Houston Heights Advice in between the two Houses;Please Help (Howe: sale, foreclosure)

[axg275]

Hello,

I am debating between two houses in Houston Hieghts.


================House 1 =========================
** This One is a foreclosure which is at very good price about 85$/Sq foot but need repair + appliences. (265K)

** It is a 2007 home with 3200 Sq feet living area.

** Does not have 10 year warranty

** with repairs and appliences will run me about same amount that 20% of 350 K house would.

** Close to 19th Street

** Has a little back and front yard

** Not a stand alone unit (shares walls)

===============House 2 ========================

** New House 2008

** Has warranty

** Price at 139 $ sq foot ( 2600 sq feet of living area)

** Does not have back yard and does have little front yard

** Overlooks a park

** Can see houston skyline

** 6th street and right next to the running trail

** Stand alone unit ( does not share walls)

======================================

In comparing the two i dont know if it is worth to get the foreclosure or the new house. I realize that I will borrow about 80-90 K less on the foreclosure, so my montly bill on morgage will be about 300 dollars less. Having said that the foreclosure is about 600 sq feet bigger and may run me more electricity.

Please tell me your thoughts, any thoughts would be greatly appriciated!

Thank you for your time.

Alex

[Mr. Krinkle]

I would go for house #2 based on not sharing walls - thats a big plus for resale. And like you said, you will have to put a lot of money into the house once you buy it.

However, the bottom line is you buy the house you most want to live in.

[axg275]

Thank you for your advice Mr Krinkle

[modster]

I would vote stand alone over attached, but that is without seeing them, etc.

[axg275]

Thank you modster!

[neotextist]

Sounds like house #2 is in Woodland Heights, which is one of my favorite parts of the Heights, so I'd choose it, no question!

[axg275]

Houstoner it is around allston st and 6th is that "woodland hights"? Can you tell me what you like about it please?

[Oildog]

My preference would be #2 as its freestanding, and you never know what happened to a foreclosed house. But the two biggest factors are 1) Which one would you prefer to live in, 2) Given the location of each, which would be easier to sell if you had to move.

[axg275]

Thank you Oildog for your input. Your point number two I would have to ask my realtor. I dont know how to answer that. House number 2 was on sale for a while now (6 months), so I am not sure if it is because of the economy or the location.

[westres1]

I would find out if the foreclosure is due to the builder going out of businsess or was it owned by someone who had to walk. I ask this because many of the builders that went under used inferior materials and labor. I would have it inspected completely including foundation. Also, Is either stucco? inferior stucco causes problems later on. Many of the 3-story jobs have issues with water. Today is the day to go back and take another look. Look for any drainage problems and leaking from flat roofs etc..
Hope this helps and I agree with the others. Instead of thinking what is the best "deal" decide which area/house you really love.