Is There Any Hope?

[homehunter]

Ok, I'll just be blunt. I am trying to be a first time homebuyer and I am determined to live within my means. Is there any hope of finding something in a good neighborhood for under $100,000, $110,000 MAX? I drove out to Katy to a new subdivision (Lakeville) that was in that range but the drive was too much for me since I work in the Galleria area. I am considering a townhome, but bearing in mind that I would have to figure in the cost of maintenance fees for the townhome, (about $180-$280) from what I've seen.

Please let me know what my best bets would be. I want to make a good investment, so appreciation is important to me. Of course, the closer into town, the better. I like the NW part of town, with the boundary probably to be Beltway 8. I would consider Klien area. I also like Breas Heights. What about Sugar Land?

Thanks

[musicman]

Ok, I'll just be blunt. I am trying to be a first time homebuyer and I am determined to live within my means. Is there any hope of finding something in a good neighborhood for under $100,000, $110,000 MAX? I drove out to Katy to a new subdivision (Lakeville) that was in that range but the drive was too much for me since I work in the Galleria area. I am considering a townhome, but bearing in mind that I would have to figure in the cost of maintenance fees for the townhome, (about $180-$280) from what I've seen.

Please let me know what my best bets would be. I want to make a good investment, so appreciation is important to me. Of course, the closer into town, the better. I like the NW part of town, with the boundary probably to be Beltway 8. I would consider Klien area. I also like Breas Heights. What about Sugar Land?

Thanks

don't be afraid to look in older neighborhoods. are you willing to put in some sweat equity? if not, you might be pushing it esp if you CARE what kind of home you live in.

[homehunter]

Yes, I care very much. I can put 10% down but I'd rather not. Can you elaborate? Thank you very much!

[Scharpe St Guy]

First off very wise to live within your means, you are one of a few.

Second a $100k home in the burbs is a BAD investment, these homes are built by tract builders and are "cookie cutter" with creative financing to the hilt. This translates into the feeling that these area will become the next slums of Houston. It use to be the innerloop area were the depressed but since all the new growth, arts, sports, cost of fuel, and drive times the innerloop is becoming the place to live. Where are the people/family's who were living in the blighted areas of downtown and surrounding areas moving too?

Now what is important to you? Can you get by with a one bedroom and a study? Need three bedrooms and two bathrooms? $100k is tight but you can find a home and I'm sure HAIF will help but please share more info!

All the best,

Scharpe St Guy

Yes, I care very much. I can put 10% down but I'd rather not. Can you elaborate? Thank you very much!

[homehunter]

Ok, thank you for the comments, esp. about the cookie-cutter subdivisions. Thanks to reading the postings throughout this site, I didn't have a good feeling about it.

I can get by with a bedroom and a study, but would like a 3 bdrom if possible. I'd like to make some room should an elderly parent need to live with me someday. I'd like a two story home with 2 bathrooms. If I can get 3 bedrms, the ideal floorplan would have one of the rooms downstairs.

I guess in order of importance, here' the critieria

appreciation / safety

floorplan

close to town

schools

Thank you.

[musicman]

Yes, I care very much. I can put 10% down but I'd rather not. Can you elaborate? Thank you very much!

The nicer the home you buy, the less likely it will be under 100k just due to demand. You need to find one that you like the floor plan of but needs some updating. If you can do a lot of the updating yourself then it will be worthwhile since that is the best way to save money.

If you're someone who can't do work then your likelyhood of being successful in your hunt lessens.

I know someone who recently paid top dollar for a condo in Montrose in a small condo complex (10 units i think) . He paid 140, and put in 25k in upgrades. He didn't do any of the work himself. I think i could have done the same upgrades for 11-12k myself.

He thinks he can get 180k now. If it was something unique then he's have a better chance, however there are 9 other identical units that are appraised at 136 and are selling for that. Some of these have been upgraded as well.

You might start looking for foreclosures as well. My dad bought one in Jan for 72k, put in 13k and sold it for 125k in June. There are still deals.

[musicman]

I can get by with a bedroom and a study, but would like a 3 bdrom if possible. I'd like to make some room should an elderly parent need to live with me someday. I'd like a two story home with 2 bathrooms. If I can get 3 bedrms, the ideal floorplan would have one of the rooms downstairs.

I guess in order of importance, here' the critieria

appreciation / safety

floorplan

close to town

schools

Thank you.

LOL your requirements seem to be waivering. Sharpe St and I both live on eastside and there are values to be had. you told him you could get by wiht a bedroom/study but yet want a 3 bedroom IN CASE an elderly parent lives with you. Definitely a conflict.

Remember older floor plans may not be what you're used to i you're a suburban person. Closet space may be lacking, may only have 1 bathroom etc. This is the sacrifice you have to make.

Do you have ANY children? Are you even married? YOu say you want to live within your means but by your description i'm not seeing it yet.

[homehunter]

LOL your requirements seem to be waivering. Sharpe St and I both live on eastside and there are values to be had. you told him you could get by wiht a bedroom/study but yet want a 3 bedroom IN CASE an elderly parent lives with you. Definitely a conflict.

Remember older floor plans may not be what you're used to i you're a suburban person. Closet space may be lacking, may only have 1 bathroom etc. This is the sacrifice you have to make.

Do you have ANY children? Are you even married? YOu say you want to live within your means but by your description i'm not seeing it yet.

[Scharpe St Guy]

Another possiblity would be a duplex. May not be updated but as MusicMan asks if you can do the work yourself you could have a heck of a charmer and a nice home with income coming in from the second unit. The second unit would then be ideal for an older parent if that time came.

On the East End you can still find some deals and the drive time to the Galleria is approx 10-15 minutes depending where your starting point and end point is.

Scharpe St Guy

LOL your requirements seem to be waivering. Sharpe St and I both live on eastside and there are values to be had. you told him you could get by wiht a bedroom/study but yet want a 3 bedroom IN CASE an elderly parent lives with you. Definitely a conflict.

Remember older floor plans may not be what you're used to i you're a suburban person. Closet space may be lacking, may only have 1 bathroom etc. This is the sacrifice you have to make.

Do you have ANY children? Are you even married? YOu say you want to live within your means but by your description i'm not seeing it yet.

[Guest danax]

I'm hopping on the small East End/old home bandwagon. It is possible to find one for $110K or less that needs very little work but you'll have to be patient. And, the schools are pretty under-performing, but that doesn't mean your child has to be, if you have or plan to have any, that is. A good student can really stand out in these schools. I live in Pecan Park, near Musicman, and crime is not really an issue at all. I think he'll agree with me on that.

If you're willing and possibly even excited about the idea of restoring an older home, then I definitely say come over here. I didn't intend on doing that when I started my home search 5 years ago but I'm glad I ended up doing so. I first was looking in an inexpensive part of Spring and am very glad I didn't end up there now. The East End is in an upcycle that should last for a long time, after many decades of being in a down cycle, which is makes an investment in real estate a fairly easy thing.

If your sense of urban adventure gets seriously whetted, you could check out Third Ward and places around N. Main too.

In the suburban arena, you've got the risk of being trapped in a neighborhood downcycle at that level. I do like Bear Creek and the cool, 80s contemporary style homes in there for about that price, I think. Not sure how that area's fared recently though. I mention that area because the architecture is interesting enough to have a chance to attract future residents who might offset any possible downturn.

[FilioScotia]

I'm hopping on the small East End/old home bandwagon. It is possible to find one for $110K or less that needs very little work but you'll have to be patient.

********************************

I'll jump on that bandwagon too. Are you "married" to living on the west side? If not, you might check out the Eastwood neighborhood on the east side -- just minutes from downtown and the University of Houston. It was developed in the first several decades of the 20th century, and at one time, it was the equal of the Heights and the Montrose areas. It went into a long decline starting in the post-WWII years, but it's on its way back up now because people looking to live close-in are rediscovering it. There are some simply magnificent homes there that need fixing and painting, and you can find some major bargains. I have no idea what the prices are now, but they are going up because it's becoming such a desirable area again. I think it's definitely worth checking out.

[homehunter]

I'm hopping on the small East End/old home bandwagon. It is possible to find one for $110K or less that needs very little work but you'll have to be patient. And, the schools are pretty under-performing, but that doesn't mean your child has to be, if you have or plan to have any, that is. A good student can really stand out in these schools. I live in Pecan Park, near Musicman, and crime is not really an issue at all. I think he'll agree with me on that.

If you're willing and possibly even excited about the idea of restoring an older home, then I definitely say come over here. I didn't intend on doing that when I started my home search 5 years ago but I'm glad I ended up doing so. I first was looking in an inexpensive part of Spring and am very glad I didn't end up there now. The East End is in an upcycle that should last for a long time, after many decades of being in a down cycle, which is makes an investment in real estate a fairly easy thing.

If your sense of urban adventure gets seriously whetted, you could check out Third Ward and places around N. Main too.

In the suburban arena, you've got the risk of being trapped in a neighborhood downcycle at that level. I do like Bear Creek and the cool, 80s contemporary style homes in there for about that price, I think. Not sure how that area's fared recently though. I mention that area because the architecture is interesting enough to have a chance to attract future residents who might offset any possible downturn.

[pineda]

If you're interested in the Klein school district, which was rated Academically Accepted overall by the TEA this year, as were all of its' high schools, then two subdivisions that you may want to check out are:

Enchanted Oaks

Cypresswood

Both of these are close to three brand-new schools clustered together:

Kreinhop Elementary

Schindewolf Intermediate

Klein Collins High School

These are generally older homes, but in well-established areas with strong civic associations. Your best bet? Find a Realtor you can work with and let them some of this guess-work for you. Good Luck!

[lilyheights]

I would check out the area of Sharpstown west of Fondren, South of Bellaire, East of Gessner, and North of 59.

My dad has lived there for 40 years now. Safety has been in line with most of the city for a long time. True, the apartment areas are bad, but this is not an apartment area...try the streets north of Neff between Mary Bates and Waldo. There are a lot of original owners still living there.

The schools aren't great, but if you don't mind private schools the Catholic schools in the area are good to super (Strake and St. Agnes High Schools are great). You might be able to afford these educations while living over there.

I think it is worth looking. I would live there if we downgraded our home.

Another place to look is in Forest West. Again, you may have to get creative about schooling by taking advantage of nearby gifted and talented programs, but that works for a lot of people.

You'll have to do better than following the herd of sheep to find your solution, I think. For me, I have an aversion to being outside the Beltway just because I like the convenience to downtown activities. My dad is 15-20 minutes from downtown. It is really nice.

[homehunter]

Thanks for all the input. Pardon my ignorance, but in reference to fixing something up, when you say that it is good to do it myself, are you saying that as opposed to hiring contracted labor?

Re: schools, I don't have any childen but looking ahead to resale value

[pineda]

Re: schools, I don't have any childen but looking ahead to resale value

If schools are not a consideration, I'd look into the neighborhoods surrounding the University of Houston, Rice University, Texas Southern University, the Museum district, Hospital district, the Houston Zoo and out around there. But, that's just me. I love those areas! Your commute would be next-to-nothing, and you'd have your pick of gorgeous older homes over there in a culture-rich part of Houston. Whatever you decide, good luck & enjoy your stay!

[musicman]

There are some simply magnificent homes there that need fixing and painting, and you can find some major bargains. I have no idea what the prices are now, but they are going up because it's becoming such a desirable area again. I think it's definitely worth checking out.

not for 100k in Eastwood

[sevfiv]

Thanks for all the input. Pardon my ignorance, but in reference to fixing something up, when you say that it is good to do it myself, are you saying that as opposed to hiring contracted labor?

Re: schools, I don't have any childen but looking ahead to resale value

it would be cheaper to do it yourself instead of hiring out

not for 100k.

yeah, those areas are pretty much priced out of range

[musicman]

Thanks for all the input. Pardon my ignorance, but in reference to fixing something up, when you say that it is good to do it myself, are you saying that as opposed to hiring contracted labor?

Re: schools, I don't have any childen but looking ahead to resale value

I'm starting to worry. Yes can YOU do much of the work physically? you can do demolition. painting, and many other projects fairly easily. Or should i be asking you if you know what a prybar is?

resale isn't a problem if you get it at a good price and are efficient on your remodeling.

I needed to correct a drainage problem at my house....the landscaping company bid 1250 per my specifications. I ended up doing it myself and spent about 350. I had knob and tube wiring which was difficult to insure. I had bids from about 4000 to 5000 to rewire it. I paid an electrician 300 to replace and upgrade my service. I ended up doing the rest of the work myself and spent less that 900 including the 300 i paid the electrician.

[homehunter]

I can do the work PHYSICALLY, but yes, you should be asking me what a prybar is.

I have no idea

[silverartfox]

Well, you do what you can do yourself and contract out the rest!

For instance, I can do minor repairs, interior/exterior painting, tile setting, yardwork/gardening, plans for the kitchen remodel, etc. I can't do the plumbing and electrical updates, garage demolition, concrete breakout, etc. Most DIY jobs don't have a steep learning curve, but they do take longer to complete than you think they will!

Whether you buy a newer house or an old one like my 1935 East End jewel, there's always something to fix or do. I simply don't mind living in a "work in progress" for the forseeable future. The Old House Web forums are a good source of information and support.

Good luck on your decision, and be sure to get an inspector who is familiar with the type of house you're thinking about buying.

[musicman]

I can do the work PHYSICALLY, but yes, you should be asking me what a prybar is.

I have no idea

LOL at least you're honest! you should come to the Eastside sometime and see some homes. you're more than welcome to stop by here.

[Scharpe St Guy]

Here is a home on the East Side / Pecan Park which may suit your needs.

Home on Ilex

Good size for the money and the area is quickly improving and I would say nice. What do you think of this?

Scharpe St Guy

[TheNiche]

Here is a home on the East Side / Pecan Park which may suit your needs.

Home on Ilex

Good size for the money and the area is quickly improving and I would say nice. What do you think of this?

Scharpe St Guy

Nice find, SSG.

I'm another advocate of the east end. In fact, I'm such an advocate that I've got a home pending in Eastwood (have had it pending for about 2.5 months now, it seems like, but the owner is a screwball). Mine is a 3/2.5 but will require some major rehabbing. Lets just say that the price I'll pay is a statistical outlier compared to everything else in the neighborhood very much in my favor...but I'll have to earn it with sweat.

I'd take a close look at the one on Ilex street. It seems like a lot of home for the money and is very nice on the interior. The previous owner clearly took some pride of ownership.

EDIT: Incidentally, I've noticed while waiting for my home to close that the inventory of homes on the market in Eastwood has been nearly depleted. There's only the lonely McMansion and a "cape cod" as the realtor describes it on Coyle Street.

[rps324]

There are plenty of options. Westbury, Oak Forest, Glenbrook, Lindale, all "up & coming" areas close in. Depending on how long something has been on the market and/or how motivated the seller is, you might be able to talk some of them just above your price point down enough to make the numbers work. Some of these will probably need more work than you want to do, there are some that are pretty rough, others not so much, but you do have choices available.

listings

[jm1fd]

Re: schools, I don't have any childen but looking ahead to resale value

If you're going to buy in the suburbs, then schools will play a large role in resale. If you're going to buy close in, then location and the condition of the 'hood are going to be much bigger factors than schools as far as resale is concerned.

I think the suburbs/areas near and outside the beltway are going to do poorly as far as resale goes. There's plenty more land out there to build more new houses on. Who wants to buy your old house, when they can get a new one just up the road for the same money, or a little more?

Appreciation in close in areas is almost guaranteed.

[rps324]

If you're going to buy in the suburbs, then schools will play a large role in resale. If you're going to buy close in, then location and the condition of the 'hood are going to be much bigger factors than schools as far as resale is concerned.

I think the suburbs/areas near and outside the beltway are going to do poorly as far as resale goes. There's plenty more land out there to build more new houses on. Who wants to buy your old house, when they can get a new one just up the road for the same money, or a little more?

Appreciation in close in areas is almost guaranteed.

I forgot about your neighborhood also, Shepherd Forest. Although if the current offerings are any indication that area may already be out of the range.

[PapillionWyngs]

There are also homes in that price range in older neighborhoods in the Clear Lake area.

[musicman]

There are also homes in that price range in older neighborhoods in the Clear Lake area.

he wanted to live somewhat near Galleria for work that's why houses down there weren't included.

[CB4]

Second a $100k home in the burbs is a BAD investment, these homes are built by tract builders and are "cookie cutter" with creative financing to the hilt. This translates into the feeling that these area will become the next slums of Houston.

Seconded this. Nationwide phenomenon. Cheap houses in suburbs are generally "starter houses" which are not designed to be lived in, only used for a couple of years before discarded to the next. The initial group is always lower-middle income families with small children, and after that initial group leaves it's DOWN hill.

As for locations, what was said before is spot on. If you're willing to put some sweat equity into a house, you could conceivably find what you're looking for. Then again, if you just want something shiny... perhaps a condo is the life for you.