Buying a house in Tomball/Cypress? (Houston, Spring: apartment, rental, insurance)

[MsAltra]

Hi all. I am moving to Houston next month. My fiance and I originally planned on renting until we are both out of college (we each have about two years left to finish our degrees). My fiance goes to college in Tomball and has family there, so we are looking to find a place to live in the Tomball/Cypress area. I was a little discouraged by the monthly rent for a 1 br/1 bathroom apartment. I couldn't find anything cheaper than 550/month + outrageous pet fees (we have a small dog that we are bringing with us). On the other hand, I was completely shocked by the low prices on houses- and thus, the idea to BUY instead of rent came up.

Neither of us have ever owned a credit card, or even have any type of credit, so I knew taking a mortgage out was probably not going to happen, especially since we have always worked low-wage jobs and such while we finish college. However, we do have quite a chunk of money saved up, via savings and money in stocks. Enough to buy a house in the 60-70k range outright, no mortgage needed.

We are in our late 20's and it's our first time making such a big step, and so we are a little unsure about the pros and cons of buying a house. We do know that we want to stay in the Houston area for a while. I've rented for several years, and honestly, am getting sick of 'throwing away money' and always having a landlord dictating the rules.

So to sum things up, looking at houses specifically in the Tomball/Cypress (maybe Katy or Springs areas as well), in the 60k-70k range, and would be buying the house outright due to having no credit and lackluster jobs at the moment. Any tips, words of advice, etc? Very much appreciated!

[MsAltra]

Nudging this thread off the second page. Could definitely use some advice. ^_^

[RCH99]

Based on what you have stated, my advice would be rent until you have a bit more buying power. 30 years ago, you could buy a hut to live in for $50-$70k. Those days are long gone, unless you're looking at dumps with "issues". I'm thinking 70 grand would barely score you a 5 year old double wide....

[trbstang]

Houses in that range are mostly picked up quickly as rental investment properties. You can look on www.har.com and search in the Cypress & Tomball areas - select the MLS areas 10,13,14,and 35 for that area, maybe 14, 8 and 25 also and see where homes are located in your range. Other than that, find a good realtor and have the home inspected by a good inspector, especially if you don't want any expensive surprises. Paying cash you can close quickly, so that is a good bargaining tool. And once you decide to move on, you could keep it as a rental and even use the equity as additional collateral or down payment on your next home.

Good luck!

[desertsun41]

Also consider where you will be working when you get out of school. Living up there you have no choices in travel routes to downtown other then 290 which is little more then a functionally obsolete Horse and buggy trail with 100 times more traffic then it was ever designed to handle. It's a death trap and a huge drain on insurance companies resources needed to cover all the insurance claims from the daily wrecks.

Unless you work up Cypress - Tomball area I would not torture myself having to commute the same route with the 500,000 other cars twice a day.

Good luck!

[cheryjohns]

Originally Posted by trbstang

Houses in that range are mostly picked up quickly as rental investment properties.

This is correct. Think about what that means: once you have decided to sell and "move-up" (and closer to work), you will find your neighborhood consists of mostly rent houses. Your buyer market will be investors buying cheap. Those kind of neighborhoods don't appreciate at all. Lancaster is an example.


If it's in a better neighborhood where $60K or $70K is an oddity, that means the house has some serious issues.

You might be better off renting while finishing school.

[HoustonPharaoh]

It depends. If you are not too picky about the area, the size of the house and may be doing some repairs, you can buy a house for few years until you work on the credit so you can upgrade in couple of years.

I see that there is 40 homes available that are lower than 70k.

[CuriousMTA]

just like someone just said at this price range these houses don't really hold their values well. Also don't think you be saving a whole bunch of money by buying vs renting as there are other cost associated with buying a home such as fixing things if broken, maintain lawn, taxes which is usually high in tomball/cypress, higher cost of utility bill, and maintaining the house itself. You guys have two years left, mind as well wait and finish school and just buy a proper home at a good subdivision without the hassle of worrying about selling a temporary home plus worrying about maintaining it. Plus owning a home is a big responsibility which requires time/money. If I was in college, I rather spend that time doing other things. Also, I don't think $550 is that bad for a 1 bd/1 bth. I also wouldn't rush buying a home as the process of selling it is not fun and not a joke (not an easy thing to do and stressful) especially in the current market (probable also the next few years). Also don't forget to add the $$$ it requires to sell a home when you do decide to move.

[HoustonBornNRaised]

If you do decide to look, try Bonaire in Cypress and Westbourne in Tomball.

You'll find more affordability on the other side of FM 249, in the Tomball zip code of 77375.

[ToyYot]

I'd rather 'throw away' $550/mth than $70k, which is what you'll be doing. Save your money for when you graduate and have a job then you have a 20% or more downpayment on a house worth living in.