Help- First time buyers. Millennial couple (new house, neighborhoods, buying)

[Capitalprophets]

There is allot of new development in Prosper West of Dallas North Tollway by Hills at Legacy, Parks at Legacy and Windsong Ranch. As for the bypass, there are 2 options being discussed and both are no where near DNT or Preston Rd. but all the way by Custer Rd near McKinney.

Frisco Council just approved $2B for Lesso Mall that will be built on the West of DNT on 380 in front of Texas Health and Toyota Longo of Prosper from the projections it will be built as one of a kind but will be similar to Legacy West in Plano. It will be great for the property value of course but people have concerns around traffic.

https://communityimpact.com/dallas-f...1H9T6uYkvqfspc

Also....Blue Star Land, Jones' real estate arm, announced the company was seeking to buy a 216-acre business park, Frisco Park25, to build a 400,000-square-foot merchandising distribution and sales center for the NFL team.

https://communityimpact.com/dallas-f...dising-center/

https://friscoedc.com/FriscoPark25

I have realtor friends who are selling new construction houses left and right in Prosper along 380. 19 houses just got their permits approved to be built in the city of Prosper at Hills at Legacy last month and even more in Parks at Legacy so I'm not sure about the outcry that new houses are not being sold. You can check city website to verify those numbers.

Please don't let people on the forum misguide you from their one sided view based on their experiences. Do your own research.

[Texan#1]

I’m 32, married, and we just had our first born, so I can chime in here. A single story home is definitely a must! You’ll need to have your nursery on the same floor as your master bedroom and do not look for a second floor master. We wake up one or twice a night to go check on our little one and it’s comforting to know he’s close.

I think you should stick to the lower end of your budget, since you can find lots of homes in that price range in CoCo. Also, try not to go too far north of 121... I’d try to find a home south of 161 or close to it if I was you. This home will be your first and you can move up to something nicer in a few years.

[aggie972]

Is staying 10 years at all flexible? My wife and I bought in the Legends subdivision in the Colony earlier this year for the same amount as your budget, and got a 4/3 built in 2000. Master down and a 2nd bedroom down that we're currently using as a home office, but plan to convert to a nursery when we start a family soon. Others posters here can give you better advice about a wider range of options in CoCo, but my personal experience with my area so far:

+Just over minutes away from Legacy West and all the office buildings/restaurants/bars
+Less than 10 minutes from the Star and that part of Frisco
+Takes just a couple minutes to get on 121

-The looks some people give when you say "The Colony" (You can get to Legacy West quicker than you can get to Main St in the Colony, but people hear the colony and think Fox and Jacobs, etc.)
-I think the taxes in Plano/Frisco are lower, and I'm sure the services are better.

The elementary school we are zoned to, Morningside, is supposed to be fairly high rated, but I'm skeptical that it's really on par with schools in Plano or Frisco. Perhaps it will improve by the time we have school age kids with all the new development around 121. The reason I asked why you were flexible on 10 years is because we may move after about 7 to get a better elementary school, but I feel like that's enough time in one place to have justified buying over renting.

[mSooner]

I've known families with young children that make it work with 2 story homes, but it really is nice to have them all on one floor (even if they are all upstairs). We have 3 kids, the youngest is 3 years old and I'm still getting up nightly to tend to someone at 2 am. Every night for 7 years on a different floor would have been painful. I've also appreciated not having to deal with stairs & babies. Keeping them alive from crawling to 2 years old is hard enough!

That being said, I'm willing to ditch them on their own floor when they are older

[stephwin]

Originally Posted by mSooner

I've known families with young children that make it work with 2 story homes, but it really is nice to have them all on one floor (even if they are all upstairs). We have 3 kids, the youngest is 3 years old and I'm still getting up nightly to tend to someone at 2 am. Every night for 7 years on a different floor would have been painful. I've also appreciated not having to deal with stairs & babies. Keeping them alive from crawling to 2 years old is hard enough!

That being said, I'm willing to ditch them on their own floor when they are older

I am extremely lucky that both of my kids have been excellent sleepers and rarely have issues at night. We have a 2 story house and the master is the only bedroom down. Both kids went up to their own rooms around 7 months old. My oldest never needed us to check on her once she moved up. There were a few times she would wake up in the middle of the night, fuss for a few minutes, and then go back to sleep. She's 5 now. My youngest, 2, has only had a couple of middle of the night issues that required us to go upstairs and tend to her. But I realize this is really unusual. A 2 story house has worked well for us.

[Bp25]

Originally Posted by KTlove2017

Why do you think the area will tank?

Far out suburbs with new builds always get hit first. In a downturn, builders can lower the price but the people who just bought can't. When these recent buyers lose jobs in a down economy, they will foreclose and impact comp prices for everyone else - causing a domino effect.


In 2009 downturn, it was west Frisco that was hit hard. This time it will be north Frisco and Prosper.

[TurtleCreek80]

Originally Posted by KTlove2017

Hello everyone! My wife and I are looking to leave our apartment in Frisco and purchase our first home. We are in our early 30's and would like to stay there for the next 10 years at least We are looking for a town home or a Single family home in the Frisco, Plano, Prosper area. Our budget is 360K and could extend to 400K if we have to. We don't have kids yet, but will be family planning next year after.

What advice would you give your younger self on purchasing your first home, with the budget we have? Where should we move? Are town homes a good idea?

My advice: buy a single family home in the best location you can afford. Do not buy new construction and do not buy in a subdivision that isn’t built out yet. Those moves will protect you in case your 10 year plan doesn’t plan out, especially since the years of generous annual appreciation appear to be behind us for now.

Buy what you can afford on one income and make sure you budget 1% of the home’s value each year for repairs and ongoing maintenance.

[RoamingTX]

Originally Posted by KTlove2017

Why do you think the area will tank?

Demand is slowing, and there’s no constraint on supply out there. There’s very little actual infrastructure (plans are one thing, it actually being built is another).

Prices are slightly inflated right now in great neighborhoods, with much shorter commutes. When that pricing relaxes a touch, it’s going to further decrease demand. When supply exceeds demand, you have falling prices. Plus, you’ll be competing with the builder for years to come... not a good recipe.

Add on the fact that build quality is absolutely garbage right now, and that’s a bad way to spend a lot of money.

[DTXman34]

Originally Posted by SouthernBelleInUtah

Be wary of buying north of 380 until they have a definite plan for the bypass. You may end up with a 6-lane limited access hwy in your backyard.

They really need to fight hard against that proposed highway. Tar and feather the TXDOT folks .

[Capitalprophets]

Originally Posted by Bp25

Far out suburbs with new builds always get hit first. In a downturn, builders can lower the price but the people who just bought can't. When these recent buyers lose jobs in a down economy, they will foreclose and impact comp prices for everyone else - causing a domino effect.


In 2009 downturn, it was west Frisco that was hit hard. This time it will be north Frisco and Prosper.

Alright Lion-O, hand over the sword of omen.