What would you do? (Opinions NEEDED) (Houston, Spring: real estate, apartment, rentals)

[tc1209]

If you were 25, single, no plans on marriage or children for a while, good job, and could afford to buy a house with a price under $210k. Would you keep renting in the loop for ~1200/month or buy a house. If you choose buy a house what area would you be looking in?

I'm seriously considering buying a house and have looked in areas such as Spring Branch West, Westchase (east of beltway&North of richmond), Westbury and surrounding areas, I just dont have a feel for how a youngin such as myself would like living in those areas. I've only lived in Houston for a couple years and only inside the loop. I dont know much about Houston outside of 610. I dont need good schools and playgrounds. I do want a house that wont depreciate or a house that is in an area where the demographics will continue to worsen and drag the area and home values down with it. I'm willing to go outside of beltway but dont want to go all the way to Katy, Sugarland, Kingwood, Spring, etc...

So, I will now open it up for comments. I need YOUR help. And let it be known your opinion is greatly appreciated.

[HoustonRonnie]

I'd continue renting.

1. At your age, go have fun. Why be tied to taxes, repairs, upkeep? What if you hate the place? If you rent, you can move on a shoestring.

2. $210K won't get you much and if you think of it as an investment, well, good luck with that.

When I divorced, I sold every piece of real estate I owned, moved into a rent home (loved it) and didn't own real estate again until my g/f and I moved in together 20 years later.

Just my $.02,

Ronnie

[jtothemak]

I agree with Ronnie, until you are ready to settle down keep renting. A house is not as big of investment unless you plan on living there for 10+ years. Enjoy life and flexiblity, be able to call the landlord instead of spending your weekends repairing and upgrading things.

[chris_ut]

I wouldn't buy a house until you settle down a bit more. Real Estate is not an investment in most of Houston so I don't see any reason to buy unless you are married with kids and want to settle into a school district for the next 20 years.

[David Dollar]

Don't! I bought a house at that age, and it was the worst mistake I ever made! Don't be tied down to something. What if you have a great opportunity somewhere else?

[tstone]

I know a few people who spent about that much on a condo type place inside the loop. When they "grew up" or moved away they still hung onto them but rented them out. Near 100% occupancy, basically pays for itself and a little more. Pay it off and you'll have yourself a little money maker.

[HoustonRonnie]

Originally Posted by tstone

I know a few people who spent about that much on a condo type place inside the loop. When they "grew up" or moved away they still hung onto them but rented them out. Near 100% occupancy, basically pays for itself and a little more. Pay it off and you'll have yourself a little money maker.

I owned two and rented them out. MoFo's danged near destroyed one and the other was a PITA to rent.

Just sayin'...

Ronnie

[dickelfan]

Take a look at the Hudson Oaks townhomes. They are off of Memorial in the Bunker Hill area. You can buy a nice one for around $150K. Great area to live in, not far from anything. Wife had a townhome there before we married. At your age I'd buy one then if you ever have to move you could easily lease it out.

[Thomas82]

I'm 29 with a fiance, and I'm moving from a home in Tomball to an apartment in the loop.

I assume you like to socialize and being in the loop is better for that. All my friends are spread out, and I can't hang out with them like I used to.

I recommend that you stay in your apartment. Since you can afford a 200k home, why not save the extra money or invest it? When you're good and ready, put a huge downpayment.

[studiobtm]

This is the best time to buy real estate in US history. Houston may not be the best market in the US but it has good long term prospects depending on where you buy. Recommend you should buy based on ease of renting more than personal preference - so perhaps a condo or townhouse close in? Location is critical. Condos can be great rentals due to the common maintenance - but read the bylaws before you buy!

Renting is not an issue if you can be a hard case about it. Get first, last and security. Do a full background investigation on the renters. Do not be nice and it will be very unlikely that you will suffer Ronnie's fate (not suggesting you should be rude or a bad landlord either). In 20 years you could own 20 condos and retire.

Keep paying rent and you'll add to my retirement.