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Home buying in Dallas
Posted: Tue Feb 10, 2009 3:18 am
by neha
Hi,
Few questions. Any info is appreciated.
1) What are the good areas to buy a home in Dallas region?
2) Any recommendations for good real estate and mortgage brokers?
Thanks.
Home buying in Dallas
Posted: Tue Feb 10, 2009 9:13 am
by chand28
sorry to be intrusive or off topic.Couple of questions.
1.Are you buying home because you want to live in a nice house or
2. live and also treat it as an investment?
If you want to live in a nice house (over crammed apartment), look at renting a house. It is much cheaper than owning one.
If Option2 is ur choice, then it may not be a good investment. Dallas even missed the historic housing bubble. With the fragile financial system, you might just end up locking ur funds. Visit patrick.net before you invest anything in real estate
Home buying in Dallas
Posted: Tue Feb 10, 2009 10:52 am
by MINDIA
Depending on your budget, from High to Low - Highland Park, Preston area, Southlake, Coppell/flowermound/irving, plano/frisco/mckinney, highland village.
Home buying in Dallas
Posted: Tue Feb 10, 2009 10:42 pm
by venkat786
> If you want to live in a nice house (over crammed apartment), look at renting a house. It is much cheaper than owning one.
when you have a job and have money why to Rent? I feel people who are not confident on their abilities will rent, home ownership is a experience to cherish. 401ks were beaten down to - 40%, dallas Real Estate is +1% in this economy. Which one you choose? If not now, you can NEVER ever buy. Unless you want to be a life time Renter.
Have you seen any highly successful person living in an rental home???
I feel even you have a loss of 20%(worst case scenario) it is worth every penny.
Home buying in Dallas
Posted: Tue Feb 10, 2009 11:13 pm
by theMan
venkat786;150825> If you want to live in a nice house (over crammed apartment), look at renting a house. It is much cheaper than owning one.
when you have a job and have money why to Rent? I feel people who are not confident on their abilities will rent, home ownership is a experience to cherish. 401ks were beaten down to - 40%, dallas Real Estate is +1% in this economy. Which one you choose? If not now, you can NEVER ever buy. Unless you want to be a life time Renter (looser).
Have you seen any highly successful person living in an rental home???
I feel even you have a loss of 20%(worst case scenario) it is worth every penny.
Venkat786,
You have emphatically stated your opinion as fact. Everything you stated is debatable.
Home buying in Dallas
Posted: Tue Feb 10, 2009 11:19 pm
by LLK Dasu
chand28;150672If you want to live in a nice house (over crammed apartment), look at renting a house. It is much cheaper than owning one.[/quote]
Renting is not necessarily cheaper. Decent 2BR/2Bath apartments with amneties in good neighbourhood cost an average rent of $1000 and up in Dallas. It doesn't make much sense to rent in city like Dallas where you can buy a decent single family/town home for around 170K.
chand28;150672
If Option2 is ur choice, then it may not be a good investment. Dallas even missed the historic housing bubble. With the fragile financial system, you might just end up locking ur funds. Visit patrick.net before you invest anything in real estate[/quote] Yes, Dallas missed the historical bubble........so it didn't had a burst either. The home value is + side in few areas and lost around 3 to 5% in some Dallas areas
Home buying in Dallas
Posted: Wed Feb 11, 2009 2:30 am
by chand28
#5
I feel even you have a loss of 20%(worst case scenario) it is worth every penny.
>>Have you calculated what it means..Your downpayment is usually 20% of the home price. 20% down = 100% wipeout of your investment. For breakeven , you need 10% appreciation since realtor commission is 8% + 2% sellers closing fees.
>> Have you seen Black Friday sales. People Killing each other to save $50???
Have you seen any highly successful person living in an rental home???
Tons of them,unfortunately not much in USA since housing was always very cheap in USA.Look at all the Jewellery trading marwaris of south India who rent houses yet make multi crores in business. Their reasoning,house is to live,not to make money of it. .
when you have a job and have money why to Rent? I feel people who are not confident on their abilities will rent, home ownership is a experience to cherish. 401ks were beaten down to - 40%, dallas Real Estate is +1% in this economy. Which one you choose? If not now, you can NEVER ever buy. Unless you want to be a life time Renter.
Movie heroics. Does not pass the investment fitness test.Again, You should be honest to yourself..why do you want to buy a house? Are u buying the house for investment or for living? .You lock ur 20% down for next forseeable future,make urself immobile to relocation for another job and above all no guarantee u will recover the downpayment when u need it at the rate u need it.
Home buying in Dallas
Posted: Wed Feb 11, 2009 2:49 am
by venkat786
> Movie heroics. Does not pass the investment fitness test.
Chand28, you are funny :) You may be true, I just gave my opinion.
l
Home buying in Dallas
Posted: Wed Feb 11, 2009 3:19 am
by r2i_cbe
venkat786,
I wouldn't generalize with a broader brush like this. It may be a different story in Dallas, but in the Bay area where I live, it makes no sense.
You have to define what you mean by "successful person". I work for one of the biggest software company in the world and I know Directors, VP who make more than 200K rent.
In a nut shell for my case,
the cost of renting = $2000 per month
The cost of owning = $5000 minimum per month [interest on $700K + property Tax + insurance + maintainance]
The above doesn't include what happens to my down payment and principal that I pay every month. All I know is, I won't get it back for a long time to come. If the home is appreciating by 20% a year, then it's a great deal. But that ain't gonna happen for a long time to come.
Bottom line is , renting vs owning is a big debate that needs to factor various things but you seem to generalize that all renters are losers (which you edited later to remove it :))
venkat786;150825> If you want to live in a nice house (over crammed apartment), look at renting a house. It is much cheaper than owning one.
when you have a job and have money why to Rent? I feel people who are not confident on their abilities will rent, home ownership is a experience to cherish. 401ks were beaten down to - 40%, dallas Real Estate is +1% in this economy. Which one you choose? If not now, you can NEVER ever buy. Unless you want to be a life time Renter.
Have you seen any highly successful person living in an rental home???
I feel even you have a loss of 20%(worst case scenario) it is worth every penny.[/quote]
Home buying in Dallas
Posted: Wed Feb 11, 2009 3:38 am
by MadMax
r2i_cbe;150955venkat786,
I wouldn't generalize with a broader brush like this. It may be a different story in Dallas, but in the Bay area where I live, it makes no sense.
You have to define what you mean by "successful person". I work for one of the biggest software company in the world and I know Directors, VP who make more than 200K rent.
In a nut shell for my case,
the cost of renting = $2000 per month
The cost of owning = $5000 minimum per month [interest on $700K + property Tax + insurance + maintainance]
The above doesn't include what happens to my down payment and principal that I pay every month. All I know is, I won't get it back for a long time to come. If the home is appreciating by 20% a year, then it's a great deal. But that ain't gonna happen for a long time to come.
Bottom line is , renting vs owning is a big debate that needs to factor various things but you seem to generalize that all renters are losers (which you edited later to remove it :))[/quote]
My only contention with this is that the 2000$ per month rental property(apt) might not be comparable to the $5000 per month property(SFH) that you buy. More realistic view would be to compare how much the same property would rent for.
In most mid size cities the rent for a SFH might be the same or more than the mortgage payment on the same property.