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Message
re: How much house can I afford?
Posted on 3/25/14 at 9:31 am to Ellakennedi
Posted on 3/25/14 at 9:31 am to Ellakennedi
quote:
I make 3x55k and I struggle with my 200k house note.
He's backkkkkkkkkk
For the OP, rent - it will be a decision you will not regret.
1
Posted on 3/25/14 at 9:36 am to Ellakennedi
OP,
I would rent until you are married then look to buy. When buying, you will have decide where exactly to live (lots of things to weigh), which will dictate housing prices. The Woodlands is expensive by name and taxes are higher there then surrounding areas. If you want to be closer Houston check out Old Town Spring, Spring, or the Klein areas. If you want a little slower pace of life with cheaper housing and lower taxes, check out Magnolia or Tomball. If you want a lake (although it is nasty) check out Lake Conroe. If you want to get out in the sticks and buy land check out Montogomery, Conroe, or Willis. Also, are you going to be working at Exxon there in The Woodlands? If so, check out rentals on 1488 or down the Hardy Toll Road/45.
ETA: While renting, it will let you see the areas traffic, schools, stores, restaurants, etc. which will help make the buying process easier. Rent first, buy later.
I would rent until you are married then look to buy. When buying, you will have decide where exactly to live (lots of things to weigh), which will dictate housing prices. The Woodlands is expensive by name and taxes are higher there then surrounding areas. If you want to be closer Houston check out Old Town Spring, Spring, or the Klein areas. If you want a little slower pace of life with cheaper housing and lower taxes, check out Magnolia or Tomball. If you want a lake (although it is nasty) check out Lake Conroe. If you want to get out in the sticks and buy land check out Montogomery, Conroe, or Willis. Also, are you going to be working at Exxon there in The Woodlands? If so, check out rentals on 1488 or down the Hardy Toll Road/45.
ETA: While renting, it will let you see the areas traffic, schools, stores, restaurants, etc. which will help make the buying process easier. Rent first, buy later.
This post was edited on 3/25/14 at 9:38 am
Posted on 3/25/14 at 9:43 am to mkibod1
OP, I agree like the others have said...rent right now.
But this is also VERY important in a new place, especially a new place the size of Houston.
I know a few people that have moved here from other places and bought houses in a hurry only to find out later after they are settled that they'd rather be in a different part of Houston.
But this is also VERY important in a new place, especially a new place the size of Houston.
quote:
While renting, it will let you see the areas traffic, schools, stores, restaurants, etc. which will help make the buying process easier. Rent first, buy later.
I know a few people that have moved here from other places and bought houses in a hurry only to find out later after they are settled that they'd rather be in a different part of Houston.
Posted on 3/25/14 at 9:46 am to kingbob
quote:
U can afford around $700/month. That's gonna be around 115k.
That's what i was thinking. Any chance something like that exists to the northwest of the woodlands?
Not Northwest. I'm not sure you really want to live in anything or close to that at that price. What you'd be spending on maintenance, repairs, and fixing it up, you'd be better off waiting on a home purchase.
This post was edited on 3/25/14 at 9:48 am
Posted on 3/25/14 at 9:49 am to lynxcat
quote:
rent - it will be a decision you will not regret.
Posted on 3/25/14 at 9:58 am to Ellakennedi
quote:
I make 3x55k and I struggle with my 200k house note.
Then you must be an idiot and not know how to budget very well.
Posted on 3/25/14 at 10:00 am to PurpleAndGold86
quote:
Then you must be an idiot and not know how to budget very well.
I think that has been well documented with this guy.
Posted on 3/25/14 at 10:01 am to Cdawg
Posted on 3/25/14 at 10:09 am to Cdawg
quote:
Not Northwest. I'm not sure you really want to live in anything or close to that at that price. What you'd be spending on maintenance, repairs, and fixing it up, you'd be better off waiting on a home purchase
Yeah, I was unclear, I meant are there places to rent for around 700/month out there? I know there are some places in The Woodlands proper, but they're pricey as all get out. No chance of a small rent house with a decent backyard (so I can have a dog) in a meh, but not dangerous, neighborhood I'm assuming.
Posted on 3/25/14 at 10:13 am to kingbob
rent dude...rent
Posted on 3/25/14 at 10:27 am to kingbob
OP,
If you want to pay about $700 in rent check out Oak Ridge/Shenandoah (Old Woodlands), Tomball, Magnolia, Klein, or Spring and look for older homes that are up for rent. You may have to come up a little for something nicer, but that is all up to you. And Houston is a crazy animal with traffic, schools, taxes, and pricing. Renting will allow you ample time to research all that for when you do go to buy.
If you want to pay about $700 in rent check out Oak Ridge/Shenandoah (Old Woodlands), Tomball, Magnolia, Klein, or Spring and look for older homes that are up for rent. You may have to come up a little for something nicer, but that is all up to you. And Houston is a crazy animal with traffic, schools, taxes, and pricing. Renting will allow you ample time to research all that for when you do go to buy.
Posted on 3/25/14 at 10:27 am to Salmon
Nothing wrong with renting. It will help you afford buying what you want down the road.
Posted on 3/25/14 at 10:33 am to yellowfin
Buy now. Two years from now interest rates will go up at least 200 bps
Posted on 3/25/14 at 10:38 am to OceanMan
Just to pile on, renting, especially in Houston is the way to go at your age. All of the reasons mentioned here are valid. Depending on your need to meet people and socialize, I would consider living near downtown your first year. Traffic is not that bad going counter flow (though not great) and you will have more to do, especially on the weekends. I think regardless of where you live, you will need to up your budget for housing or find a roommate. I don't know if you have a dog now but if you don't hold off on that urge, it's only going to make your living expenses higher.
Posted on 3/25/14 at 11:16 am to Cypdog
quote:
Just to pile on, renting, especially in Houston is the way to go at your age. All of the reasons mentioned here are valid. Depending on your need to meet people and socialize, I would consider living near downtown your first year. Traffic is not that bad going counter flow (though not great) and you will have more to do, especially on the weekends. I think regardless of where you live, you will need to up your budget for housing or find a roommate. I don't know if you have a dog now but if you don't hold off on that urge, it's only going to make your living expenses higher.
Yeah, no way I'm living in downtown only to commute all the way almost to Magnolia every day. I know it's against the flow, but still! I'm worried about having to find a roommate. I've had a dog in the past, but I don't have one now due to my current apartment not allowing/not being conducive for pets. I have an SO so I won't be out all the time chasing tail. I'll probably enjoy driving in for Astros games and the occasional (if I can afford it) Texans game. Beyond that, the only reason I'd have to go to the city would be to see concerts. Most of my friends in the area live out in the suburbs (Katy, Sugarland, The Woodlands, ect) anyways.
Posted on 3/25/14 at 11:29 am to kingbob
To each their own. I have been in Houston 10 years and still choose to live near downtown. There is a lot more going on than what you mentioned, but that is a topic for another thread. In the woodlands you will be driving a bunch regardless, but you don't need to leave with all they have up there either. It's a nice area which I think will only get nicer.
Posted on 3/25/14 at 12:15 pm to Cypdog
quote:
To each their own. I have been in Houston 10 years and still choose to live near downtown. There is a lot more going on than what you mentioned, but that is a topic for another thread. In the woodlands you will be driving a bunch regardless, but you don't need to leave with all they have up there either. It's a nice area which I think will only get nicer.
If my work was in Houston, I'd live close to or in downtown. But my work isn't just in the suburbs, it's practically beyond them. I hate having a long commute as it is. How long does it take to get from downtown Houston to The Woodlands going against the grain like that?
Posted on 3/25/14 at 12:32 pm to kingbob
At 5-6 roughly 45 min. Depends on the day though, that goes for every direction in Houston. I have several clients in the woodlands and have done that commute back to town for a number of years. Most of that time is spent getting accross the galleria on 610, which you could avoid. Based on your comments though, I would move closer to work though. I don't want you cursing me later. I would imagine housing prices get cheaper the further north you go as well. I would still rent first however.
As you get older, know that you won't make it to the city as much as you think you will now. You seem fine with that too, which is good.
As you get older, know that you won't make it to the city as much as you think you will now. You seem fine with that too, which is good.
Posted on 3/25/14 at 2:41 pm to kingbob
Bought a $150k house at 25 making $60k a year and it was about the perfect balance considering all of my other bills, etc. I was approved for a bit more, but my numbers didn't add up so I went with what I could afford.
BUT, I do wish I would have waited. I was single at the time and thought I would be for a while. Next thing I know, two months later I meet a girl and we were married a few years later. With me already owning a home, it limited our options because we couldn't sell when the market crashed so we were stuck where we were at for the time being.
Again, as many others have said, just rent for now. Let your woman finish college, live life a little, and then decide on purchasing a home AFTER you are married.
BUT, I do wish I would have waited. I was single at the time and thought I would be for a while. Next thing I know, two months later I meet a girl and we were married a few years later. With me already owning a home, it limited our options because we couldn't sell when the market crashed so we were stuck where we were at for the time being.
Again, as many others have said, just rent for now. Let your woman finish college, live life a little, and then decide on purchasing a home AFTER you are married.
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