Mr. Morris

Grand Praire is a more central area to commute to downtown Dallas, Fort Worth, Arlington (Mid-cities), Los Colinas/Irving area, or Preston Hollow/North Dallas. Considering where your job is, Grand Praire should be a good option. Nevertheless, before you buy the house, check the commuting time in a real world situation (i.e., on a Monday - Thursday morning). The traffic feature on google maps will give you a rough idea.

I agree that if you pay all cash, you're saving money versus renting. If it is an older home, get an inspection of the plumbing system as well as the typical other things in the house, since there could be some tree roots in the pipes, which won't show up until later. Other potential issues could be termites, foundation problems, the roof, and the major appliances. Also make sure the house is well insulated, since it gets hot here in the summer and electric bills in a poorly insulated home are very high; it may be worth getting the insulation tested before you decide whether to buy it. You als may be able to get a home warranty, which is worth checking into. Sorry, but I don't know of a home inspector to recommend for you, but the real estate agent you use should be able to help. Finally, try to negotiate with your real estate agent to get a rebate on part of their fee. If you use Ziprealty.com, they'll automatically give you a rebate.

UA Fan

bolding mine, sorry may I know what you mean by the bolded?

techgirl

I am not the poster but I think watching any Jeff Foxworthy video might explain this to you. ("You Might Be a Redneck If...")

If you are considering Grand Prairie, you might as well go ahead and consider Arlington too. A bit more going on, not as stagnant.

I'd suggest working with a Realtor. You asked about "hiring" one. You don't hire one... you work with one. There is no cost to you and a good relocation specialist (which is what I'd look for) can help you better understand the tone and pros/cons of various neighborhoods.

DFW is a large area with a LOT of variability. Where you live largely influences your social patterns and many other factors of life here. I would not pick a neighborhood off of a map on the internet. The people are different (in some cases like from another planet) from area to area.

TMOliver

Thanks. More than an adequate explanation.

I suspect that the OP has had minimal Southern exposure and does not drivea "Doolie". If he moves to Grand Prairie, six months from now, he'll be sporting a mullet, a Skoal can in the back pocket of his jeans, and be thinking about buying a '69 Camaro to rebuild.

AdaQuonsett

Isn't Duncanville the tornado and hail capital of Texas?

UA Fan

Isn't Arlington considered a bad school district?

UA Fan

For the purposes of resale/renting which is better: independent house/condo?

sdsvtdriver

Dude, you need to rent.

UA Fan

I'm in a bit of dilema. I like a townhouse built in 06 that is 3 BD, 2.5 Bath and is 90K and another independent house that is 130K, built in 85, has three bed and 2 bath. I am worried if house which is already so old will depreciate over time. Since new houses are plenty in Dallas, I don't understand why someone would look for an old house.

Also I plan to move out and give my first house on rent and I know I will get more for the house than the townhouse. But getting tenants willing to pay for so much will be more difficult than in the townhouse.

Is there any chance that house prices will skyrocket again? In that case I might as well go for the house as it is good enough for a permanent place. Recently met someone who feels it will as there is just so much money out there and such low interest rates, it is similar to the recovery of the 01 recession.

Any thoughts?

uncertaintraveler

And, yet, you are looking at two older homes.

Some people like older homes because they believe, rightly or wrongly, that such homes offer better construction. Older homes may be in more desireable school districts. Or in more established neighborhoods.


Sure, there is a chance. Is it a realistic chance? Who knows?

Are you buying a house as an investment, or as a place to live?

If it is the former, I question your wisdom. If it is the latter, I question why you are seemingly willing to settle for a place that is merely "good enough for a permanent place."

ElkeNorEast

I live in a house in Houston built in 1981. I have big old trees, much more land than I could hope for with a newer house, and am closer to amenities and transportation options than I would be if I bought in a new subdivision. My house is built for the climate - it's not a two-storey behemouth with a wall of west-facing windows that make the A/C bills skyrocket, it's a nice ranch house with lots of shade and a huge porch.

If I were to move I would definitely look in an older home... in fact I am looking at moving in the next year or so and have been looking pretty much exclusively at older homes.

So don't let the fact that the house is older deter you. It's easy to update a well-located older home and make it attractive to occupiers and buyers.

Location, location, location! Also, School Districts and Electricity Bills! It's easy to run up a $500/month bill in Texas

TMOliver

I can only add a resounding echo to ElkeNorEast's post. Aside from the condition and need for upgrades/replacement of HVAC systems, hot water heaters and the condition of the roof, "old" (1980 old? Sheeeut!) houses can offer substantial advantages over much of the new construction around.

I'd no more want a house with cathedral ceilings and glass walls than I'd want to live in a cathedral with high stained glass windows.

Old? I grew up in a house built in 1911. We spent much of our married life (1972-2005) in a house built in 1966 (in which we were constantly having to "fix" things for the first few years, until it got old and everything worked). Our current house, sort of a patio home in a PUD, was built in 1980. I've a cousin who lives in Galveston in a house built by one of our mutual great-grandfathers in 1871 (in case you want to look: http://www.galvestonhistory.org/2010...15Broadway.jpg ). Having survived several major hurricanes with little/minimal damage, it falls well into the "Better Built" category, although the 14' ceilings do require an AC about equal to a Las Vegas hotel (except with a lot bigger condensate drain). I suspect that she draws from her tenancy the same sort of warmth and security which I've drawn from connubial bliss in our marital bed, first occupied at some point prior to 1849 (and hauled from Tennessee in that year) by one set of my great-great grandparents (other than the occasional sense of somebody looking over my shoulder).

As the real estate folks say: "Location! Location! Location!". Add the conditions and comfort coming from living there and pleasure resulting therefrom, and what else matters? With crumb-snatchers in the house, unless you're private-school-tuition-affluent, school district/attendance zone can be a factor, but that's a part of the location equation.

Spyder

The trouble with new construction in Dallas is that there is always more room to build more homes, so recent construction values stay capped by the new construction it competes with. Why will somebody want to buy your 10 year old condo in 2016 when they can drive a few miles down the road and get a brand new one straight from the developer?

An older home with a good location can have a bigger upside. For example, I bought a home in Hollywood Heights in 1998 that sold for a 50% profit in 2001. All I did to that house was paint two rooms. The condo I owned in Oak Lawn between 2003 and 2008 only went up $4,000 in 5 years and I put at least 25K into it.

I think it's also very important to think about the lifestyle you want to have.

- Do you want to be close to bars, shopping, groceries, schools?

Think about the relationship you want to have with your neighbors.

- Do you want to argue with your neighbors about how much to pay for pin striping the parking lot?

Think about how much time you want to spend fixing things?

- Do you want to mow the yard?

Ultimately, the buyer of your next home will probably value the same things you do, so better understanding what is important to you about where and how you live will help you make an informed choice that will serve you both as you live there and later when you rent or resell.

Cholula

Although this thread is perfectly OK in OMNI, we're going to move it to our Regional Forum that covers Dallas. That move will likely reach additional FT'ers who might want to weigh-in.

Please follow in its new home.


_____________________

Cholula
OMNI Co-Moderator

MilesMonster

I'm skeptical to take financial advice of the magnitude of buying a home from anyone I've "recently met." The '01 recession was not as far reaching nor long as the current recession. Consumers have cut back spending (due to lost/reduced income, ARM's finally adjusting, credit limit decreases, fear, etc.); but most Americans are still laden with debt and fearful to lose their job. The pace of hiring is still VERY slow.

Also, as a former Dallas resident, I'd steer clear of the south suburban area. I'd be looking at the "M Streets," Lakewood, and (select areas of the) Lake Highlands neighborhoods of east Dallas from a location, location, location perspective. From a school district perspective, you'd be in Dallas. The kids would have to go to private schools.

I have several friends in McKinney who love it, and the school district is one of the highest-rated in the USA. And as builders keep building farther north (Melissa, Anna, etc.), I suspect there might be home value increases in Allen/McKinney/North Plano as these suburbs are closer to jobs, nicer dining options, malls, etc.