First Home - Need Help (Houston, Austin: apartments, lease, insurance) - Texas (TX) - City-Data Forum

Mr. Thinker · 03-02-2017, 03:27 AM

Hey guys, I am 22 graduating college come May and have landed a great job opportunity in the Galleria area paying $75k/year. I am looking to build a new home and am considering the Fieldstone area in Richmond. I am not really interested in purchasing a used home and I plan to live in this house for roughly 10-15 years. I did look at apartments closer to the area but I am not the type to go out much.

Can anyone tell me how the Fieldstone area is? The area seems very attractive, but since I am a beginner, does anyone have advice? Will the houses in the area retain their value or increase over time? Is there other areas I should consider? Currently, my budget is roughly $250k but am willing to squeeze a bit more. Also, how is the drive from Richmond to the Galleria in the morning?

Thanks!

TFW46 · 03-02-2017, 12:32 PM

There have been many discussions about Fieldstone and surrounding areas on this forum. Do an Advanced Search for posts and you'll get a lot of good info. Congrats and Good luck!

houstmom · 03-02-2017, 12:47 PM

Do you have any money for a down payment?

At 22, I had no desire to be a home owner and live in the suburbs (and I wasn't that social either). Are you sure you want to live so far away from the city?

Sollaces · 03-02-2017, 01:21 PM

If I were you I'd rent a hotel and stay a weekend or two and get to know Richmond first hand. Go visit shops, stores, talk to people, visit the sites, and get a feel for the area. By visiting and extending your visit you get a better idea. The drive back and forth to your work area will give you an idea of your commute. It may not be exact but an idea.

I'd also say visit your insurance agent and see how much it costs to insure a home in Richmond vs other areas. I know Fort Bend is extremely high to insure. Another thing to consider is water districts because they can jack up your tax rate and they may not set up a water district until you're been in your home a year or two. School districts also jack up their tax rate with various bonds. New homes will have a higher tax rate over time. It's inevitable. Home owners fees (HOA) can also be a lot higher in newer areas.

Lastly do check flooding and the flood map. Richmond does flood, there's a major river there, so check that too.

Now if I were looking for a home in Richmond I'd also look for a place that doesn't have as many apartment buildings. Lately there's a lot of new apartments going up on SH99 (The Grand Parkway) south of the 1093 intersection. Those will add more kids in the schools and more cars on the roads. (More school bonds needed = +More taxes) (More traffic congestion in your commute and every time you're out and about)

So yes do your research. Richmond isn't bound by one school zone and covers a lot of ground. I just saw Pulte is putting in a new area on FM 723 just south of 1093. This is an expanding area but again tax rates are 3.0 or higher. You might consider a HAR map search and just compare new areas and their tax rates / water districts. Houston isn't a cheap place to live. Good luck!

Lowexpectations · 03-02-2017, 01:39 PM

What's the entire financial picture? 250k on 75k is above my comfort zone unless you have a sizeable downpayment, not other debt and other emergency savings

SugLandDAd · 03-02-2017, 01:47 PM

You may want to review this thread.

Where to Move?

Aery11 · 03-02-2017, 01:50 PM

Hope that first job is a very stable, long term one if you are willing to commit, sight unseen, right out of college to not just buying a home in a brand new place but to building a new one - especially with only a $75k salary (may sound like a lot if you have never had a job but it won't go as far as you may think when you own a home, even a new one)! Seems a mite gutsy to me but good luck with that plan.

Mr. Thinker · 03-02-2017, 01:50 PM

Quote:

Originally Posted by TFW46

There have been many discussions about Fieldstone and surrounding areas on this forum. Do an Advanced Search for posts and you'll get a lot of good info. Congrats and Good luck!

Thanks for your reply! I did a bunch of research last night and thought I should open up a new topic for my age to get some advice for a young individual.

Quote:

Originally Posted by houstmom

Do you have any money for a down payment?

At 22, I had no desire to be a home owner and live in the suburbs (and I wasn't that social either). Are you sure you want to live so far away from the city?

So I lived in Austin for a while and had an apartment in the suburbs while attending school. I really enjoyed how quiet it was and thought this was the best route for me. The down payment is being taken care of, so I'm just worried about the location and home.

Quote:

Originally Posted by Sollaces

If I were you I'd rent a hotel and stay a weekend or two and get to know Richmond first hand. Go visit shops, stores, talk to people, visit the sites, and get a feel for the area. By visiting and extending your visit you get a better idea. The drive back and forth to your work area will give you an idea of your commute. It may not be exact but an idea.

I'd also say visit your insurance agent and see how much it costs to insure a home in Richmond vs other areas. I know Fort Bend is extremely high to insure. Another thing to consider is water districts because they can jack up your tax rate and they may not set up a water district until you're been in your home a year or two. School districts also jack up their tax rate with various bonds. New homes will have a higher tax rate over time. It's inevitable. Home owners fees (HOA) can also be a lot higher in newer areas.

Lastly do check flooding and the flood map. Richmond does flood, there's a major river there, so check that too.

Now if I were looking for a home in Richmond I'd also look for a place that doesn't have as many apartment buildings. Lately there's a lot of new apartments going up on SH99 (The Grand Parkway) south of the 1093 intersection. Those will add more kids in the schools and more cars on the roads. (More school bonds needed = +More taxes) (More traffic congestion in your commute and every time you're out and about)

So yes do your research. Richmond isn't bound by one school zone and covers a lot of ground. I just saw Pulte is putting in a new area on FM 723 just south of 1093. This is an expanding area but again tax rates are 3.0 or higher. You might consider a HAR map search and just compare new areas and their tax rates / water districts. Houston isn't a cheap place to live. Good luck!

Appreciate the insight! I didn't think about the hotel but I did drive around the area to see what it's like. The current state of the area is exactly North Austin was while I was going to school and I really like it. Except Houston is much larger and won't take 20 minutes to get to downtown. I asked my friends and they told me it's estimated between $1200-1600 a year for insurance. Tax rate is 3.15 for Fieldstone. The area of Fieldstone I plan to build is zoned to FBISD, but I don't plan to have children anytime soon.

I know I'm saying this now and hoping I don't regret it but I don't mind commuting on the highway. Houston is such a large city and during traffic times, there's no getting around long driving times. I'm used to driving 1-1.5 hours in traffic just to get home from the University of Houston, so I'm hoping that the drive home from the Galleria is around the same time. I looked for houses is other areas but the home prices are a bit higher. I've looked at Harvest Green, Long Meadow, Alaina, Silver Ranch, Firethorne and plenty others but Fieldstone seems to be the best price point for me.

I really appreciate all of your replies! I am prepared to make payments but I'm not big on the Houston city life. I prefer to hang out with friends at home.

RedOrDead_YNWA · 03-02-2017, 02:17 PM

Fieldstone is a good choice for your situation, I recently looked at Fieldstone but felt it was a bit too close to a starter community for what we needed. As a 22 year old single guy who prefers to pay a mortgage instead of rent and build some equity for the future (I am assuming) I think you'll be happy with FS. The Richmond area is on the come, and in 10 years when you'll be ready to upgrade I think you'll be in a good situation.

At 250k in FS you should get a decent 3br 2bath, around 2000 sq ft that should suit your needs, I noted a lot of for lease signs when we looked at Fieldstone, so just FYI it seems a little bit of a transient neighborhood where your neighbors might change every year.

Speaking as a guy who moved into an apartment straight out of college, then got stuck in that wheel for the next decade, I applaud your forward thinking. I couldn't have sacrificed being close to the party inside the loop at that age, but if you can you'll be very happy with your finances when you're in your mid 30's.

No idea what the commute would be like to Galleria, shot in the dark, maybe 45 minutes.

Like TFW said there are at least 10 threads out there that mention Fieldstone in some way out there.

Lowexpectations · 03-03-2017, 12:00 PM

The OP doesn't mention the size of they downpayment that is being "taken care of" but buying a house on the cusp of getting your first job is a bit risky. Buying more than 3x your income is also more than I'd want to chew, doable if you have no other obligations but absent that things start tightening up in a hurry. Rough math puts a 250k mortgage/house around 1600-1700 accounting for 4kish in taxes and 1200 insurance. 75k gross turns into 58k net after FICA and fed taxes