Lombard, IL - (September 18, 2007) - Renters can become homeowners easier than they may think and Residential Homes of America, Inc. (RHA) can show people how to achieve this goal at their beautiful Fountain Square condominium community located in west suburban Lombard. This mid-rise condominium neighborhood continues to welcome new residents in Building Two at Fountain Square and renters interested in purchasing their first home can visit the community to learn how they can become homeowners and start building equity in a new home. The condominiums at Fountain Square are priced from the low $200s, with beautifully decorated and furnished models open for tours everyday.
“There’s really never been a better time to rid oneself of their landlord and start building equity in their own new home. At Fountain Square, we can show people who are currently renting how easy and affordable it can be to purchase a new condominium
at this community,” said Ann Danner, president and owner of Residential Homes of
America, Inc. (RHA). “When renters start comparing how much they are currently paying in rent month after month with nothing to show for it, to how much they would pay to own their own new home, they may be surprised to learn that they can actually afford to purchase a home and reap the benefits of homeownership.”
Fountain Square features 15 different floor plans, each a single-level layout in a mid-rise four-story elevator building with heated underground parking. The homes have one to three bedrooms with 1-1/2 to 2-1/2 baths and range in size from 920 to over 1,800 square feet.
All the homes include a luxury master bedroom suite with walk-in closet and private bath, along with an in-home laundry room and one deeded garage space. The condominiums start in the low $200s and range to the upper $300s.
Interest rates are still very favorable and renters can meet with an RHA preferred lender to see what mortgage programs are available to help them achieve their goal of becoming a homeowner. Purchasing a condominium as a first time buyer is an excellent investment and is the perfect transition for someone who is new to homeownership. Fountain Square is a maintenance-free community, with all outdoor landscape and outdoor building maintenance taken care of through the monthly association fee, so residents have plenty of time to enjoy their homes without worries of exterior upkeep.
“Monthly mortgage amounts quoted through National City, one of our preferred lenders, can be as low as $1,433.05 on a five-year interest-only loan at 5.25%, which includes real estate taxes. This doesn’t even take into consideration the tax benefit
someone realizes at tax time for mortgage interest and property tax. Someone in the 28% tax bracket would actually reduce that payment even more,” Danner said.
The landscape at Fountain Square is one of natural wetlands and green spaces seen from the windows of each home or from their private balconies. Walking trails
provide opportunities for exercise for residents and their pets alike. Additional recreational amenities like the Illinois Prairie Path are located a short distance away in historic downtown Lombard.
Renters who make the transition to homeownership at Fountain Square will be able to enjoy the tax benefits of being able to deduct their mortgage interest on their tax return, which can add up to substantial savings year after year. By building equity in their home from the moment they move in, a new condominium at Fountain Square provides buyers with a solid investment in their financial future.
“With rents that continue to rise year after year and the increasingly steep security deposits and rental requirements that are common today, this money can be put towards the purchase of a condominium at Fountain Square and start working for the homeowner instead of their landlord. Depending on the type of mortgage a buyer chooses, knowing their payments will stay the same year after year can be comforting and help in maintaining a budget,” said Danner.
Renters who visit Fountain Square will be wowed by the outstanding included features of each home, with items such as master suites with walk-in closets and a private bath with ceramic tile tub and shower surrounds. Gracious 9’ ceilings are found in the
main living areas and thanks to the immediate hot water system, showering after a workout or preparing dinner was never easier.
Each condominium also highlights individually controlled forced air heating and central air conditioning along with the convenience of a private, full size laundry room that compares favorably with that of a single-family home.
Deluxe interior finishes include buyer’s choice of ceramic tile flooring in the entry foyer and powder room, theatrical lighting and furniture quality vanities in the baths and painted white Cremona doors and trim throughout each home.
“Another great reason to become a homeowner at Fountain Square is the great amenities that each home provides and which can be seen firsthand in the models. Most renters do not have the luxury of an in-home laundry or a heated garage, but these items are standard with each condominium at this community,” Danner said.
Fountain Square also showcases a location that blends the best of urban and suburban living into one. Located just east of Yorktown Mall and minutes west of Oak Brook Center, residents at Fountain Square can walk to a wide variety of new and trendy restaurants. Part of an upscale mixed-use development that includes dining, nightspots, retail and service outlets, Fountain Square offers the ultimate in convenience.
Fountain Square is only 30 minutes from downtown Chicago and has easy access to major expressways including I-88, I-355, I-290 and I-294. Metra rail service is also just five minutes away in downtown Lombard.
“If you are a renter who is tired of paying hundreds or thousands of dollars each month to a landlord, I invite you to visit Fountain Square and sit down with our sales and
financial experts in the sales center to see how affordable it can be to purchase a new condominium at this community and how, by being a first time buyer, you can start down the road to financial security by becoming a homeowner,” said Danner.
Residential Homes of America, Inc. has been recognized for the highest standards of quality and integrity with the Diamond Builder Designation from the Home Buyers
Warranty Corporation for its superior workmanship and spotless claims record. RHA
is the only homebuilder in Illinois to receive the coveted award which is a one-time only,
life-time award given only to those builders who have demonstrated at least a five-
year track record of offering the highest standards of construction, design and customer service in their markets based on strict criteria.
The Residences of Fountain Square are located in Lombard, east of I-355 and west of I-294 at Butterfield and Meyer Roads. The sales center is located at 845 E. 22nd Street and is open from 11 a.m. to 6 p.m. Monday through Saturday and Sunday from Noon to 5 p.m. For more information call (630) 627-2000 or visit rhahomes.com.
