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Unread 09-12-2011, 11:19 AM
 
Location: Katy, TX
23 posts, read 10,750 times
Reputation: 35
Exclamation is the HOUSING MARKET too risky to invest?

Hello to all,

I'm a 20 something young professional, and a renter. Upon realizing that I'm just throwing away my money on renting, I'm seriously considering buying my first home/condo/townhouse soon (like April 2012 when my lease expires) as a primary home initially and a future rental property.

I need advice on whether this will be a good time to buy or not and the best areas in the city that are getting steady appreciation on housing values?

It's my understanding that parts of 3rd ward is going through some changes, and there's some properties popping up that might be interesting...

Any advise from amateurs, homeowners, realtors or home investors?

Thanks for your help!
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Unread 09-12-2011, 11:24 AM
 
548 posts, read 330,618 times
Reputation: 725
Depends. Sunny, warm retirement areas should appreciate for the next 5 to 15 years. After that is anybody's guess.

The cold and rust belt, well, I personally would not drop a dime there. The rest of the country, might just run flat for a while - little or no value increase.
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Unread 09-12-2011, 11:32 AM
 
548 posts, read 330,618 times
Reputation: 725
As for as Houston, it's a tough call with the lack of zoning laws. I lived in the NW area for several years. Neighborhoods seems to change overnight in regards to home values.
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Unread 09-12-2011, 11:59 AM
 
Location: Where nothing ever grows. No rain or rivers flow, Texas
1,085 posts, read 334,131 times
Reputation: 468
just invest on yourself and get yourself a rich wife. This was an advice to me when i was younger but i didnt take it, partly because I'm not into high society and I make good money anyway. so i married a pauper ... but hot and funny
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Unread 09-12-2011, 12:20 PM
 
1,482 posts, read 1,375,732 times
Reputation: 1087
Quote:
Originally Posted by roseINweeds View Post
Hello to all,

I'm a 20 something young professional, and a renter. Upon realizing that I'm just throwing away my money on renting, I'm seriously considering buying my first home/condo/townhouse soon (like April 2012 when my lease expires) as a primary home initially and a future rental property.

I need advice on whether this will be a good time to buy or not and the best areas in the city that are getting steady appreciation on housing values?

It's my understanding that parts of 3rd ward is going through some changes, and there's some properties popping up that might be interesting...

Any advise from amateurs, homeowners, realtors or home investors?

Thanks for your help!
Do you have a steady income? are you willing to stay in Houston for more than 5 years? do you have alot of excess cash that can provide liquidity in the event of emergency work? How good are you at managing budgets? Do you like doing maintenance?

Rentals have the benefit of being short term, flexible and low maintenance to maintenance free. On the downside, you can't build equity and are subject to landlords timelines

Purchasing ties up cash in equity, locks you in to long terms, subjects you to fluctuating values and consumes time and effort on maintenance, but you get some of your money back when you sell and have alot more control over the property.
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Unread 09-12-2011, 12:22 PM
 
1,482 posts, read 1,375,732 times
Reputation: 1087
Quote:
Originally Posted by Texabama View Post
Depends. Sunny, warm retirement areas should appreciate for the next 5 to 15 years. After that is anybody's guess.

The cold and rust belt, well, I personally would not drop a dime there. The rest of the country, might just run flat for a while - little or no value increase.
Sunny and warm, that's a nice spin on Houston. Our winters are pleasant, but Houston isn't Cape Coral.
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Unread 09-12-2011, 12:50 PM
 
Location: Fortbend County
139 posts, read 172,283 times
Reputation: 57
Is the resale price going to cover your transaction cost such as agent's fees and closing costs in 5 years?
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Unread 09-12-2011, 01:00 PM
 
Location: Katy, TX
23 posts, read 10,750 times
Reputation: 35
Do you have a steady income? YES. full time. are you willing to stay in Houston for more than 5 years? Probably. do you have alot of excess cash that can provide liquidity in the event of emergency work? Not alot, but I'm anticipating a maintenance fund. How good are you at managing budgets? I've been doing them for years Do you like doing maintenance? Nope! But I'm an eager apprentice.

Rentals have the benefit of being short term, flexible and low maintenance to maintenance free. On the downside, you can't build equity and are subject to landlords timelines Is this accurate though? If you own the home and you're just renting it, can't you utilize the equity?

Purchasing ties up cash in equity, locks you in to long terms, subjects you to fluctuating values and consumes time and effort on maintenance, but you get some of your money back when you sell and have alot more control over the property. What about refinancing? Or possibly utilizing the equity as an opportunity to generate extra income through a side fund?
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Unread 09-12-2011, 01:01 PM
 
Location: Katy, TX
23 posts, read 10,750 times
Reputation: 35
Quote:
Originally Posted by va_residents View Post
Is the resale price going to cover your transaction cost such as agent's fees and closing costs in 5 years?
im not sure. this is why im asking for the best locations in the city to buy a first home in order to see some appreciation in a 2-5 yr window. any advice on this would be appreciated from anyone.
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Unread 09-12-2011, 01:01 PM
 
Location: Heights
594 posts, read 531,149 times
Reputation: 446
You know... renting isn't "throwing away money" if you are in certain situations. Like L-I-T said, it's a trade off.

To be honest with you, I THOUGHT I wanted to be a homeowner in my 20s but then when some of my friends dove in and witnessed all of the responsibility they had taken on, I quickly decided to hold off on that and appreciate my more carefree lifestyle.

But hey, if you feel strongly about owning your own home, look into it. It can't hurt to know your options.
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