newhouseguy Posted June 27, 2005 Share Posted June 27, 2005 I am looking for my first house/townhome/high-rise condo. I'd like to keep my monthly payments under $1500, and I'd like to live somewhere south of I-10 and east of Dairy Ashford. Other than that, I am open for ideas. y'all seem like some of the most knowledgeable people around so I wanted to hear from you. I'm single right now but will be married within a year with kids hopefully coming at least a few years away. I wouldn't mind moving somewhere for 5 or 6 years as just an investment. On the other hand, if I found the right place at the right price, I'd buy a 3+ bedroom house. Any thoughts? The options are making my head swirl. As I see it, high-rise condos have had the least appreciation lately and have the largest monthly maintenance fees ($500- 800 for inside the loop). Homes in the right neighborhood probably have the greatest appreciation but cost the most to maintain. Any advice would help - I'm going in circles. Quote Link to comment Share on other sites More sharing options...
kjb434 Posted June 27, 2005 Share Posted June 27, 2005 You will need an older highrise building to get payments this low unless for interest only loans.Just inside the loop in the Post Oak Business Park area there is one high-rise. The inside of the units may need a little updating. I looked at these before I built a house.On Montrose Blvd just south of Westheimer there is another older building. The views are spectacular from any unit. I didn't chose this one because of the lack of washer and dryer connections. You have to use the community laundry area on the first floor.I don't know of many older condo high-rises where you can get a payment in that range. Are you make allowances for taxes too? That can ammount to about another $500 a month.Also, Moderator, can this be moved to the Real Estate section. Quote Link to comment Share on other sites More sharing options...
newhouseguy Posted June 27, 2005 Author Share Posted June 27, 2005 Thanks for the info. I am taking into account the taxes. For instance, there's 2-bedroom high-rise that is listed at $149,000. I'm ready to put $32000 down. With this type of place, I'd like to get the 3.75% year loan that balloons at 7-years b/c I don't think that I would stay in it longer than that. With the $4000 in taxes, that would make my payments in the neighborhood of $1500. Excluding high-rises, any other ideas for me? Quote Link to comment Share on other sites More sharing options...
jghall00 Posted June 27, 2005 Share Posted June 27, 2005 Thanks for the info. I am taking into account the taxes. For instance, there's 2-bedroom high-rise that is listed at $149,000. I'm ready to put $32000 down. With this type of place, I'd like to get the 3.75% year loan that balloons at 7-years b/c I don't think that I would stay in it longer than that. With the $4000 in taxes, that would make my payments in the neighborhood of $1500. Excluding high-rises, any other ideas for me?<{POST_SNAPBACK}>What's important to you? Space, location, school, commute? A bit more information regarding your needs might be helpful. Also consider that if you have a child, your needs WILL change. Mine certainly did. Before it was all about location. Now I need more space and a park! Quote Link to comment Share on other sites More sharing options...
Original Timmy Chan's Posted June 27, 2005 Share Posted June 27, 2005 Excluding high-rises, any other ideas for me?<{POST_SNAPBACK}>There are a ton of townhomes south of the Med Center. With the constant need for doctors and nurses and med students, I don't think the area will ever have a problem staying occupied.Everything west of SH 288, east of the Astrodome, and from the South Loop up to OST and beyond is pretty much townhomes. It's a very safe area, very affordable IMO. The immediate area is a bit dull, but you're within 5 minutes of Downtown and Midtown by car (or within 15-20 minutes by rail). Rice Village, the Montrose and the Museum District are within 5 minutes as well. Almeda is thriving through the old 3rd Ward too.I live right across the freeway from that area, in South Union, and it's a very affordable area of mostly small single-family homes. A lot of the homes are being renovated and cleaned up, and some new homes are being built in the neighborhood. The original homes were 800-1000 sf, but almost all have been added on to. The newer homes being built are generally 1500-2000 sf, with a few houses in the neighborhood being 3000 sf and above.It's not a West U type of change, but things are looking up in South Union. Quote Link to comment Share on other sites More sharing options...
newhouseguy Posted June 28, 2005 Author Share Posted June 28, 2005 What's important to you? Space, location, school, commute? A bit more information regarding your needs might be helpful. Also consider that if you have a child, your needs WILL change. Mine certainly did. Before it was all about location. Now I need more space and a park!<{POST_SNAPBACK}>The most important thing for me would be the right combination of location (<30 minutes to Beltway and 59, <30 minutes to Rice/Memorial Park) and a decent investment that I could possibly make a little money on if I wanted to turn around and sell it in 5-6 years. Quote Link to comment Share on other sites More sharing options...
rps324 Posted June 29, 2005 Share Posted June 29, 2005 Thanks for the info. I am taking into account the taxes. For instance, there's 2-bedroom high-rise that is listed at $149,000. I'm ready to put $32000 down. With this type of place, I'd like to get the 3.75% year loan that balloons at 7-years b/c I don't think that I would stay in it longer than that. With the $4000 in taxes, that would make my payments in the neighborhood of $1500. Excluding high-rises, any other ideas for me?<{POST_SNAPBACK}>If you are going to possibly sell in 5 years, I would recommend an existing older home that you can "buy right" that might need a few cosmetics and is priced well. You can usually gain a little quick equity by "fluffing" one up & it can give you a leg up on gaining appreciation to cover your selling costs (and have a little left over). For single family homes under $175k I would recommend either going southwest to Willowbend-Westbury-Maplewood areas, Candlelight estates to the north, or something southeast in Glenbrook where you could take the beltway straight across, and the south loop to main to get to Rice. Quote Link to comment Share on other sites More sharing options...
escapee Posted August 24, 2005 Share Posted August 24, 2005 We have a place on Studewood (a mile or so NORTH of I-10) that might work well for you. It would be good for a couple or a couple with infant. We had our software store/internet business in the front and in the warehouse out back. We lived in the space attached to and behind the store. There is no yard to mow, lots of space in the house and warehouse. We had a hot tub in the laundry area in the warehouse. It would make excellent investment property since that part of the Heights is VERY up and coming. Landry's has bought the lot a half block north at Studewood and 11st. Our listing can be found at http://www.har.com/search/idx/doSearch.cfmgood luck on your search Quote Link to comment Share on other sites More sharing options...
jm1fd Posted August 25, 2005 Share Posted August 25, 2005 It would make excellent investment property since that part of the Heights is VERY up and coming.http://www.har.com/search/idx/doSearch.cfmgood luck on your search<{POST_SNAPBACK}>Please...most of the heights has already up and came, and values are flat or on the slide...as rates go up I'm sure things will head down.Yer link doesn't load anything but the HAR search page either. Quote Link to comment Share on other sites More sharing options...
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