Question on how much house I could afford.

[lilbradford]

Buy a cheap one and fix it up if you stay there very long. This time in your life is about more than being tied down to a house payment.

Honestly.....renting isn't that bad an idea for the next several years. Property taxes and insurance suck.

I have thought about it but renting in my area I will be paying easily 1k a month and building no equity. That doesn't seem like an issue to you??

[lilbradford]

LMAO. A real estate told a group of you that her market is the best in the state?

Let me guess, she passed out a few business cards after the presentation too?

Whats the name of the subdivision if you don't mind me asking?

Seriously, I think what your doing is freaking awesome. It took me too long after college to even start thinking about getting a real job let alone a house.

It was a man who received a national realtor of the year award. And it wasn't his area. Don't have his name or card. It was at River Oaks Country Club (Whitehall breakfast). The subdivision is Willow Creek Farms has Ashton Woods, Ryland, Meritage, and Westin homes. My brother got in when they first started building out there. It is labeled as brookshire but is actually zoned to KISD schools. Which helps. Thanks again for the kind words.

[JHT]

What if I told you my parents house less than 2 miles a way has doubled in value? And that my brothers house he built less than a mile a way for 180k is now worth 190-195k less than two years later?? Not being a smart a** just giving you some more information. I am glad to have your opinion on here.

Not arguing with you at all.




Something to think about. The county will tell you what your house is worth and you will pay taxes on that amount.

A relator will tell you what your house is worth too.

The truth of the matter is your house is worth what someone buys it for and the transaction closes.

[BigTex.308]

Subscribed. We'll be buying in about 1 year



Ike

[Skyjunky]

6 months work history is a little short for banks. Do not pay more than double your salary for a house.

I would not put down 20% on your first house. You won't be in it long enough to get a decent return. You probably won't qualify for a convential loan anyways.

[lilbradford]

yes there is - your best bet is going to be creating a relationship NOW with a local credit union that holds their loans "in-house". All of the lack of job/credit history can be solved by doing this. You won't get ANY slack in the secondary market on these things, but a local credit union can cut you some slack on these petty items if they are comfortable enough with you as a customer

I think I will start on that next week. Would you say opening a credit card with them would be a good idea? I bank with Tradition Bank right now Checking and Savings and have a USAA secured American Express. First Community Credit Union is just down the road. Anybody you would suggest?

[duckmanep]

IF the value of your home increases, be prepared for more taxes.

[lilbradford]

Not arguing with you at all.




Something to think about. The county will tell you what your house is worth and you will pay taxes on that amount.

A relator will tell you what your house is worth too.

The truth of the matter is your house is worth what someone buys it for and the transaction closes.

The 10k increase was based on an actual sale of an identical house and the increased value in my parents home is based on comparables that are not even as nice as my parents house. And I agree with you about the actual sale. Thanks again man. I appreciate it all. I'm always up for learning and getting other opinions.

[Dale Moser]

I have thought about it but renting in my area I will be paying easily 1k a month and building no equity. That doesn't seem like an issue to you??

The last house I rented was brand new and 1100$ a month to rent. I had two budddies for roomates. 400$ a month and use the other 700$ for toys, partying, chasing girls, road trips, and saving for a down payment worked out pretty well in fact.

Not for everyone though.

[dustoffer]

I haven't read all the previous posts, so this may have been posted already--but don't over buy and find yourself so "house-poor" that you can't afford to go out to eat occasionally, put gas in the car, etc. There are other things to life than a "big house".

[RGarza34]

Buy a cheap one and fix it up if you stay there very long. This time in your life is about more than being tied down to a house payment.

Honestly.....renting isn't that bad an idea for the next several years. Property taxes and insurance suck.

Best advice yet. Life doesn't care about "I plan on making this, while paying this because Google told me that." Patience my friend. I am going through the same thing, and let me tell you. Life changes quickly, I am focused on setting a solid foundation for my wife and I. Buying our home will come in time.

[Bily Lovec]

What if I told you my parents house less than 2 miles a way has doubled in value? And that my brothers house he built less than a mile a way for 180k is now worth 190-195k less than two years later?? Not being a smart a** just giving you some more information. I am glad to have your opinion on here.

your numbers are spot on.

I bought a new house out here because every time a used house in cinco hit the market, they would get 20 offers in a day and end up selling for 10%+ over asking.

I bought a new build in cross creek ranch for less per sq ft than a lot of used lesser houses are selling for in cinco.

its nuts in this area right now.

[scotton]

Also, assuming you qualify, look at the Texas first time home buyers grant. They will give you 5% of the purchase price towards your closing costs and down payment. If you sell the house within 9 years, you may have to pay some of the 5% back. Have your lender check it out and see if it works for you. It's a good program if you are willing to jump through a couple of hoops.

http://www.tdhca.state.tx.us/homeownership/fthb/buyer_intro.htm

[JHT]

The 10k increase was based on an actual sale of an identical house and the increased value in my parents home is based on comparables that are not even as nice as my parents house. And I agree with you about the actual sale. Thanks again man. I appreciate it all. I'm always up for learning and getting other opinions.

Your doing research. Nice work.

If your buying in Willow Creek Farms do not use your parents house as a comparable if it is not in the exact same subdivision. The value of your home increasing or decreasing will be calculated on current sales in the same subdivision.

2 miles away is not valid for comparison considering the size of the subdivision. Would be nice thought huh??

Something to consider as well. Some people to prefer to pay a little more for a newer house that has almost everything they want rather than go through the pain of having one built. The previous owners will have most of the warranty issues/kinks taken care already as well.

[lilbradford]

Also, assuming you qualify, look at the Texas first time home buyers grant. They will give you 5% of the purchase price towards your closing costs and down payment. If you sell the house within 9 years, you may have to pay some of the 5% back. Have your lender check it out and see if it works for you. It's a good program if you are willing to jump through a couple of hoops.

http://www.tdhca.state.tx.us/homeown...uyer_intro.htm

Thank you for the info! I appreciate it and will check it out!!!