that there are so many buyers. Flippers are stealing the $300K deals and turning them into $550K sales.  Expect each of those numbers to climb $50K over the next year.  I want to give my friends hope about FHA loans, but that’s getting increasingly less feasible because of the competition.

There are some houses that are government owned – often FHA-backed loans that went south – like the townhouse I posted about.  They sometimes provide a window for only buyers with FHA-backed loans to make offers on the property.  If you sign up for my email list below, I’ll email you if I see a good one.

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Condo vs. Single Family House

What are the advantages and disadvantages of owning a condo unit as investment property vs. a single family house? …Specifically if your goal is to rent it and eventually sell it…

These are the main (very generalized) points I’ve found, in terms of pros and cons:

Pros to House:

– It’s what everyone wants, which means:

– 25% higher rents

– better chance of appreciation

Pros to Condo:

– less maintenance worry

– better locations for lower price

– less crime worry

(the following cons are implied in the pros)

Cons to House:

– more maintenance

– less desirable locations for same money

Cons to Condo:

– they’re apartments, not houses, which means:

– shared walls

– shared backyard, pools, common area

– less than aesthetically pleasing high rises

– dealing with housing association (which can sometimes mean fewer issues to worry about personally)

In conclusion, if your goal is to flip in ten years, a house might be your best bet. If you want a cash-producing property now with little hassle, condos are safer if you know the rents.

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