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Old 08-06-2013, 04:43 PM
 
59 posts, read 90,010 times
Reputation: 60

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You're still in the DC-area mindset in thinking that $400 to $500 will just get you a townhouse. You need to be careful for "reverse sticker shock" - i.e., you're going to see a house at a price that seems unreal and you'll be tempted to offer list.

Even changing your plans from a townhouse to a single family home, I don't actually think you've narrowed it down very much. Lots of the northern suburbs have all the things you're looking for and are internationally diverse.

The main factor in narrowing down search area should be location. Where will you be commuting to? If you're going to be commuting to somewhere along US75, then Plano, Allen, McKinney and several other areas make sense. If you're going to be commuting to downtown Dallas, then west Plano probably makes the most sense. If you're going to be commuting to west Plano, the Plano, Frisco, Castle Hills, Flower Mound all come into the picture. And so on.

I would start by looking for neighborhoods that fit your requirements within 10 miles of where you plan to commute to and if none of those are right, move out another 5 miles. Repeat.
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Old 08-07-2013, 12:19 PM
 
5 posts, read 20,107 times
Reputation: 16
Thanks everyone for the wonderful advice. We have definitely switched our mindset from a townhome to a SFH, as I mentioned in my original post we both have the ability to work from home so it's more about new build community (we love modern - open floor plan, etc.) family friendly, good school district.

Plano keeps coming up as a great option with a plan B to look at surrounding communities where you get more bang for your buck (we have friends of friends in McKinney who love it). I had mentioned 400-450K as our budget, would definitely love to pay 300K and have savings left over (an obvious statement, but one that had to be said)
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Old 08-07-2013, 12:39 PM
 
25 posts, read 20,633 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Sounds like a good move for you but WHATEVER YOU DO, DO NOT BUY A CONDO / TOWNHOME IN THE DFW BURBS. Easily one of the worst financial moves you can make. Just buy a smaller home, even a zero-lot line home. You probably dont need to spend more than $300k to find what you're looking for here.
I am also new to this area.....Can you please explain why buying Condo/Townhome is not smart decision in DFW suburbs? What reason(s)?

buy/sell
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Old 08-07-2013, 12:55 PM
 
Location: Simmering in DFW
6,947 posts, read 18,785,005 times
Reputation: 7189
Quote:
Originally Posted by buy_sell1 View Post
I am also new to this area.....Can you please explain why buying Condo/Townhome is not smart decision in DFW suburbs? What reason(s)?

buy/sell
I really don't agree. It's important to look at sales growth anf price growth and compare townhouses and condos to SFH's. Historically in the DFW area, SFH's have been better performers by a w-I-d-e margin. But I think we are turning the corner on that and the story is changing.
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