Please advice - Katy or Memorial - Where to buy a house (Houston: real estate)

[jazzfaninhouston]

Hi,
I have been planning on buying a home in Houston since last few months ( although was not sure when the housing market is gonna hit rock bottom and I would be able to pick up a good bargain on my new home). Well I have been looking for two options

a) Buy a single family home in and around Memorial area ( 77077) which was built around late 70s which is around 200k

b) Buy a luxury townhome next to the Buffalo Bayou for an exorbitant 290k

c) Buy a home in Katy (zip:77450), a single family home which is around 200k


Now my concerns are as follows

a) I am not too concerned about kids education for another 5-6 yrs now, so schooling district is not a big concern for me

b) I should be able to resell the house within another 5yrs so that I could atleast breakeven or part away with 10% loss

c) I dont know the extent to which I need to invest on the house repairs or modifications for the late 70s houses in the Memorial area if I plan to buy one. So could anyone shed some light on the potential repair work or other things i need to watch out for when i buy an old home. And any suggestions on circumventing these issues would be a real help


d) Propety taxes, I heard that in Katy people shell out 3.5% on property taxes does the same applies for houses in Memorial area??

e) Do you guys think shelling out 290k on a 2007 built townhome close to the Energy Corridor is worth an investment?? could i atleast breakeven if I sell the house after 5 -6 yrs? what are other issues I need to worry about when going for a luxury townhome??


I really appreciate you guys taking time reading through this post and I would be really thankful if you guys could answer atleast one or two my concerns i listed above.

Thanks and God Bless ,

Sam

[jd433]

The fact is that in Katy you will get a newer nicer home for the same money. Memorial does not really have any single family homes for under 200k.
When the ih-10 is finished this year the drive from Katy will improve.

I think it depends on if you want a Newer home or an older home. The newer homes are nicer with all the modern features. The older homes have
mature landscape and those big mature trees in Memorial are very nice.

Also keep in mind that Katy homes will be competing with all the new builds for years to come whereas Memorial is already built out as far as developement of single family homes go.

Memorial overall is a more preferable area but you can't get as nice of a home there. I would scratch the townhome completely.

[meletonmc]

I would say that if you can find the right home in Memorial, that may be more desirable. In my experience, the best thing to do is visit as many open houses as possible and walk around the neighborhood. Eventually, a certain neighborhood or home will just feel right. As you visit more homes, you'll refine your preferences and it will all make sense.

If you're going to stay in a home for five years, you'll need to really love it. I lived in a townhome that seemed nice at first, but I grew bored of it quickly. Homes seem to have more staying power. Good Luck, and just try to enjoy the home buying process as much as possible instead of letting it stress you out!

[Bily Lovec]

I would take memorial over katy.
as a matter of fact, I DID take memorial over katy, and I drive west to go to work in the morning...

[EasilyAmused]

Memorial over Katy. If only for the fact that you can sell your home for what you bought it for or more, and quickly.

Keep in mind though 77077 is not Memorial.

Where is the twonhome on the Bayou for 290? I know Memorial really well and I can give you feed back. I would say that Ethan's Glen or Somerset would be a great townhome complex to purchase. ITB and in 77024. They are older, but zoned to the best schools in Houston and have a high resale factor.

[jd433]

Hello,
I was just wondering why anyone would live in Memorial and then drive west to work??

The point of living in Memorial is to be closer in and not spend too much time on the freeway. If I worked on the West side I would buy on the South side of Katy somewhere off of Fry Rd maybe Kelliwood or Nottingham Possibly even Cinco Ranch.

[jazzfaninhouston]

I work in the Energy Corridor, so thats one reason for looking for houses in and around Memorial, preferably around 77077.

Thanks jd433,EasilyAmused,meletonmc and Billy Lovec for your thoughts.

[Premont]

I believe all of 77077 is going to be in HISD rather than Spring Branch, so that will probably effect your resale value. I live in 77077 and in my last appraisal my home had about the same value this year as it did last year. I think with the energy corridor growing the way it is, the nicer neighborhoods will only grow in value, even those in HISD. A real estate agent may have better insight, but I'd go with 77077.

[EasilyAmused]

Originally Posted by jd433

Hello,
I was just wondering why anyone would live in Memorial and then drive west to work??

The point of living in Memorial is to be closer in and not spend too much time on the freeway. If I worked on the West side I would buy on the South side of Katy somewhere off of Fry Rd maybe Kelliwood or Nottingham Possibly even Cinco Ranch.

Why?

1.Proximity to wonder food and enertainment
2.Mature neighborhoods with trees
3. An excellent school district that has been built out for decades
4. For the suburban feel in an urban area
5. For the neighbors


A reverse commute is nothing to Katy. And if for some reason you change location or jobs, you don't have to move. Most people live in Memorial it be IN Memorial, not really anything to do with a commute.

I agree that 77077 has a lot of potential in certain locations, especially those near the bayou. Westside and Bush are excellent, better than a lot of suburban schools.