Seeking Advice Re: First Home Purchase in the Area.

Updated on June 16, 2008
C.G. asks from Plano, TX
5 answers

Ladies - you've been a great resource in the past - I need some advice . . . about homes, schools, neighborhoods, etc. My husband and I are new to the area, so don't have very many trusted confidants to hash this discussion out with.

We are looking at buying our first house in Plano either this summer or within the next year or so. We are currently looking at a small house at a really good price, feeding into Shepard Elementary (and we're in a position to make an offer immediately). My husband thinks its a great investment property - easy to get into, great schools, well established neighborhood, local park, Texas pool nearby. I agree with him - but am not in love with the layout of the house. I know we can re-model some things, but will miss the light and air flow we have in our current rental (which is a big sticking point for me).

So my question is - do we jump on the good deal? (Downsides - stuck with a house I don't love, starting a new job soon and studying for licensure - ++ stress; Upsides - probably some good neighbors to connect with who have similar age kids - which is very important having moved around a lot, building equity, etc.) Or do we hold out for another house near Shepard - I know these are rare? Or even hold out for better financing to move farther North / West?

On the other hand - maybe you have advice about some of the other Plano schools? My daughter is in Montessori now - which we love. I've seen some houses in the Hughston? Elementary district which I like - but haven't heard anything about it. I've heard Carlisle is great - but the neighborhood is probably out of our range at this moment (maybe another year or two and it will be more reasonable).

Anyway, I know - very long and rambling. I do appreciate your input.

Thanks,
C.

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So What Happened?

Thank you all for your wonderful advice!! I will be back soon for more on a totally unrelated topic. :-) We did end up putting in an offer on the house - we'll see what happens from there.

C.

More Answers

T.F.

answers from Dallas on

I substitute teach in PISD and I have heard of those schools but I don't know anything about them or the neighborhoods which feed into them.

I only sub at the elementary closest to my home (Blue Ribbon exemplary school)....the one my daughter (now 13) went through. I do feel that schools are very important and also keep in mind what feeder schools your children will go to after elementary, etc.

As for taking the plunge on real estate that is hard to say. When we moved here about 20 yrs ago, we did buy a house because we did not want to rent. We preferred to own. It was NOT a dream house, it was a starter house. I hated the layout, being on a corner lot and having an alley. We learned what we did NOT want with other homes. We upgraded this starter house, stayed in it almost 2 yrs and then we built a new home in a new/expanding golf course community.

Building a home will test your relationship to the nth degree. SO frustrating and I hate builders (been through 2 of them). We did enjoy our location very much in North Plano, West of 75. Another thing we learned with living on the golf course (we had no issues with the golf balls, hubby is a golfer, that was well planned out) is privacy. Someone is practically in your backyard all the time. That got old for us because we value our privacy. In 2000, we decided to do it again with another builder (something I said I would never do, ha ha) and it was another very frustrating experience but we do love our home, our space and our location now. We are less than 2 miles from the first home we built but we LOVE our privacy. I can be out back naked if I want to and don't have to worry about anyone around. Not that I do that.....just an example....

With all that said, if you know you will not be in the house long term and accept that, then starting out with a decent investment and re-selling might be a good avenue for you. Like us, you can get a feel for features you do and do not like. We swore after house #1 that we would never have another alley and we have not. We moved here from NC and had never seen alley's so it was odd to us. You can establish your credit better as well when you own, unless of course you default. It is expensive to maintain a house. We are frequent Home Depot/ Lowe's customers for maintainence products.

Good luck to you whatever you choose.

TF

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C.R.

answers from Dallas on

Hi C.,

My name is C. Roeschen with The Trinity Group and Keller Williams.

We are just getting into our busy season, you will be seeing more homes on the market very soon.

My advice would be to wait and see what else is out there.

If you are interested please send me a list of items you are looking for in a home and I will set you up to receive listing via email. If you and your husband are looking for a great deal we can specify listings that are short sales or foreclosures feeding into Shepard Elementary. No strings attached.

Best of Luck!

C. Roeschen
The Trinity Group
Keller Williams
###-###-####
____@____.com
www.TheTrinityGroup.org

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H.C.

answers from Dallas on

For your personal home, I'd hold out and wait till you find "the one". However, if the house is such a good deal, you could buy it, rent it out for a while and flip it... Good luck.

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J.J.

answers from Dallas on

I think you should hold out until you find a house you fall in love with. I just spent a lot of money on a new house, and really wish I had considered a few more things before taking the plunge. I kind of miss my old home. You don't want to live with the regret.

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T.R.

answers from Dallas on

C.,

There are a ton of homes out there. Do not settle for one that you do not love if you are going to live in it. Life is too short to be miserable!

I am the owner of North Texas Home Finders. We specialize in helping future homeowners find the right home at the right price. I would love to help you if you are not currently working with someone you can trust. I have helped over 500 homeowners and really love to make people happy.

Check out our website at www.northtexashomefinders.com. Be sure to put T. in the promo code.

Beware of short-sales and foreclosures. They can break your heart. There are a few articles about them on our blog.

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