Home Buying in Euless>Question Details

Ariel, Home Buyer in Euless, TX

I would like to buy a townhouse in North Euless in Grapevine-Colleyville ISD. Is it a good idea?

Asked by Ariel, Euless, TX Thu May 12, 2011

These townhouses are priced around 100-110K. I am a first-time home buyer. I can qualify for much more (200K), but I would like to pay off my mortgage in 5 years and not spend all the time till retirement paying for mortgage. I am also looking at homes in that area in low hundreds. I have 1 child -9 years old. My idea is to pay off the mortgage in 5 years and then think if I would like to upgrade to a bigger home. Please let me know what you think about that area and if this sound like a good plan. I don't mind doing some work on homes (since I will probably do it in a newer home anyway to make it my own). My dream home is a newer 200K home in Flower Mound. If I get it, I will not be able to pay on top of my mortgage payment, and will be paying for the rest of my life....

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T.E. Sumner’s answer
Being free of mortgage payments gives you a great feeling. You'll still have to pay for insurance and real estate taxes, but they're a lot less than the mortgag e would be.

If you're thinking of paying off $200k, you'll need about $35k per year to put toward the mortgage balance. If you have a large down payment, you can subtract that off the house price and then divide by about 5. For taxes and insurance you'll set aside another 3% of the sales price roughly every year.

Condos and townhouses have the advantage that you don't have to maintain the exterior. Most HOAs take care of exterior painting, roof and landscaping out front, including lawn. Landscaping inside your fence might have to be taken care of by you, but the outside will be less hassle than a single-family homes.
Now you do pay for that outside service and you lose some say in how things look, but for some people the headache of mowing or having someone trim bushes etc is something they don't want to deal with.

Single-family homes can be your canvas to create a landscape of your choosing. You won't have to share a common wall with a neighbor. Some single-family communities do have HOAs, too, though, and their function is not to do the exterior maintenance, but to make sure you do.

As to Grapevine-Colleyville ISD has 11 elementary schools, 2 of which are recognized and 9 are exemplary. It also has 4 middle schools, 1 acceptable, 2 recognized, and 1 exemplary. The 2 high schools are acceptable and recognized, 1 of each. You can find out more at http://ritter.tea.state.tx.us/perfreport/account/2010/distri… and type in Grapevine.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Sat May 14, 2011
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