FREQUENTLY ASKED QUESTIONS

Is now a good time to buy a new condominium? Our youngest homeowner was 19 years old when she bought her Blue River Carriage Home condominium. She was working nearly full time and going to college nights and weekends. Our lender was able to assist her in procuring a 15 year, fixed rate mortgage, because she wanted to have her house paid off by the time she was 35 years old. At the closing, I remember telling her how very much I admired her financial maturity. She told me that her father had died the previous year and left her just a few thousand dollars. She promised him that he wouldn’t have to worry about her. She was right. People buy homes for different reasons. For many, a home is a financial investment. For many, a home is an emotional investment. For most, it’s both. We believe that you should love your new home and be proud to be a homeowner. Now is as good a time as any to get started.

What is the difference between a new Blue River Carriage Home and a used one?
Good question. New Carriage Homes offer the most current designs, the newest interior products and they're fully guaranteed. Most of all, you're not moving into someone else's home, you're moving into your own brand new, sparkling clean home. And because it's yours and yours alone, you have the joy and excitement of customizing your home to your exact specifications with components and finishes you love. You won't have to settle for someone else's strange taste or feel that you're getting a hand-me-down home. This new Blue River Carriage Home will be all yours! Imagine what it will feel like to walk into your home, a home that hasn't been lived in before, a home that you've personalized with your choice of finishes. If you're someone whose home has to be more than just a place to hang your hat, investing an a new Blue River Carriage Home will buy you the style, comfort and sense of real ownership that you deserve. Buying a new home isn't just a sound emotional decision; it's a great financial choice as well. You should know that our new homes aren’t depreciated in value. Depreciation is an accounting term that describes the loss of value in property due to age, wear and tear, and obsolescence. Depreciation is the reason a used car is worth a lot less than a new one.

How long does it take to build a new home? From start to finish, it takes about four months to build a new home. We usually have a few feature homes already under construction that could be available as soon as three weeks.

What is Blue River Quality Construction? Another good question. High quality home construction is akin to the superb fit and finish you see in expensive foreign automobiles. We employ our own highly trained, experienced, carpentry craftsmen to create solid, superbly assembled structures. We don’t cut corners on construction and building technology. Our homes are wrapped in solid structural sheathing and anti-infiltration barriers to insure the strongest, most energy efficient exterior possible. We use only “smooth wall” finishes. We construct our homes using the only the best “name brand” building components. We will be happy to arrange a personal meeting with one of our Master Builder Supervisors to explain our construction quality standards and answer any questions you may have.

I’m not good at interior design, can I get help? We have professional designers on staff with superb taste. They can help you make decisions or do all of the work for you. They’re up on the latest trends, colors, and design themes. Our designers can even assist you in furniture purchases, including the furnishings you see in our model homes. Even customers with a lot of experience in design can benefit by consulting with our designers. Remember, the service is free to our new homeowners.

How do I go about getting a loan? It’s easy. We’ll do it all for you. We can get you started with a simple application in our Sales Center. We’ll match you with one of our best Preferred Lenders. We’ll handle all of the details from the first meeting through the closing.

I’ve had some credit issues in the past; can I still get a loan? We’ve helped hundreds of customers with blemishes on their credit history (even bankruptcy), little or no down payment, breaks in their work history, problems with divorce and a myriad of other problems, get market rate mortgages with no hassle.

I’m not married, can I buy a home? You bet. Many of our homeowners are unmarried. It’s just as easy to purchase a home for a single person as it is for a married couple. Remember, investing in your own home can lead to financial security later in life.

Are condominiums a good investment? We certainly think so. Our home prices have increased by up to 70% over the last few years. And remember, the homeowner’s association constantly maintains the exterior of your investment.

Why should I own a condominium instead of renting an apartment? We build our condominiums with much greater attention to quality than apartment builders do. We don’t cut corners; we recognize the difference between owners and renters. Renters are often “just passing through”, so landlords get by with much cheaper building technology. Owning also affords you great tax advantages and the pride of ownership is something you’ll never have as a renter.

What do I have to do to maintain my condo? The homeowner association will maintain the building exterior, do repairs, landscape, remove snow, insure the premises, collect the dues, do the accounting, and provide management. You will need to maintain the home’s interior. Remember, our new homes provide you with the assurance of our Blue River Home’s Warranty.

If I buy a Blue River Home, will I save money on income taxes? Absolutely. Homeowners are treated very differently than renters. Your mortgage interest payments and your real estate tax payments are tax deductible. What you save on income taxes can be invested in a retirement account, a new car, a wedding, a vacation, or just about anything you can dream of.

If I rent a home or an apartment I don’t have to pay real estate taxes – right?
Wrong. Think about it. A landlord wants the tenant to pay the taxes, the mortgage, the maintenance expenses, depreciation, capital improvements, and a profit….These costs are all hidden in your monthly rental payments. You are paying it, you just don't know it. It’s all lumped together and called rent.

I’ve never bought a home before; frankly I’m scared. Where do I start?
Start at one of our Sales Centers. Our New Home Consultants are experts. They have helped hundreds of homeowners through the sometimes scary and confusing process of buying a home. Getting Married. Getting a divorce. Bad credit. No credit. No money for a down payment. Between jobs. Job transfer. First time buyer. First new home. Leaving home. Indecisive. Breaking up. Getting together. Just graduated. Just retired. Down-sizing. Up-sizing. Relocating. Coming back to the area. Our Sales Consultants have seen it all. We can make the process easy and fun for anyone.

What’s the difference between owning a condo and a single family home?
Well, actually a condominium is a single family home. In the industry, we refer to a condominium as an attached single family home. Ownership of the unit is conveyed along with an undivided ratable interest in all of the common elements of the condominium. One of the best things about owning a condominium is the “maintenance free” concept. In a traditional single family home, the homeowner is responsible for the lawn work, snow and ice removal, constant exterior maintenance, replacement of depreciated and damaged components, shopping and re-shopping insurance policies, saving money to replace items that will need to be replaced in the future, and dealing with messy or unruly neighbors. Condo owners have the homeowner association to deal with all of that.

What do my dues pay for? Dues pay for Capital Reserves, Building Replacement Insurance, Lawncare, Snow Removal and Exterior Maintenance.

What is “P & I”? P&I stands for principle and interest, the two components of your mortgage payment.

Where do I get my home loan? Blue River has preferred lenders to which we can refer our buyers. However you are welcome to find your own lender.

Do I own my yard? You own a percentage of the entire property that makes up your association. You own individually the interior of your unit.

Who manages the common property? In new neighborhoods, Blue River Homes will manage the property on behalf of the association. When a certain percentage of units are sold, management turns over to the homeowners who will then establish a Board of Directors.

What do I do with my home when I want to move? You may retain a Real Estate professional of your choice to sell your home.

What is the tax rate of Blue River’s government jurisdictions? Currently, all blue River Homes communities are in the City of Loves Park, Township of Rockford, County of Winnebago and State of Illinois. The tax rate is 8.49%.

Can I have pets? Yes. Each home is allowed 2 pets per a Loves Park City Ordinance.

Do I need insurance? Yes. You are required to purchase a contents policy which is similar in cost and nature to a renters insurance policy and covers your personal belongings.

Can I have cable TV or a satellite dish? Yes.

Can I remodel my home? Yes, you may remodel the interior of your home with certain restrictions.

In what school district is Blue River Homes located? All Blue River communities are in Rockford School District 205, with Eisenhower Middle School and Guilford High School.





Blue River Homes, Inc. 6185 Commonwealth Drive, Loves Park, IL 61111 TEL 815-877-0200  FAX 815-877-0199