Champions area information (rent, insurance, condos)

[sayani1988]

Hello everyone ,

I am a first time home buyer and for a starter home my budget is less than two hundred thousand.So when my husband and I started house hunting we could fine decent homes in the champions area.We got the info from this forum to stay north of 1960 ,we visited a lot of homes in the neighborhood.From champions forest to memorial chase.Most of the homes were from 70's,very cute with lot of character,but needed a lot of updating.And some had the electric wires on the backyard which we thought was a health hazard.But after a lot of searching we did find couple of homes which were updated and pretty new.No 1 property is a gated townhome in willowbrook condo subdivision,Now we like it because it was a well maintained property with easy access to the mall and also to the high ways ,and zoned to Cypress fairbanks isd.Now my question is will it be a good idea to buy in this area,there is not much info on the internet about this subdivision.Any info well be a lot of help.And the property no 2 is a house in the cypress trace subdivision zoned to Klien id.Not much info about this subdivision aswell.

We are a couple without kids and our plan is to sell this place in the next 3 years and move to a place closer to the city and buy a bigger home .We are buying the property because we are sick of paying rent.

Thanks in advance for all information.

[Lowexpectations]

I'd probably keep renting if I planned on selling in 3 years

[sayani1988]

Yeah we thought so in the beginning, but when we rent we don't build any equity, hence the buying.But do you have any idea about the localities that I meantioned. Your input will be oh great help.

[Lowexpectations]

I lived in champion forest for 5 years. I liked the area but hated the commute to the galleria area. Building equity sounds nice but it's not a magic gift. You don't build all the much equity with a typical 30 mortgage and you could put money aside in a savings account while renting and end up in the same spot. The transaction cost to sell will eat a fair amount of your equity and or possible appreciation and what if your house depreciates? What about insurance, maintenance and taxes? People often buy more house than they rent so the combined with the plan to move in three years I'd rent.

[Texas Built]

I would keep renting. You are not going to build and equity in a house in 3 years, you are going to lose money. Home ownership you have to dish out for all the taxes, maintenance, and then have to pay 5% commission at closing. And what if you have trouble selling?

[crone]

Stay away from condos. It is too iffy for a short term buyer.

The rule in the olden days was rent if you were going to be there less than 5 years. It will cost you 8% to sell. Plus the aggravation of getting ready for the market and updates, etc. You will be positioning yourself to sell the day you move in.

Why?

Just my 2 cents.