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Old 05-04-2008, 06:44 PM
 
164 posts, read 792,393 times
Reputation: 91

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Quote:
Originally Posted by ChristieP View Post
I agree. I'd consider renting. Yes, it is good to build equity, etc., but with gas at $3.50 a gallon, a long commute to an area you can afford really doesn't make sense.
Exactly...I was not trying to be harsh, just make a point. The best bet for the OP is to rent a nice apartment or town home very close to work. Then save, save, save for that down payment which will allow them in the future to get a much nicer home.
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Old 05-04-2008, 07:35 PM
 
362 posts, read 1,719,167 times
Reputation: 138
The Colony, TX has some older homes in your price range. Its about a 20 mile commute to Plano. I have no idea how the schools are. Good luck with your search.
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Old 05-04-2008, 09:40 PM
 
109 posts, read 398,447 times
Reputation: 56
Quote:
Originally Posted by Rakin View Post
If your commuting to Plano I would not go south. North or east towards Rockwall and farther out might be the place. It will make the commute much easier.
Commuting from Rockwall to Plano would be a nightmare traffic-wise. I-30 has gotten really bad recently and taking the back ways will take you even longer. Also, you won't find a decent house in that price range.

You might be able to find something in the older areas of Richardson. Garland or Rowlett might work. Mesquite also has very affordable homes and is very safe depending on what area you are in. All have decent school systems.
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Old 05-04-2008, 10:57 PM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,254,649 times
Reputation: 2720
There is one house in the Colony below 100K and it's been on the market for almost a year!!!! That's another interesting area that is experiencing change (positive).

Sorry nothing in Rockwall worth considering below the mid 130s...

You can't even get a condo or townhouse in Richardson below 100K with her needs... sorry
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Old 05-05-2008, 05:09 AM
 
73 posts, read 222,720 times
Reputation: 18
Many thanks to all! I would like to clarify that we don't HAVE to be under 100k, but I just put this out there because I have found some homes in that range and was wondering if it is possible to find them in safe areas with good schools. We are NOT going to rent, so that is not in question. We will go up in price if need be. At this point, we just need to come out to do lots of driving around to see everything we can.
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Old 05-08-2008, 08:07 AM
 
Location: Bothell, Washington
2,811 posts, read 5,625,045 times
Reputation: 4009
Quote:
Originally Posted by MountainPharmD View Post
Have to go north for that...Try South Dakota or Eastern Nebraska.....Everything here decent is well above 100k. You should think about renting.....
Actually I live in eastern Nebraska, and home prices here are a bit higher than they are in DFW. Just thought I'd chime in on that.

We visited DFW this past weekend for the first time and found that there are builders building new homes that start in the low 100's, even some just under 100,000 if you look hard enough.
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Old 05-08-2008, 02:39 PM
 
Location: Lake Highlands (Dallas)
2,394 posts, read 8,595,227 times
Reputation: 1040
You should calculate your mortgage -vs- commuting. Let's say you are OK with a 40-mile commute at an hour if you found a $100K home. We can compare that to a 8-mile commute on a $125K home. We'll assume 95% mortgages at 6.25% fixed for 30 years for both scenarios:

Option 1: 100K home

Mortgage = $584/mo.
Insurance = $50/mo.
Taxes = $208/month.
Commute = 40 miles x round trip x 20 days/month = 1600 miles @ 25 mpg = 64 gallons x $3.50/gal = $224/month in gas.

Total monthly bill = $1065 (and I'm not including the wear and tear on the vehicle)

Option 2: 125K Home
Mortgage = $731/mo
Insurance = $62.50/mo
Taxes = $260/mo
Commute = 8 miles x round trip x 20 days/month = 320 miles @ 25 mpg = 13 gal x $3.50/gal = $45.50/month in gas

Total cost = $1099/month

As you can see, the costs are very close. When you factor in the $125K home will give you a larger tax deduction plus save over 1200 miles per month on your vehicle, you can see that you can actually have a LOWER monthly expense by living closer to work and paying more for a home - not to mention you'll have more time to spend with your family.

Something for you to consider. Vehicles depreciate with every mile you put on them. The faster you rack them up, the faster it depreciates and the quicker you'll have to replace it. Homes historically have gone up at a 4% rate - give or take.

Brian
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Old 05-08-2008, 03:21 PM
 
Location: Lewisville
212 posts, read 1,153,945 times
Reputation: 133
Quote:
Originally Posted by nsumner View Post
There is one house in the Colony below 100K and it's been on the market for almost a year!!!!
I'm not a real estate agent, so I don't have access to the most up-to-date and detailed MLS, but I found several homes in The Colony searching on realtor.com.
All of these are in the price range, and about as cute as you're going to find at that price point. Maybe they look better online than they do in real life, or maybe these are stale listings, but it's worth checking out. (Appologies to the Mods if posting these links is against the rules)

Single Family Home - 4700 Jennings Drive, Colony, TX, 75056 - Realtor.com

Single Family Home - 5101 Pruitt Drive, The Colony, TX, 75056 - Realtor.com

Single Family Home - 6804 Curry Drive, The Colony, TX, 75056 - Realtor.com


Single Family Home - 5701 Truitt Street, The Colony, TX, 75056 - Realtor.com

Single Family Home - 5629 Truitt Street, The Colony, TX, 75056 - Realtor.com

Single Family Home - 5621 Tucker Street, The Colony, TX, 75056 - Realtor.com

Traffic going in/out of The Colony during rush hour can be really frustrating, but I think this will improve somewhat once 121 opens up this summer. I keep hearing about Main Street getting widened sometime in the future too. I wouldn't commuting farther south than Addison if you're living in The Colony, but I think it's deffinately an option for working in Plano.
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Old 05-08-2008, 09:02 PM
 
Location: DFW
40,952 posts, read 49,176,191 times
Reputation: 55008
As a realtor, a lttle advice ... If you can do $125-140k you will be much happier and have a much larger selection of nice homes.
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Old 05-08-2008, 09:27 PM
 
1,067 posts, read 5,654,349 times
Reputation: 558
Advice coming from someone who has lived in Southwest Dallas county and living in Northern Collin, Mckinney area, you don't want your husband to cross downtown on a daily basis. Anna/Celina/Melissa/Princeton are not going to be bad drives. There is new construction in those areas at prices going to be closer to 100K. If his job is going to be in West Plano, then the Colony would not be a bad choice either. Good luck.
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