Confused....Rent or Buy? Help (Euless, Southlake: for sale, real estate, apartments)

[nawvtanzi09]

Hello,

Newly registered member of this site and would love the input of the members here on a issue I am having.

I will be getting married in December, and me and my fiance are planning on moving in to a apartment or house in Jan 09. Problem is, I would hate to waste money on a apartment but houses that we want are out of our budget in the areas we want.

Currently I am working at a investment firm, and my soon to be wife, is finishing her MBA and has a formal offer to join a accounting & auditing firm in Jan 09. This will be her first actual full time job, so getting a loan for 200K+ on just my income will be tough, since I currently make 42K+.

We're both 23 and would love a lively area with great restaurants so we were thinking Las Colinas would be perfect, since we already have few friends that live there. I would love to get a townhome in the Emerald Valley community or purchase a apartment unit at the Grand Treviso, but with me just working and my fiance not starting her job till Jan 09...I doubt I could get a loan for 220K+...even though when my fiance does start working, we should be making household income of 95k+, with very little debt...We both have a good amount saved up also 15k+ in cash or stocks...benefits of living with parents

My thinking is, get a apartment for 6-12 months...budget around 1k a month and save and purchase a nice place a year from now. Looking at primarly the Las Colinas area. Tips on any good apartments would also be welcomed.

If anyone has any input on my current situation, would be greatly appreciated.

Thanks

[KittySkyfish]

Pace yourself and rent. I'd recommend the waiting a year and saving more. Your fiancee will just be starting at the firm around the time you want to purchase and you may not have enough combined work history to get the loan amount you want.

Also the timing for everything going on is just too much. Within a 45-60 day span, you'll be getting married, starting a new job and closing on a home. Each one is so stressful in itself, and trying to do all three at the same time would be ridiculously stressful.

I can't recommend apts. in the Las Colinas area, but hopefully you'll get some great suggestions!

Good luck and congratulations!

[Grainraiser]

I would certainly rent if I were in your shoes. Find a apartment with a 6 month lease and enjoy each other for awhile. Once she gets a little more established you can sit down and decide just what type home you want. When me and my wife got married we closed on the house on Friday and got married the next day. We did not plan it that way but thats the way it worked out. I would not recommend this to anyone due to the stress level.

[lh_newbie]

1. Determine what your price range would be for a home.
2. Calculate your mortgage, taxes and insurance.
3. Rent for 12 months, putting aside the difference between rent and ("calc mort+ins+taxes" + 20%) into a savings account.
4. If, during the 12 months you rented, you NEVER touched the monthly savings, then you're ready to buy a home... and have a good chunk for down payment or furniture or whatever.

When I was growing up, my parents were looking to move out of a home they lived in for about 17-18 years. They calculated the monthly payment difference and did this exact routine. It worked perfectly.

Brian

[intence]

I would consider both options (rent vs. buy), but you also don't want to buy the "wrong" home in the wrong area, and have a hard time selling later. Assuming your rent and mortgage payment would be close to equal, also consider the following when owning a home:

-Higher utility bills (these can be significantly higher)
-Property taxes (also quite significant in most parts of DFW)
-Cost of repairs / maintenance (lawn, unexpected repairs to appliances, etc.)
-Homeowners insurance

On the other hand, you may get a tax benefit by buying. I agree with lh_newbie, add up all of the above, and SAVE, SAVE, SAVE, while renting for a while.

[billdfw]

At your age, why don't you rent for a little while. I wouldn't buy a house in this market unless you plan on being there for at least 3 years.

If you like good restaurants, the very best around are in uptown, downtown, and knox-henderson. You can find great apartments in all of these areas.

[nawvtanzi09]

Great Advice !!!!

Yes, I'm leaning towards renting atm...Would like to save up a bit more and get a house that I know I can live in for 3+years.

Also about living in uptown,downtown...I would if I could, but the commute to my work would be absolute terrible for me, since I work in Southlake.

My wife will be working in dallas, but I work in Southlake so I figured somewhere in the middle would be Las Colinas or Euless. I just like the Las Colinas area more, seems more of a lively area.

I was thinking of townhomes also...since I do eventually plan on getting into real estate investments...hopefully someday have a nice steady rental income. Not quite sure how the market is for townhomes, whether they are easier to rent out than houses.

Any advice on the apartment units for sale in the Grand Treviso complex in Las Colinas. It does seem very steep for the amount of space you are getting...but I would assume that it should pay out over the long term with a steady stream of income. Is it worth to pay 200K+ for a 800sqft apartment?

[lh_newbie]

Something else to think about, with both of you fresh and out of school. Sometimes the statement, "5 minutes of negotiating is worth more than 5 years of service" comes into play. You're early in your career, so when you get a couple years experience, you'll probably be able to get a better "raise" by jumping ship to another company. It's pretty normal early in your career. New job could mean new location. Buying a home can put a crimp in your flexibility. It might be a good career move to stay flexible (but still save, save, save).

[Rakin]

Grand Treviso is pretty high end & high dollar and I believed geared more for the wealthy who need a place in DFW while in town. I don't believe I would invest in GT as investment property.

There are better places in Las Colinas. Go visit the LaVillita area. City Homes is about to start a new phase and there will be a new housing developement start soon.

Rent & see where you are in about a year.

[caligurltotx]

I vote for renting also! U seem to have yr head on straight and 6 mos to a yr is not that long.