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View Poll Results: Buy or Rent?
Buy 2 15.38%
Rent 11 84.62%
Voters: 13. You may not vote on this poll

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Old 04-24-2021, 12:27 AM
 
1 posts, read 961 times
Reputation: 10

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I'm currently living by Richland College. Looking to move closer to Uptown and Oak Lawn areas to be closer to fun stuff. I've seen several 1BR 1BA condos for 200k - 250k and am wondering if this would be a good approach to take and/or a good investment vs renting. I'm looking at the area between Cedar Springs and Fitzhugh specifically. In a good financial position and can put down 20%.

1) I'm staying in Dallas for the next couple of years and might move for a better job opportunity, for those that have owned condos in the area, what do you think about your property's appreciation? Is it easy to find renters? I've seen a lot of rental/sale options on zillow for 30 - 60 days which makes me question the favorability of these properties, even though this is a relatively safe and fun location.

2) With the RE market being so hot, why are these condos being put on sale for pretty low prices at 200k, considering the area/location?

For example https://www.zillow.com/homedetails/4...80574455_zpid/

https://www.zillow.com/homedetails/4...88336620_zpid/

3) My renting option would be capped at $1200/month, which limits me to some MAA/Gables small apartment.

Any insight is useful, thank you!

Last edited by dallasite99; 04-24-2021 at 12:37 AM..
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Old 04-25-2021, 07:31 AM
 
1,449 posts, read 1,491,187 times
Reputation: 1821
If you are only planning to stay 2 years, rent...don't buy...your cost to buy and sell are too high likely to recoup expenses likely.
Typically condos have not made good investment properties to rent out....HOA dues too high and there are lots of other issues....neighbors, rules, parking, trash, special assessments, deferred maintenance...and more.
Never know where appreciation will go...but normally I like to hear that you will be in a place 3-5 years if you want to buy.
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Old 04-26-2021, 02:21 PM
 
Location: Mckinney
1,103 posts, read 1,662,127 times
Reputation: 1196
Not a fan of condos or townhomes for investments.
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Old 04-26-2021, 04:32 PM
 
6,345 posts, read 8,123,953 times
Reputation: 8784
If the the mortgage rates move up a little, it will hurt the condo market. The Dallas condo market is less about vacation homes or cramped NYC types. It's about affordability.

You will be stuck in that condo, unless you want to make a large lumpsum payment to cover the closing costs and minor equity loss.
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