Afforable Housing . . . Too Good to Be True? (Dallas, San Antonio: for sale, foreclosure)

[katie45]

I posted this on the "Texas" page, but realize I should have been on this page:

I've been checking out condos and/or 1/2 duplexes in the Dallas area (includes Allen, Carlton, Arlington, Irving, Richardson, Plano...etc.) and am finding a lot of homes are within my budget ($80k - $115K), and they would be less costly than renting. I thought I'd be a renter forever, but my hopes are rising after viewing the homes for sale in these areas.

My question is this: How do I know the areas with the affordable places are good places to live . . . meaning safe neighborhoods. Or, is the old saying, "If it looks too good to be true, it probably is."

I am now living near Kansas City and will be retiring and relocating in a little over 3 yrs., and want to move to a warmer climate (sick of the freezing KS winters, ice/snow/blizzards ).

I have never visited the Dallas area. Have spent time in San Antonio but am not finding housing as affordable as in the Dallas area.

If I ask a realtor, I'm afraid they'll just tell me anything to get me to buy.

Naturally I would never relocate anywhere without visiting the area sufficiently.

Any help is greatly appreaciated!

[FarNorthDallas]

Course it's hard to say where the housing market will be in 3 years...

But, I can help you out with Richardson on the west of Central. Do you have a map? There are houses in your price range in Richardson. The area to stay away from is along Spring Valley road (which a lot of is actually city of Dallas, but it's right on the border).

The Richardson Heights area is good.

Greenwood Hills is pretty good (there are a few more rentals in that neighborhood, so not all of the houses/yards are taken care of, but it's a pretty good place to live when you don't have a lot in your housing budget). These are front entry houses with two car garages.

There's a neighborhood along Custer just north of Arapaho that isn't bad. The neighborhood school there is very diverse, but it's rated exemplary. The street names are females names like Jolee. This are small houses, front entry, one car garages.

All of these houses are older.

[katie45]

Thanks FarNorth! This is very good information and gives me areas to look out for, and to look into. I've seen a lot of new construction on the web and they offer maps, so that will help with the info you provided.

I'd prefer not to get involved with a condo that has HOA dues, but yet it would be nice to have the outside maintenance provided.

Yes, you are correct that 3 yrs from now a lot can happen. I'm being very proactive and checking into many areas to see which will be the best match. I don't want to wait until the eleventh hour and then make a hasty decision.

One definite critera is to have a garage. I'm picky about keeping my car well maintained and also want it locked up when not in use.

Thanks again!!

[FarNorthDallas]

I think you can get new construction in your price range if you are willing to move way out of Dallas, like Melissa, Anna, Royce City, Kaufman County, Terrell, maybe Forney.

[catluvr]

I was just looking at some MLS sites...Mckinney and Frisco have huge homes very cheap now since most people have way overextended and many of those homes have been put into foreclosure. Only problem is the drive...Yuck! I'm not sure you want to do that by the way it sounds, but wanted to let you know about options.

[StretchNavy]

I was in the same boat as you. I am relocating there in a few weeks. We saw home prices and were like wow! we would spend less buying than renting. What we ended up doing was renting for 6 months so we could really look at the neighborhoods. Economy won't go sky-high in 6 months so prices should stay close to what they are now.

Just remember, buying in a high foreclosure area will drop your homes' value, and property tax is pretty high in most areas.

[katie45]

Thanks to all for great advice! I will be retired and if I choose to work it will just be part-time; so a drive is not a problem.

I think the renting for awhile is a great idea! Gives me the chance to really look around. Wouldn't bother me to rent for a year if it took that long to find the right home to buy.

Whatever area(s) I zero in on, I will ensure I visit each place first to at least get a first-hand look (as much as one can on a vacation).

I know one thing for sure, I have heard about the fantastic Texas hospitality, and I have no doubts about that!

[BstYet2Be]

Originally Posted by katie45

Thanks to all for great advice! I will be retired and if I choose to work it will just be part-time; so a drive is not a problem.

I think the renting for awhile is a great idea! Gives me the chance to really look around. Wouldn't bother me to rent for a year if it took that long to find the right home to buy.

Whatever area(s) I zero in on, I will ensure I visit each place first to at least get a first-hand look (as much as one can on a vacation).

I know one thing for sure, I have heard about the fantastic Texas hospitality, and I have no doubts about that!

Look on realtor.com for single-family homes in zip 75044... it's in the northeast part of Garland...
close to Firewheel Mall and all other shopping needs you may want with easy access to anywhere
else in DFW. There are a lot of zero lot line (i.e., also called garden or patio) homes with 2/2/2 or
3/2/2 with minimal HOA's ($200/yr for pool use) if any. Perfect for a retiree!

[cdelena]

Be very cautious regarding condos as there will be a monthly fee that is not capped as well as the possibility of assessments for maintenance and other expenses.

Also consider property taxes and insurance when comparing to rentals. Rental properties can qualify for tax calculation based upon financial data which can mean a much lower rate per square foot or per capita.

The other consideration with condos is that it is shared ownership. If have never seen a group of residents agree on the color of the sky no less maintenance priorities.

[katie45]

Originally Posted by cdelena

Be very cautious regarding condos as there will be a monthly fee that is not capped as well as the possibility of assessments for maintenance and other expenses.

Also consider property taxes and insurance when comparing to rentals. Rental properties can qualify for tax calculation based upon financial data which can mean a much lower rate per square foot or per capita.

The other consideration with condos is that it is shared ownership. If have never seen a group of residents agree on the color of the sky no less maintenance priorities.

Good advice! Thank you! And many times there are HOA dues for single family dwelling communities as well.