Buying house in Austin (public school, price, good)

[G Grasshopper]

Originally Posted by jonlovet

I just read other forum "anyone else thinking moving out bay" and found this-

- Texas...... Bad weather. Different culture (except for Austin).
....................................

is that true?

To address just this part of your quote, if you are used to the weather in San Jose, Austin weather will indeed be bad. It is much, much hotter from May or June into October. And the winter is unpredictable, but will include very cold (freezing) days. Austin has a continental climate, meaning that its swings in weather are not moderated by any near-by ocean.

As for the culture, this quote makes it sound as though the culture in Austin is like the Bay Area. Not true. Although Austin is more varied than most of Texas (we have conservatives, libertarians, liberals, all living together,) Austin is still part of Texas. People who think they are moving to a little island of Non-Texas are fooling themselves. Most of us who have not lived in a place generally think of that place in terms of stereotypes, and that certainly holds with Texas (and Austin.)

[scm53]

To compare insurance costs between Texas and California as a rate per $100K of home value is a specious argument. Who cares what the rate is? What you care about is what the price is for your house. And given the price differentials, I'm betting the average Cali house has a higher bill - even if the rate is slightly lower.

Besides, if most Californians didn't go naked on earthquake insurance, there wouldn't be ANY thought of a comparison.

[mamacatnv]

Weather: Well, I haven't lived in San Jose in 25 years. My Brother is still there and if memory serves, San Jose is much more temperate without severe swings. Here in Central Texas there are some crazy swings. IE on Saturday it was in the mid 70's with blue skies and gorgeous, by Monday it was 35 with hefty winds.

The summers are hotter that is for sure, no nighttime cooling and the summers are really long. Begins along about May and finally cools off in October. The length of the summer IMO is far worse than the actual heat, there are just no breaks. The AC seems to run day and night for months on end.

I don't find the humidity stifling, occasionally we have sticky icky days but its not days/nights on end.

[Aquitaine]

Google 'why is homeowners insurance high in Texas' and you'll get some of the answers. Our weather is more extreme - hailstorms, temperature swings, flooding.

I think it sounds more dramatic to say it than it is in practice, though. Maybe our rates are slightly higher but it's not terrible. Property taxes are a different story, but those at least are offset by no income tax.

[jonlovet]

Thanks Aquitaine. Any idea about the rate of interest on mortgage at Austin. Also, do they accept 10% downpayment ?
-Jon

[Roadking2003]

Originally Posted by jonlovet

Thanks Aquitaine. Pls let me know the reason for higher insurance cost in Tx than CA. also 170$ per 100k is on yearly basis right ?

Correct.

Does rate of interest on mortgage varies from state to state.. My credit is around 740. In CA, i checked that I might qualify for 2.5%(variable) rate of interest or 3.5% (fixed). Keeping these numbers in hand, how does this work out in Austin. Is it 6% ?

I got a 2.5% fixed rate 2 years ago. They are closer to 4% now.

[jonlovet]

oh ok. thanks roadking

[Aquitaine]

Thanks Aquitaine. Any idea about the rate of interest on mortgage at Austin. Also, do they accept 10% downpayment ?
-Jon

Mortgage Rates - Today's Home Loan Rates and Trends | Zillow

You should be able to find something with 10% down, yes.

[mark311]

Originally Posted by jonlovet

Thanks Aquitaine. Any idea about the rate of interest on mortgage at Austin. Also, do they accept 10% downpayment ?
-Jon

In regards to the homeowners insurance question, I've learned that homeowner's insurance in Houston is a lot higher than in Austin (2 or 3 times the cost in some cases). I guess that's probably due to the more severe storm chances so really you would need to compare Austin homeowner's insurance costs specifically with San Jose.

And, if you have good credit/net worth, you could get a place for 5% down pretty easily with a 80/15/5 loan still (with the 15% second loan being at a higher interest rate of course, but it prevents you from having to pay PMI).

[balor123]

Wooten, Allendale Estates, Crestview, etc. You should be able to find what you what between Mopac, 183, and I-35. Note that AISD has open transfer to schools not full, apparently now even if you don't live in Austin! Homestead exemption takes 20% off the tax rate too so more like 1.8%. You can get condos in that price range too, sometimes detached w/private yards even.