Buying First House

[albert648]

Originally Posted by Kimandben

It doesn't have to be Dallas County. It can be further suburbs or towns further out. We both work from home right now (and not because of Covid). We can go higher and have about $50k for a down payment.

We know it's a tough sell, though, which is why I am seeking ideas on areas where it might be more doable.

For $50k you could probably swing 10% down+closing costs on someplace in the $350k range, since you have no other debts other than a car loan. Rates are low enough that I'd try and borrow as much as I can possibly get away with.

Where would you end up commuting to if you both were to go back into the office? That would help narrow down your options. Your commute to Legacy is going to look very different from Downtown, and your options for where you can live without spending half your day in the car.

[ILTXwhatnext]

You could consider using the DART system, allowing you to skip driving if you live near a station, or you could park and ride. My brother used to do that; DFW is legendary for its traffic jams but riding the train could help you avoid that scene.

https://www.dart.org/maps/printrailmap.asp

[Leonard123]

If you don't mind doing some work on it, you should be able to find something in McKinney. McKinney is a lot less expensive than the surrounding cities. You would have to act quickly though.

Earlier this year, there were homes here in my neighborhood in Stonebridge in that price range.

[nsumner]

There are a lot of areas where you will be able to find a home in your price range. 8 of the 28 homes I've sold so far this year were under 300K. They were in Plano, Wylie, North Garland, McKinney, Carrollton, The Colony, Lewisville and other surrounding areas. If you want to drive a little bit east (40 minutes from downtown Dallas) you can get a brand new home. You'll have to look at properties listed up to 240K because you will have to offer a higher price in order to be competitive. Don't be discouraged.

Naima

[TeamLynn]

Anna about 15 minutes north of McKinney.
Plenty of 1 story homes 3bed/2bath/2car garage in this price range.
Could also try Van Alstyne which is another 10 minutes north of Anna.
Could be some resales in Princeton, Wyle, Sachse.

[williammunny]

Originally Posted by Kimandben

Thank you very much! We are actually okay with condos (would love if it had a little grassy area). We can also go a bit smaller. Our apartment is 1025 sq feet, and we don't use all of it. The market is crazy!

Do you think it's smart to buy based on what might happen with future health stuff or pay a little more for a house now and downsize later if one of us can no longer work? This is the question we go back and forth on.

Never, ever, EVER buy into a condo. They are a perpetual nightmare. YOU DON'T OWN THE STRUCTURE. Did you not see what just happened in Florida? Learn from that. Condos are like a Spork, all the disadvantages of a house, with all the disadvantages of an apartment, and none of the advantages of either.



You make good money, interest rates are stupid low now, and houses appreciate, skip the condo and find a house.

[MsAJHobbs]

I just did a search based on your criteria (Dallas and surrounding areas, 3bd, 2bth, 1350+sqft, at $275k or less). As of today, over (1600) single-family homes matched your criteria. Your goal is definitely achievable. However, I suggest adding more to your requirements to reduce this total. Such as do you prefer a one-story, do you mind living in an HOA community, fireplace, year built, pool, etc. Some areas that are affordable and safe that come to mind are Rockwall, Wylie, Fate, Royce City, Sachse, areas of Mesquite, Little Elm, Areas of Irving, etc.

To prepare for multiple offers and bidding scenarios I suggest having a search set to locate homes to purchase in the range of $255K to $265.

With known health issues I would definitely buy considering your health and a possible decrease in income. Honestly, I would live for today and buy my dream home while preparing for the future. If you have to move in 5 to 10 years the positive is that you were able to enjoy that quality of life and can be at peace with moving to the next chapter of your life. Like Albert648 suggested; buy a property that would be a positive return in the case you need to rent it out.