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Old 05-21-2009, 06:02 AM
 
Location: london now not for long
14 posts, read 22,502 times
Reputation: 15

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Ok good morning dallas,

need some help if possible, my wife and 6 week old baby are moving to dallas next month. We would like to buy and will have about 15k deposit. I have read about the different places to live plano frisco allen mckinney and go on a house hunting visit next month looking to spend around 200k 250k

My main question is do i rent or do i buy right now? should i save more money for a deposit and rent an appartment if i rent an appartment where and how family freindly are the appartments in dallas?

Also how much are house bills for an average house?

Too many questions not enough answers
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Old 05-21-2009, 06:30 AM
 
Location: North Texas
23,625 posts, read 31,227,884 times
Reputation: 26696
Quote:
Originally Posted by Andre UK View Post
Ok good morning dallas,

need some help if possible, my wife and 6 week old baby are moving to dallas next month. We would like to buy and will have about 15k deposit. I have read about the different places to live plano frisco allen mckinney and go on a house hunting visit next month looking to spend around 200k 250k

My main question is do i rent or do i buy right now? should i save more money for a deposit and rent an appartment if i rent an appartment where and how family freindly are the appartments in dallas?

Also how much are house bills for an average house?

Too many questions not enough answers
With a $15k deposit I would consider spending less on a house. My mortgage lady quoted me closing costs of $5500-$6000 plus 10% of the value of the house as the cost of getting in on a mortgage at 5% interest so you might want to look for a less expensive house.

With the state of the housing market as it is, right now seems like a very good time to buy but that also depends a lot on your individual situation and your finances. If you don't know the area at all it can be good to rent at first so you can get familiar with the area without committing yourself long-term to a specific location. You might hate Allen or McKinney or you might love it. Also in DFW I highly recommend living close to work. Right now I live further from work than the house I am looking to buy so my commute will be shorter but I am also going to be just as conveniently located highway-wise in case I change jobs in the future.

Say for example you buy a house in McKinney and you work in Plano. That commute isn't too bad but what if you lose your job then find a new one in Irving or Fort Worth? You will be in your car half the day!
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Old 05-21-2009, 07:37 AM
 
Location: Mostly in my head
19,646 posts, read 53,609,203 times
Reputation: 18599
The cost of running a house depends on how big it is. You've given a price range but what you can get for that money may vary in size. Electricity, water, gas depend on size of house/how many people/personal habits but property tax depends on cost of house.

I really think you would be better off renting for a while , especially if, as your name suggests, you are coming from the UK. Dallas is hugely spread out and very few places are acessible by walking. Where will your job be located?
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Old 05-21-2009, 07:57 AM
 
Location: london now not for long
14 posts, read 22,502 times
Reputation: 15
Quote:
Originally Posted by SouthernBelleInUtah View Post
The cost of running a house depends on how big it is. You've given a price range but what you can get for that money may vary in size. Electricity, water, gas depend on size of house/how many people/personal habits but property tax depends on cost of house.

I really think you would be better off renting for a while , especially if, as your name suggests, you are coming from the UK. Dallas is hugely spread out and very few places are acessible by walking. Where will your job be located?

Thanks for the advice guys. I will be working off 75 (junction 6). I think from everything i read i need to invest in a nice car


ps i am from manchester england living in london currently and my wife is from Indianapolis, IN
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Old 05-21-2009, 01:22 PM
 
Location: Mostly in my head
19,646 posts, read 53,609,203 times
Reputation: 18599
Oh, definitely rent for a while until you sort out what places suit you best. Many complexes offer 6-month leases. Or you could rent a house. Just try to stay within a reasonable commute to work.
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Old 05-21-2009, 01:30 PM
 
Location: North Texas
2,487 posts, read 5,584,584 times
Reputation: 1690
Rent first, save money over summer....in the fall once you get to know the areas, traffic, where you work and what you and the wife are looking for in a home and schools for the little tike THEN BUY!
It's a great time to buy anywhere and times like this are not going to go away over night or over the next 12 months. Or for that fact over the next 24 months. Take your time.

Also, utilities are more expensive the big the home. Stick with what you need not what Texas size can give you.
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Old 05-21-2009, 02:32 PM
 
Location: london now not for long
14 posts, read 22,502 times
Reputation: 15
my company help me out loads by putting me in accomadation for 2 months and also help me get a house loan so i have lots of options. Thanks for the advice.
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Old 05-21-2009, 02:48 PM
 
Location: North Texas
2,487 posts, read 5,584,584 times
Reputation: 1690
Quote:
Originally Posted by Andre UK View Post
my company help me out loads by putting me in accomadation for 2 months and also help me get a house loan so i have lots of options. Thanks for the advice.
Well then, you have some time. That is a great thing.
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Old 05-21-2009, 02:55 PM
 
Location: london now not for long
14 posts, read 22,502 times
Reputation: 15
Quote:
Originally Posted by Proud Rowlett Owner View Post
Well then, you have some time. That is a great thing.
Thanks PRO really appriciate your help, we really want to buy and are sick to death of renting paying 1500 a month currently hurts and the thought of renting again is not much fun
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Old 05-21-2009, 06:50 PM
 
6,585 posts, read 22,409,761 times
Reputation: 3170
Quote:
Originally Posted by Andre UK View Post
Thanks for the advice guys. I will be working off 75 (junction 6). I think from everything i read i need to invest in a nice car
I am a native Dallasite and have never heard the term "junction 6" - what is that?
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