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Old 04-27-2011, 10:41 PM
 
8,364 posts, read 11,439,959 times
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Quote:
Originally Posted by norm6269 View Post
I was looking for Condos/townhouses due to the fact I wouldnt have to worry about exterior maintenance. Renting is such a waste of money, plus if Im going to pay $900+ for an apartment I might as well just buy a home and build equity. Im looking for other places other than Irving, so if anyone can tell me other places I would greatly appreciate it. I will check out Euless. I am working in Dallas now but still have a lease till October so I am commuting. I do not have a residence in Texas.
Things to consider:

1. Condos DO NOT appreciate much- if at all- in the DFW burbs...especially not $100k condos/townhomes. Many in Carrollton/ Irving/ Richardson/ etc are valued much much less now than what they originally sold for. You would be lucky to sell in 5 years for the same price or up to 3-5% above 2011 prices. So don't buy thinking you'll make money or see appreciation on a property like that. In fact, if it doesn't appreciate 10%, you'll be paying closing costs and/or realtors commissions out of pocket.

2. Rent is not a waste of money- you have to live somewhere and if the past few years haven't shown you that homes are NOT investments, I don't know what will.

3. Condo dues only cover some of your insurance. You'd still need to cover the inside contents (your belongings and kitchen/bath appliances and fixtures, flooring, etc). Mine runs about $700/year on a $150k-ish condo.

4. Beware the possibility of assessments for property improvements. Nearly everyone I know who's owned a condo for more than a few years has encountered an assessment- a supplemental charge for major repairs and/or upgrades that is MANDATORY and can lead to foreclosure if unpaid. The ones I am aware of have ranted from $2,500 to $40,000 per unit. This is just a way of life with condos and you need to have enough cash on-hand to be able to get through these should they come up.

5. I'm not sure how you decided to spend 40% less in DFW than in VA. I just don't think your budget is very realistic. At $150-175k, you could find a nice single family home in the mid-cities that would be worth your while.
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Old 04-28-2011, 08:01 AM
 
20 posts, read 40,764 times
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Thanks all but If I wanted your life advice I would have went somewhere else, I simply asked for a list of nice areas, not questions on why i would want to spend less money, jeez
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Old 04-28-2011, 08:02 AM
 
20 posts, read 40,764 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Things to consider:


5. I'm not sure how you decided to spend 40% less in DFW than in VA. I just don't think your budget is very realistic. At $150-175k, you could find a nice single family home in the mid-cities that would be worth your while.

Why do you care?
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Old 04-28-2011, 08:12 AM
 
Location: Simmering in DFW
6,887 posts, read 10,156,732 times
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Nice areas: Coppell, Grapevine, Far Northwest Euless, North Hurst

Areas that ARE safe and family friendly that you might find homes needing updating in your price point:
*Irving zip code 75062 only if EAST of Story Road. There's a couple great sections between MacArthur and Story and between O'Connor and MacArthur that are served by recognized schools. The closer to MacArthur the nicer....houses here move very, very fast and have been good investments.
*Irving zip code 75061 only in Hospital District (North of Irving Blvd. and only between O'Connor and Story) or Plymouth Park (which is getting hot these days) between MacArthur and Story...this area is also served by recognized school K-12...
*Euless zip code 75039
*Hurst north of Hwy 183
*Bedford north of Hwy 183
*Sometimes you can find a townhouse in your price point in Coppell - they go fast
*Sometimes you can find a house in Grapevine - worth checking out but it might be in a sketchy area
*North Arlington zip code 76006 and 76012 are quite nice and fairly quick to DFW airport using 157/Collins
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Old 04-28-2011, 08:24 AM
 
Location: Junius Heights
1,245 posts, read 2,008,826 times
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Quote:
Originally Posted by norm6269 View Post
Why do you care?
Norm,
Probably because we see again and again a pattern of people who have heard the COL is low in DFW who under budget by a HUGE amount. We also see a lot of people who don't understand the DFW housing market at all. We see a lot of these people get badly burned.

Forgetting about financial information,the only thing would tell you is that, in Dallas, Family Friendly and Condo/Townhouse mix like oil and water. They don't. There was recently a news story of a family getting fined because their toddler ran in their townhouse. Condo's/Townhomes have become almost exclusively the domain of singles, and the childfree by choice, and they often resent families with children moving in.
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Old 04-28-2011, 08:38 AM
 
20 posts, read 40,764 times
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Quote:
Originally Posted by Squirl View Post
Nice areas: Coppell, Grapevine, Far Northwest Euless, North Hurst

Areas that ARE safe and family friendly that you might find homes needing updating in your price point:
*Irving zip code 75062 only if EAST of Story Road. There's a couple great sections between MacArthur and Story and between O'Connor and MacArthur that are served by recognized schools. The closer to MacArthur the nicer....houses here move very, very fast and have been good investments.
*Irving zip code 75061 only in Hospital District (North of Irving Blvd. and only between O'Connor and Story) or Plymouth Park (which is getting hot these days) between MacArthur and Story...this area is also served by recognized school K-12...
*Euless zip code 75039
*Hurst north of Hwy 183
*Bedford north of Hwy 183
*Sometimes you can find a townhouse in your price point in Coppell - they go fast
*Sometimes you can find a house in Grapevine - worth checking out but it might be in a sketchy area
*North Arlington zip code 76006 and 76012 are quite nice and fairly quick to DFW airport using 157/Collins
THANK YOU!! Schools won't matter, I will only be here less than 5 years, but thanks. This was the answer I was looking for, thanks again!
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Old 04-28-2011, 08:52 AM
 
Location: Simmering in DFW
6,887 posts, read 10,156,732 times
Reputation: 6669
Correction: Euless zip code 76039


You probably will find the nicest homes at your price point in North Arlington. However, houses don't sell as quickly there when you want to get out.

One of my favorite sayings in RE: "Happiest RE moment in a 1st time buyer's life is the day he gets his house, 2nd happiest day is the day he closes on the sale of the house."

Best for resale -- I know b/c I buy and sell all the time -- Irving in the noted 75062 pocket (the closest to MacArthur and Northgate crossroads move quite rapidly) , Euless in the 76039 area (the farther north of 183 the better), anything in Coppell moves. Most anything in Grapevine sells quickly if not around "Dallas St. area"
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Old 04-28-2011, 09:07 AM
 
8,364 posts, read 11,439,959 times
Reputation: 5825
Quote:
Originally Posted by norm6269 View Post
Why do you care?
We see a lot of posters on the forum who falsely believe real estate is dirt cheap in DFW compared to wherever they are moving from. My point was just because some COL calculator tells you Dallas is 40% cheaper than VA doesn't mean its true or can be evenly applied across all expenses (homes, car insurance, food, etc).
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Old 04-28-2011, 09:12 AM
 
8,364 posts, read 11,439,959 times
Reputation: 5825
Quote:
Originally Posted by norm6269 View Post
Thanks all but If I wanted your life advice I would have went somewhere else, I simply asked for a list of nice areas, not questions on why i would want to spend less money, jeez
Again, you clearly are NOT an expert on the real estate market in DFW. I would be thankful the posters are honest enough to caution you against making a bad financial decision like buying a condo outside the center city- the only area of DFW where they are a half-decent "investment."

We just don't want to see you on the personal finance forum in 5 years complaining that you're stuck in Irving/ Euless/ Grapevine/ etc because your condo has lost 15% of it's value, is in a $18k assessment you can't afford to pay, and you don't have $25k to bring to the closing table and you want to know if you're a good bankruptcy candidate.

It's called advice. Whether you take it or not is your choice.
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Old 04-29-2011, 05:50 PM
 
14,648 posts, read 27,949,306 times
Reputation: 5111
true that...

and there are no townhomes in north Hurst--there are some in NRHills I think but probably not in that price range
ones in Colleyville are older and frankly pretty dated and overpriced
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