First Home - Need Help

[Ghost Town]

Originally Posted by Failed Engineer

Sharpstown isn't far from the Galleria and not really a big stretch to see something there for $250k today go for $350k in 10 years.

Well that area is one of the most dangerous in Houston at the moment. I see houses in 170-250K range there, but most of them are built in 1960s. And schools really suck there. Living in danger in an old house just with a purpose of reselling it in a future at better price? Better make that money with a decent job I think.

[cheryjohns]

Originally Posted by chris_ut

The biggest issue is you wont see much appreciation out there so in 10 years you can sell your $250,000 house for $260,000 whereas if you bought near Galleria you might sell for $350,000 in 10 years

Originally Posted by Failed Engineer

Sharpstown isn't far from the Galleria and not really a big stretch to see something there for $250k today go for $350k in 10 years.

Both are dead on.

Single and fresh out of college, I would wait a year (or at least 6 months) and get used to the city, before buying. If more in a hurry, at least pay attention to the above two posts.

[Sollaces]

Wow. Debbie Downers.


If you have the drive and want to own your own home and can finance it, then I say go ahead. A new home will come with the builders warranty. There will be expenses but you can do those when you see fit. That's stuff like windows will need covering but you can use those cheap paper blinds until you can afford something more. Furniture can get bought at Goodwill or any resale shop. Lawn care will be new and you'll need to invest in a mower, blower, and edger.


There's also things the builder may not include with the home. We bought our current home from a builder 9 years ago and we had to pay extra for sod in the back yard. Gutters in the back. Just little things but they all added up. I will recommend gutters around the whole house. Thank me later.


Our first house was bought when I was 22 and my spouse was 24. We were in an apartment for a year with his first job and had to put up with noisy neighbors going up and down stairs, cars starting in the parking lot outside our bedroom window. . . We wanted out from that.


Interest rates are low right now. Get pre-approved for a mortgage loan with your bank or other lender. Also be aware that SH 99 near the area you're looking at is a toll road. That's another expense to keep in mind.


Texas has a homeowners exemption which you can look into once you buy. Every bit helps.

[Sollaces]

Home values in Fort Bend are going up, too. Any home in the Katy Independent School District has increased in value, just as much if not more than other areas in Houston. Just look at assessments on listed homes.


In the homes we've owned over the years. . . We always bought what we can afford. We never bought a home thinking of what we'd make out of it when we moved. No. We bought for the school district, the area, safety, and family needs. Sure you buy a home hoping you made a good investment but it doesn't always work out that way.


From my searching Sugarland has a cheaper tax rate. Stafford even less.


I'll also note that our son went off to A & M and bought his own house in Bryan. He was in the Air Force and an older student. It was the best decision for him to own his own home and rent out a bedroom or two. Of course we supported his decision just as our parents supported ours ages ago.


Good luck.

[Ghost Town]

Wait for 6-12 months is a reasonable suggestion from a job perspective. Who knows how the situation at the current company could change after one year. The interest rates are supposed to go up though. However, since the house will be financed by the parents, this is a different story. In this case I would wait for a while and not rush to buy. There are still pretty good possibilities in 200-250K range in Houston area. I would not necessarily stick to a brand new house. It is possible to find a decent 1980s-1990s house in Sugar Land or Stafford within this budget. Sugar Land will keep its value really well and it's the best suburb.