To Buy or Not to Buy—That Is the Question

ELGIN, IL, June 25 - In today's economy, no consumers are more conflicted and confused than prospective homebuyers. Should they buy that dream home-or stay where they are? Should they be encouraged by falling prices that have created a real buyer's market? Or should they be discouraged by rising interest rates that have made monthly mortgage payments markedly more difficult to meet? Many consumers just sit on the sidelines, paralyzed with fear and indecision.

What's the smart buyer to do? While experts disagree on specific courses of action, most argue that buying a home-as a first purchase or an upgrade-is still a wise decision for most financially qualified people. Their purchase provides not only a place to live, but also an investment that almost always appreciates in value over the long run. Where else would your money buy that kind of dual value? Experts also contend that while current interest rates have risen dramatically over the past year, they remain low by historical standards. In most parts of the country, rates still fall somewhere below a modest 7%.

But just as homebuyers start to feel reassured by those answers, another tough question rears it head: Should they buy the existing house down the block or that brand-new home they've always been dreaming about? Experts haven't reached a consensus on that question either. But most acknowledge some of the strong emotional and rational advantages for buying new. The new buyer gets a home that's never been lived in before-something he/she can tailor to their own family's preferences, quirks, and desires. Moreover, a new home is usually constructed out of higher quality, more energy-efficient materials, making it both a better place to live and a better place to invest (with its potentially much greater price upside).

But once they decide to buy new and buy now, where should homebuyers go to find the smartest value? The Chicago area contains many reputable homebuilders who offer quality homes and responsive service. But the Elgin-based Grand Pointe Homes believes that it stands out, that it better meets the wants and needs of today's smarter, more demanding homebuyers. "The key is that we don't do cookie-cutter," said Vice President Scott Ballard, of his 21-year-old company, considered one of the top 50 builders in the Chicago area. "We locate our communities in beautiful and exciting areas and build each home with an almost obsessive attention to detail and unique design. When finished, these brand-new communities feel like the smaller, long-established neighborhoods buyers prefer."

To find smart value, buyers need look no further than one of Grand Pointe's newest communities in Lake Villa, Mundelein, and Lindenhurst. Amply sized from 2,727 to 3,552 square feet, these three- and four-bedroom homes seem much more luxurious and distinctive and than their price range of $420 to $440 would suggest they'd be. While they feature full basements, walk-in closets, and central air conditioning, they also contain such special touches as art niches, imposing columns between living and dining rooms, and high ceilings and/or two-story foyers.

The 29 classically designed Lake Vista homes in Lake Villa occupy a compact cul-de-sac, with each home having an expansive front and back yard-a rare feature in today's new construction. Each home also backs up into a peaceful and private wooded area, rather than another house. Meanwhile, not far away in the village center of Lake Villa, a commuter railroad conveniently stops everyday on its runs between Antioch and the Chicago Loop.

Equally extraordinary is The Preserves at McDonald Woods in Lindenhurst. The 28 homes offer a stunning view of either wetlands or lush woodlands. This intimate community is located in a quiet, private area, not subject to traffic and other commotion. It's a smart little getaway from the hustle-bustle of everyday life.

Then there's Mundelein's Tall Grass Ridge, which seems close to everything. Located just 35 miles northwest of downtown Chicago, the 43-home community offers quick access to Interstate 94 and Routes 60, 45, 176, and 83. A nearby commuter train line runs from downtown Mundelein to downtown Chicago. The town also boasts many recreational facilities, from exquisite golf courses to more than 20 neighborhood parks. Boating, fishing, swimming, and ice-skating provide some of the other diversions.

But Ballard likes to emphasize that, in one important sense, the developments are exactly the same. "In each one, buyers will find well-kept streets and sidewalks that are carefully and skillfully landscaped. Call it just another example of out commitment to community-building."

While it appears there are many smart reasons to buy a new home-particularly from Grand Pointe-Ballard has found one more. "Depending on the home you buy, we offer up to $20,000 in incentives for upgrades. Now what's smarter than that-getting much more new home than you've actually paid for? To visit Lake Vista, Tall Grass Ridge, or The Preserves at McDonald Woods, take 294 to Grand Avenue, make the exit, and head west. The sales center is located two blocks east of Route 83, and is visible on Grand Avenue at Vista Court. Sales hours are 10 a.m. to 5 p.m. daily. For more information, telephone (847) 356-8600.

Submitted 7/31/2007