$250K Starter Home (Dallas, Plano, Irving: for sale, HOA, condo)

[4Movingeast]

Originally Posted by BigDGeek

Yeah...reality will definitely hit if she's expecting a custom new build home for $250k.

My thoughts exactly! 250k will barely get you a brand new starter box these days.

[jdallas]

Originally Posted by LauraLama

However, my SIL wants to build her "custom" home. I don't blame her, that's what every new transplant want. Realities hit later.

Since when did 'starter home' = semi-custom build, brand new construction in a masterplanned community?

This is why any episode of This Old House beats any and every program on HGTV.

They could find a post WW2 bungalow in a decent urban area and fix that up over a couple years until their toddlers are ready to enter the school system. Invest the lions share of the sum that's burning a hole in their pocket and save, save, save. At the end of a few years, they could turn the bungalow into an income property or sell and move out to the suburbs for the kiddos after they get to know the area. Of course, that requires foresight, restraint and fiscal responsibility. None of which are staples of the current culture it would seem.

[bencronin04]

Originally Posted by jdallas

Since when did 'starter home' = semi-custom build, brand new construction in a masterplanned community?

This is why any episode of This Old House beats any and every program on HGTV.

They could find a post WW2 bungalow in a decent urban area and fix that up over a couple years until their toddlers are ready to enter the school system. Invest the lions share of the sum that's burning a hole in their pocket and save, save, save. At the end of a few years, they could turn the bungalow into an income property or sell and move out to the suburbs for the kiddos after they get to know the area. Of course, that requires foresight, restraint and fiscal responsibility. None of which are staples of the current culture it would seem.

It also depends on their toddlers age. I have two toddlers (1.5 and 3 years old) and we are looking to move next summer to an area with great schools because they start pre-k at 4. 1-2 years in a house doesn't really build much equity.

[biafra4life]

Like others have said Forney, Heartland maybe royse city, fate, Anna, Celina, Melissa. These locations assume op will not need to be near any major cities and likes being out in the boonies

[BigDGeek]

Originally Posted by 4Movingeast

My thoughts exactly! 250k will barely get you a brand new starter box these days.

Brand-new, yeah...but you can still buy for under $250k in my area. You won't get a big modern sparkly house, though. You'll get a smaller 50s ranch, probably with few updates.

Sucks to be a buyer these days, I guess!

[4Movingeast]

Originally Posted by BigDGeek

Brand-new, yeah...but you can still buy for under $250k in my area. You won't get a big modern sparkly house, though. You'll get a smaller 50s ranch, probably with few updates.

Sucks to be a buyer these days, I guess!

If I were in this situation, I would buy an existing home in the best, most centrally located neighborhood I could afford even if it meant taking on a small mortgage. Putting down a hefty amount of cash and having some left over for all the updates you want and an established neighborhood- seems like a no brainer to me.

[BigDGeek]

Originally Posted by 4Movingeast

If I were in this situation, I would buy an existing home in the best, most centrally located neighborhood I could afford even if it meant taking on a small mortgage. Putting down a hefty amount of cash and having some left over for all the updates you want and an established neighborhood- seems like a no brainer to me.

That's what I did.

Of course, six years later I still haven't done most of the work I wanted to do.

[fzabaly]

Hi Laura, I was able to buy a new construction patio home in Frisco (2000 sq ft / 3 bed / 3 bath) in 2011 for $220K; I maxed out on 'extras' so could have spent $200K instead. For a small family my size house is sufficient but o/c not spacious. Interesting they want to pay cash. With 15-yr mortgages at about 3% they could put $150K(or $200K) down on a $300K(or $350K) new construction house and have a 15-yr $150K mortgage w/monthly payment of about $1000(not including real estate taxes). That would give them an extra $50-100K to buy a nicer/larger/closer to Dallas house... Best Wishes, Frank Z

[synchronicity]

Originally Posted by 4Movingeast

If I were in this situation, I would buy an existing home in the best, most centrally located neighborhood I could afford even if it meant taking on a small mortgage. Putting down a hefty amount of cash and having some left over for all the updates you want and an established neighborhood- seems like a no brainer to me.

One of my fiscally knowledgeable friends often says (paraphrasing) "buy the cheapest house you can find in the best area you can afford". Good location trumps sparkly newness over the long term. Or, as another poster on this board once stated (I think it was GreyDay or EDS, my apologies for not remembering, and again paraphrasing) "If the best thing you can say about your house is that it's new, then soon it won't be".

But, some people just have to learn things the hard way, and it sounds like the OPs in-laws fall into that category.

[LauraLama]

Tell me about it. We were looking for something in our zip and liked one but it was too "dated" for her. It's such a great location and doesnt look dated at all.