Advice on buying a home in DFW (Dallas, Plano: real estate, foreclosure)

[drmitch80]

Hi
I am looking for a 2+ bedrooms house/condo in Dallas, budget 250-300 K. most important to be easy to sell, as we are moving again in 2yearAny advice on which areas I should be looking, where the houses can be easily sold?
Thanks

[lpepping]

Why not just rent a home? Then you don't have to worry about selling the home quickly. Not to mention losing money on the home after paying realtor fees.

[Dallas native]

I agree with the above post. What's the point of buying if you are certain that you'll be leaving in 2 years? Condos/Townhomes have taken a much bigger hit than single family homes during the Great Recession. Prices may be at or near the bottom about now but, unless you get an incredible deal on a foreclosure or REO property, I doubt that you will see enough appreciation in two years to cover your selling expenses. Also remember that RE taxes are very high in TX. You can probably find a condo/townhome to rent at a fair price in a location that you'll like and not have to worry about maintenance, taxes, HOA dues, potential HOA assessments, etc... BUT if you do decide to buy, I recommend only looking at the inner-city areas of Dallas where condos & townhomes are most popular as opposed to the suburbs.

[TurtleCreek80]

If you feel you MUST buy something; buy a house. Easier to sell in Dallas.

But I can't think of one area I would recommend in DFW where you'd see a guarenteed 8-10% appreciation by 2012. 8-10% covers your commission and closing costs when you sell.

[mach92]

Rent........2 year turn around not a good idea in Dallas. I have lost money on every home in Dallas. Good luck!

[TurtleCreek80]

Originally Posted by mach92

Rent........2 year turn around not a good idea in Dallas. I have lost money on every home in Dallas. Good luck!

Out of curiosity, what neighborhood/ suburb(s) did you own the homes you lost
money on?

[earlyretirement]

I agree with the others. If you aren't sure if you will stay more than 2 years than renting is the best route. I'm thinking of also relocating to the Dallas (Plano) area and not sure if we will stay longer than 2 years. I'm looking at rental rates and they are VERY low.

I was actually surprised they are so low. I'm not sure if you need to be right in the city or not. I saw rentals like this with 4 bedrooms for $1650 a month. And who knows..maybe they would take less.

4436 Riptide Lane, Plano, TX, 75024 - MLS #11333021 - Rentals real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/4436-Riptide-Lane_Plano_TX_75024_1115460866 - broken link)


$1995 a month you have houses like this:

4005 Christopher Way, Plano, TX, 75024 - MLS #11324717 - Rentals real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/4005-Christopher-Way_Plano_TX_75024_1115055734 - broken link)

Renting probably is the way to go if you know for sure you'll be gone within 2 years. It's a pain to sell a house in a recession, especially when millions more will go into foreclosure with the shadow inventory and high unemployment rates.

My thing is I'm not sure if I'll stay more than 2 years.

[nsumner]

Buying a home when you know that you will be moving in 2 years is just not financially feasible. However if you want to keep it as a rental that's another story and at that point areas can be pinpointed where you can get the best return on a rental.

Naima

[loves2read]

advice here may not be what you want to hear -- I know that there is tax implication if you don't roll the equity/PROFIT over into a new main residence within two years--guess that might be why you feel you have to ...
if you feel that you really need to make a purchase on something that you can rent if you can't sell then I would look in the area where young professional singles/couples want to live--would make sure it was close to public transit and walkable to retail/restaurants with a good park or fitness center close by and where people could have pets...

I don't know Dallas areas well enough to give specifics but there are people here who do
you might also consider a smaller home in the White Rock Lake area--one that would need refurbishing would help create a tax base for you to use if it came to be a rental property as well...I think

PS check out the thread further down (right now) about buying a house in Junius Heights...that is what I was talking about if the price fits...

[retirementtexas]

Sounds like Addison would be a good choice for you.