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Old 07-10-2012, 11:38 AM
 
Location: Houston, TX
27 posts, read 32,240 times
Reputation: 31

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I agree with Studio's points.
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Old 07-10-2012, 12:00 PM
 
613 posts, read 699,893 times
Reputation: 638
If you buy and then need to rent out there are a lot of great points on here. A prime location will rent easy but also it depends on the market at the time on what you will get per month. Another thing to consider is the type of renter you may get. People can be slobs and trash your place very easily and to evict someone is not the easiest in Texas and takes time and can eat up their deposit and then some from lack of rent payment and then you have to spend money to fix the place back up. Most people that are successful with rental properties have multiple rent properties and little to no mortgage. If you have a mortgage you may only make a few hundred a month in a perfect world and is that really worth the headache? Now if the property is fully paid off by the time you rent it that is a total different story. Also remember if you decide to move your income will have to qualify for both your rental property and your new home if you buy again.
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Old 07-10-2012, 12:05 PM
 
60 posts, read 39,321 times
Reputation: 74
What is yalls opinion on Buying a condo/townhome in a good area such as bunker hill? The only thing that really has kept me from looking at them are the monthly HOA fees and SPECIAL ASSESMENTS. EWWWWW
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Old 07-10-2012, 02:44 PM
 
Location: Houston
7 posts, read 5,960 times
Reputation: 15
TC, I'm in the same boat as you, same budget as well. Single, no kids, good job, etc. I'm looking to buy in EaDo (east downtown) after renting in the Westchase district for the last 2 years. Right now is a good time to buy IF you have enough for a decent down payment and can qualify for the low rates. But remember, the first few years you're paying mostly interest and have to pay taxes/ insurance (tack a few hundred onto your mortgage payments), so its not like you're building a TON of equity or anything.

Westchase/ West of the loop is a nice area, but if you're used to living in the loop it might take some adjusting. Takes a good 15-20 mins to get downtown or to the Galleria without traffic due to all the stop lights, etc. Look in EaDo. I'm 1.5 miles from DT. 3 miles from midtown and I'm buying a house for $235k that would go for $300k+ in the heights or midtown.

Anyway, PM me with any Westchase/ home buying questions you have.
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Old 07-10-2012, 03:27 PM
Status: "Woe is me.." (set 7 days ago)
 
Location: Houston-Galveston-Sugar Land MSA
1,444 posts, read 2,285,167 times
Reputation: 509
Become a landlord buy buy buy now.
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Old 07-10-2012, 03:32 PM
 
Location: Houston, TX
15,692 posts, read 15,684,053 times
Reputation: 14005
Tough call, maybe a new townhouse on the eastside or a developing neighborhood. Otherwise I'd continue renting as things often change alot on the job front between 20 and 30. The key I think is to stay in the loop while you are single. I know many young singles who live in Katy/Spring/Kingwood etc and are kind of miserable and come into the city any chance they get.
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Old 07-10-2012, 03:47 PM
 
Location: Westbury
2,628 posts, read 2,490,110 times
Reputation: 2151
I was in your exact position last year and I decided to buy a house. rent in montrose was $1,100 and going up. I had more than a 20% down payment set aside and stable job. My mortgage is $760 a month. My taxes and insurance of course are a few thousand a year. Even with my maintenance for the house (lot of DIY) I'm saving a couple hundred a year with my home. Not that a few extra hundred is a lifestyle change but having the space in the home and the yard is. I like it

If you aren't geared up for doing maintenance and improvements yourself or having a lawn than I'd say keep renting with the idea you will keep moving around. If I was still renting I'd be putting more thought into accepting a job in a different state. But, I'm happy here and love my house so that doesn't make me disappointed.
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Old 07-10-2012, 05:51 PM
 
Location: Houston, TX
10,338 posts, read 10,028,384 times
Reputation: 5825
You could start by renting a house.
I would buy a small house in an older neighborhood.
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Old 07-10-2012, 06:31 PM
 
1,446 posts, read 1,763,406 times
Reputation: 1163
Depends:
1.) Do you need/want more space than your current apt? If yes buy
2.) Do you have interest/time to DIY repairs and maintenance? If yes, buy
3.) Do you have desire/time to invest in properties either now or future? If yes, buy
4.) With your budget, can you buy something that you will be happy with? If not, save a little more then buy
Otherwise, just rent and be happy, invest your time and savings elsewhere. I would discourage high HOA of many townhomes and condos, alot of wasted money imho.
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Old 07-10-2012, 09:27 PM
 
Location: I live in Houston and Lake Conroe
7 posts, read 12,095 times
Reputation: 30
You should check out what you can buy with a $1500 a month mortgage and you’ll be pleasantly surprised at what you can get. If you buy something and sell it for what you bought it for, you will have basically lived there for free – minus upgrades and repairs. More than likely, if you buy near or inside the loop, you’ll do well. I would NOT suggesting buying in the burbs until you're ready to settle down. There are a lot of small condos for purchase in the city. Renting is just throwing your money away. Purchasing a home will build equity and credit. Just a suggestion.
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