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Dennis, Home Buyer in Houston, TX

Do you think this house is a good investment long term,And is it in a good area,Would the price of house double in the next 5 years.?

Asked by Dennis, Houston, TX Wed Jan 6, 2010

How much money will it take to fix house up.

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8
Dennis,
It's been 9 months since you posted your questions. Did you buy the house? If so, how's it doing. I bought two since your post in NW Houston and I'm very happy with the results, income and tenant base in the area.
0 votes Thank Flag Link Wed Sep 1, 2010
Even in Houston, I would say it's hard to say if the price will double. Rarely. Maybe in a few spots around town if you purchase cheap enough, but in general no. If you post the address, we can give a more informed answer.

Ana
0 votes Thank Flag Link Wed Feb 3, 2010
Dennis,

More information is needed to see if it would be a good investment.

You are asking the right question about if it is in a good area, but how much work is needed on the property. In the Houston area, I don't remember seeing property values doubling in the past over a5 year period and with the economic crisis that we are struggling through, I don't believe we are going to see that happen again. It was the over exaggerated increase in prices on the left coast and in Florida that got us to where we are today. With this in mind, I feel that regulations are coming that will limit the value increases.
0 votes Thank Flag Link Mon Feb 1, 2010
Dennis

You definitely need to go out and check the home and get professional quotes to know how much a house needs to be fixed and to what standards.

I absolutely believe a home is a good long term investment. However will it double in the next five years... Probabely NOT. Looking at everything that has happened I really think we are more than likely looking at about 10 years. But then again... it might. Always a risk but longterm investment, look at history and you will see the reflection of how the investment of a home has grown.

Kindest Regards,
Dianne Hicks
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun Jan 31, 2010
I would not expect much price appreciation until past 2014. Look at the amortization table. In 5 years you will lose money with no price appreciation.

Is it really cheaper to rent or to buy? Look below to figure it out for yourself.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…

You can make assumptions about future price appreciation. Many did and now find their houses are worth 50% less than when they bought them not that long ago.
0 votes Thank Flag Link Sun Jan 31, 2010
Hey Dennis,

In order to answer your question, we need additional info from you. You may have tried to send the link with your question, but it didn't come thru.

Another questions: Will this be your home or an investment property?

You should contact a local Realtor; they will be familiar with the area & will have access to do a Rental Comp to estimate what this home will rent for in the event this is going to be a rental.

Good luck,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
imortgage
We have a loan for every home... simple as that.
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Sun Jan 31, 2010
Hi Dennis,
Which house are you refering to?
0 votes Thank Flag Link Wed Jan 6, 2010
Will the price of the house double in the next five years? Yes, it would!

If the Houston economy goes into SuperOverdrive(tm), and the next four years bring stupendous economic growth nationwide, then, yes, that home may very well double in the next five years.

Or, something else might happen to make the price double in the next five years!

If things stay the way they are, however, it's quite unlikely.
0 votes Thank Flag Link Wed Jan 6, 2010
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