Would you purchase a used house over 12+ years (Dallas, Richardson: real estate market, apartment complex)

[Pete53FR]

Yes

[Mishie723]

Hello,
I spoke to my RE agent and expressed everything that I was advised on this site. He said when he first moved to Dallas he rented for a year and half/ He felt it was NOT a good idea in this market to rent for a year. He said that if I took the route of renting a house, I would have to look at a house in the $150 range which would be simpler to just own in that price range. He felt I would do better if I go for a house in the $200 range versus the $150 range.
He also explained that a house around $200 range would be around $1700 a month with everything included.

He also explained that the cost of living is much cheaper in Texas than in NYC so you are ultimately living a better lifestyle in Texas versus NYC. He also pointed out that there are NO state taxes. That since I earn $57G a year and have no debt. That I should be able to manage the $1700 without a problem.

I explained that I did not want to be house poor and as a result find myself in foreclosure. He explained that he would INSIST that I get a good house inspector and not advise me to buy without a house inspection. He also agreed that older does not mean unkempt and not up to today's standards.

[DaveG99]

On 57k a year a $1700 mortgage would be tough. Especially if you have a car payment.

[pepper131]

Originally Posted by DaveG99

On 57k a year a $1700 mortgage would be tough. Especially if you have a car payment.

I agree!!
Factor in a car, gas, maintenance.
Elec bills might be higher than you are used to in the summer.
Property taxes are high too.
Renting first sounds like a much better option you until you get familiar with the area.

[TX75007]

Originally Posted by Mishie723

He also explained that a house around $200 range would be around $1700 a month with everything included.

We currently rent a larger, older home in 75007. The house is appraised for around 250K, is on a greenbelt, has fairly new appliances, and our rent is around 50 cents per square foot per month. We have a two year lease. Prior to that we rented another home for a year then rented an apartment for several years before that.

We also own rental property that was built in the 70s. All our leases on those are 2+ years as well and run about the same rate.

A property owner and the management company want good renters who pay their rent and take care of the place and want to be there long term. The longer term the better.

We have been looking at new homes for about two years now and we have learned a lot about the area, builders, and schools. Our views have changed a lot over that time. Knowing what we know now, we would not be as happy with what would have been our first choices.

Furthermore, prices continue to fall in the DFW market for new homes and will continue to do so for at least another year.

Finally, if you find a good buyer's agent, they will work to find you a good deal on a used or new home. We use a property management company and our current home is managed by another. Both are long established realtors in the area and both know what we want and will work with us as our agent. This relationship and ability to help us negotiate will save us lots of $$ when we buy.

[BigDGeek]

Originally Posted by Mishie723

Hello,
I spoke to my RE agent and expressed everything that I was advised on this site. He said when he first moved to Dallas he rented for a year and half/ He felt it was NOT a good idea in this market to rent for a year. He said that if I took the route of renting a house, I would have to look at a house in the $150 range which would be simpler to just own in that price range. He felt I would do better if I go for a house in the $200 range versus the $150 range.
He also explained that a house around $200 range would be around $1700 a month with everything included.

He also explained that the cost of living is much cheaper in Texas than in NYC so you are ultimately living a better lifestyle in Texas versus NYC. He also pointed out that there are NO state taxes. That since I earn $57G a year and have no debt. That I should be able to manage the $1700 without a problem.

I explained that I did not want to be house poor and as a result find myself in foreclosure. He explained that he would INSIST that I get a good house inspector and not advise me to buy without a house inspection. He also agreed that older does not mean unkempt and not up to today's standards.

Well of COURSE he's going to say that...he wants you to buy a house. That's how he makes his living...getting you to buy a house.

I mean...that's like asking a car salesman "should I buy a car or rent one?"

[LQQKOUT]

yes

[HOAPRESIDENT]

Originally Posted by BigDGeek

Well of COURSE he's going to say that...he wants you to buy a house. That's how he makes his living...getting you to buy a house.

I mean...that's like asking a car salesman "should I buy a car or rent one?"

Agreed. And I know people with about 3 times that proposed salary with ~$1700 per month mortgages.

[DaveG99]

and your mortgage price depends on how much you have to put down of course. Lots of variables in this equation.

[ChristieP]

Originally Posted by DaveG99

On 57k a year a $1700 mortgage would be tough. Especially if you have a car payment.

That leaves very little for emergencies that are not covered by insurance, such as replacing a roof due to hail damage, tree trimming after a storm, etc.

And yes, absolutely no room for a car payment!