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Old 05-12-2011, 01:04 PM
 
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I've been transferred to Dallas and will soon be looking for a home. We have 3 children and have decided that the Highland Park School District might make more sense than paying for private tuition for 3 children. Just not sure we can afford the home prices. Our income is around 250K per year and we have around 200K as down payment. We haven't bought a house in about 15 years so can't remember all of the qualification requirements. Also does anyone have any creative tricks to finding homes in the HPSID school district before they hit the market or are listed??
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Old 05-12-2011, 01:08 PM
 
Location: Simmering in DFW
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Contact a good realtor who has an established client base in the HPISD. Depending on your financial obligations, I would estimate you qualify for a $700K - $800K house.
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Old 05-12-2011, 01:14 PM
 
Location: Dallas
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Quote:
Originally Posted by Squirl View Post
Contact a good realtor who has an established client base in the HPISD. Depending on your financial obligations, I would estimate you qualify for a $700K - $800K house.
If you want a good realtor, please DM me. We just closed on a home in University Park last month, and our realtor was wonderful. Worked with her from December until we found THE ONE late March.

Still homes to be found just under $1M.
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Old 05-12-2011, 01:17 PM
 
Location: Dallas
574 posts, read 1,478,728 times
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Originally Posted by TennStud View Post
Also does anyone have any creative tricks to finding homes in the HPSID school district before they hit the market or are listed??
An established realtor in that area is a must. My husband looked at several homes before they went on the market thanks to our realtors' connections.
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Old 05-12-2011, 01:25 PM
 
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Just doing quick math - if your monthly take-home is around $10,800 then you'd have approx $2,700/mo for mortgage /taxes /insurance. A 30/yr fixed 5% mortgage and a $200k down payment yields a home purchase of $525,000.

Your annual taxes would be approx $9,000and your annual homeowner's insurance would be $2,500 or so. That's $960/ mo for taxes & insurance and $1,745/mo for your mortgage. = $2,703/mo.

Here is what $525k buys you in HPISD that has 3 bedrooms or more:
2800 Stanford Avenue University Park TX - Home For Sale and Real Estate Listing - MLS #11574838 - Realtor.com®
7425 Villanova St Dallas TX - Home For Sale and Real Estate Listing - MLS #11570696 - Realtor.com®
3439 Mcfarlin Blvd Apt 7 University Park TX - Home For Sale and Real Estate Listing - MLS #11547087 - Realtor.com®
2645 Lovers Lane University Park TX - Home For Sale and Real Estate Listing - MLS #11514772 - Realtor.com® (busy street & 1 block from US75)
3101 Rosedale Ave Apt C University Park TX - Home For Sale and Real Estate Listing - MLS #11526202 - Realtor.com®
4032 Lovers Ln University Park TX - Home For Sale and Real Estate Listing - MLS #11575595 - Realtor.com® (busy street, but better location than previous Lovers Lane address)

If you are open to townhomes, there are more available than the ones I posted above.

So, to answer your question, yes you can afford HPISD if you are willing to live in a small/old single family home (possibly on a busy street) or townhome environment. On the flip side, you're buying the very best public education possible for your children and making a good real estate buy with your money.

If you want more house, good schools, and a city of Dallas location, look in East Dallas (feeding into Woodrow Wilson HS, zip codes 75214 & 75206) or the Northeast Dallas neighborhood of Lake Highlands (Richardson ISD schools, zip 75238). They are both about 5-10 minute drive east of 75.
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Old 05-12-2011, 01:26 PM
 
13,194 posts, read 28,302,971 times
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Quote:
Originally Posted by Squirl View Post
Contact a good realtor who has an established client base in the HPISD. Depending on your financial obligations, I would estimate you qualify for a $700K - $800K house.
How did you come up with $700-800k? When I plugged the math into a mortgage calculator and figured nearly $1,000/mo for taxes & insurance, I came up with a $525k home max.
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Old 05-12-2011, 01:27 PM
 
13,194 posts, read 28,302,971 times
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Quote:
Originally Posted by mami2emily View Post
An established realtor in that area is a must. My husband looked at several homes before they went on the market thanks to our realtors' connections.
Absolutely- although at a $500k range budget, it's unlikely they're going to find a gem that's a pocket listing. Those are better found in the $1M+ range where realtors know certain former clients & friends would sell for the "right" price.
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Old 05-12-2011, 01:57 PM
 
21 posts, read 45,621 times
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Quote:
Originally Posted by TurtleCreek80 View Post
How did you come up with $700-800k? When I plugged the math into a mortgage calculator and figured nearly $1,000/mo for taxes & insurance, I came up with a $525k home max.
Wow only 525 max for a home?? So disappointed. We just sold our home in Memphis for a little over 600K. Once commision and other costs are paid, we will clear 200K. Guess I could try and come up with more of a down payment but are the Highland Park schools worth it??
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Old 05-12-2011, 01:59 PM
 
Location: Simmering in DFW
6,952 posts, read 22,690,784 times
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Quote:
Originally Posted by TurtleCreek80 View Post
How did you come up with $700-800k? When I plugged the math into a mortgage calculator and figured nearly $1,000/mo for taxes & insurance, I came up with a $525k home max.

Use this calculator: Affordable Home Calculator from CNNMoney

I actually figured more than $1208.00pm. TI - Also assumed $600 debt. Also 4.75% interest

Income is $250K/annual and down payment available is $200K. Plug into this calculator and see whatcha get. Its a lot higher than the $700-800 I estimated. Been doing this for years & years. I just take 2-2.5 x annual + down. But it works.
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Old 05-12-2011, 02:45 PM
 
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Are you working in Downtown Dallas & if so are you absolutely set on having very little commute/city lifestyle?

If not, you might consider other areas that still have good schools and will get you more house. But there will definitely be a commute attached if your job is downtown.
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