Looking at homes in Spring Branch but would see deals in Braeswood pop up for near same price. Are these legit? see link (Houston: apartments, HOA)

[WTL63]

i'm new to buying. initally i was looking at spring branch since it's up and coming and everyone likes it there, with a budget of $300K. however I would find some braeswood homes pop up every now and then for $270K-$300K on HAR/Zillow near Holcombe and they seem to be a great deal for its location since i'm used to seeing $400K-$500K inside the loop. These prices are around $150 to $200/square foot, fair maintenance fees, great schools, better location to everything including park/zoo, similar age if not newer, and safe neighborhood. assuming there's no foundation problems or any tricks like that, are these legit? spring branch has around same price and the main difference i see was 3 beds vs 2 beds, but not that big a deal to me as i'm single. so why not Braeswood for the better location?

here's one (just sold pretty quick) near holcombe and buffalo speedway for $285K at the time 3300 Bellefontaine St #33, Houston TX 77025 - HAR.com
and here's one active near Brompton and N Braeswood for $275K. 7435 Brompton St #7435, Houston TX 77025 - HAR.com

Assuming no major issues or repairs needed for these, am i missing something else here? are there reasons i shouldn't get these instead of spring branch for similar price point? i'm new to this so maybe i'm missing a catch. most important thing to me is the value and resell factor down the road as i don't plan this to be my forever home.

[DJboutit]

The town homes on Bellefontaine are really nice looking they are right next to West U

[WTL63]

Originally Posted by DJboutit

The town homes on Bellefontaine are really nice looking they are right next to West U

yeah i know, it's a fantastic location that i like, and i thought it would be at least 400K around there...

[gskataria1]

One major thing about the two you listed with lower price points have very high monthly fees. Both have very high monthly fees in range of $225-$330 per month. If you can find a townhome without montly fees you can put that extra $300 towards mortgage and increase your budget from $300k to $375k. Rest the 1 Bedroom difference would make up for another $50k. That is why these town homes seem to be cheaper. But really you are paying lower for less bedroom, higher maintanance fees.
Also another thing to check is the flood zones? That area might be in flood zone and will have to buy expensive flood insurance.

[houston-nomad]

Looks like a great way to get into a convenient location and good schools. Make sure they didn't flood in the Memorial Day storm.

[WTL63]

Originally Posted by gskataria1

One major thing about the two you listed with lower price points have very high monthly fees. Both have very high monthly fees in range of $225-$330 per month. If you can find a townhome without montly fees you can put that extra $300 towards mortgage and increase your budget from $300k to $375k. Rest the 1 Bedroom difference would make up for another $50k. That is why these town homes seem to be cheaper. But really you are paying lower for less bedroom, higher maintanance fees.
Also another thing to check is the flood zones? That area might be in flood zone and will have to buy expensive flood insurance.

yeah, $330 is a lot...but isn't $225 HOA considered okay? also i thought every townhomes had these monthly fees, at least all the ones i have seen so far. i looked at some in Spring Branch and they're about same if not higher as i'm guessing it is because they're older (30-40 years old)? and is that increase of 300 to 375 a rule of thumb, or just something you quickly estimated?

and yeah i totally forgot about flood insurance. this is exactly why i posted this haha.

[diggity101]

It's a great location. Fees are a bit high, but that includes the grounds, exterior maintenance, basic cable and the pool, so it's not all bad.

The complex itself it well cared for but it's old, so you're not going to get $400K for these little 1,400 sqft attached units.

[gskataria1]

300 to 375 is what i quickly estimated. Based upon 4% mortgage interest rate, $75,000 of mortgage equals around $350 per month. I looked at few town homes last year around West University right next to 59 and they were going for around $450-$500k but had no fees at all.

I would consider $225 HOA to be on the upper end of the range. It seems to be most of the ones which are built as a community (look like apartments) have higher fees since the community has to maintain and pay taxes on common area. The townhomes which have no common area (newer ones) have no fees or very less fees but these are more in >$450k

Look at this one - 2215 Bellefontaine, Houston TX 77030 - HAR.com $450k no fees and brand new.

[diggity101]

you also have to figure out if it's a condominium or fee simple townhouse. Condo's will typically have higher fees because they also cover insurance and maintenance on the exterior structure. They will also carry a higher interest rate on your mortgage and things like "general assessments" can bite you later on..

Older buildings will definitely have higher fees because of deferred maintenance issues.

When comparing townhomes with a maint fee to ones with no HOA's, you have to realize that some of those costs will be inherent whether there is an HOA or not. Water/sewer is going to run about $60 a month on these smaller places (more if you have sprinklers). Basic cable is worth about $30/month. If you have any yard at all, you're looking at about $40 month for lawn service (assuming you're not taking care of it yourself).

[PinkLadyK]

Since you said resale mattered -- I realize you don't care about 2 vs 3 bedrooms, but I think most buyers do, and many (most?) won't consider a 2-bedroom.