Home Buying in Dallas>Question Details

jespinoza165…, Home Buyer in

How smart is it to buy a condo at Monticello Crossroads?

Asked by jespinoza165@gmail.com, Wed Mar 20, 2013

I'm not a fan of HOA fees but having gone to SMU, I like the area. I was thinking that when I finish paying it off or decide to move, I could rent it out (most likely SMU students). Or is a house a better investment?

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Condos there rent for about $1,200. Could be a good ROI if decide to rent it out. They are great condos and the values for that area are only going to increase. HOA is a good thing. They cover your blanket insurance and maitinence and other things. Buying a house comes with a lot of expenses and other things that more than exceed an HOA of $235 which is how much the HOAs are at Monticello Crossing.
0 votes Thank Flag Link Mon Jan 12, 2015
We're not going to call the current owners stupid, you know!

I wouldn't say that houses are usually a better investment; they need repair and nobody ever really budgets for that, but condos do and a good portion of the HOA fees go towards maintenance and replacement - especially in a well-managed building.

The real issues with condos, in my opinion, is that owner-occupants have a greater interest in the upkeep and well-being of the project, whereas landlords tend to care more about cash flow.

All the best,
0 votes Thank Flag Link Wed Mar 20, 2013
Monticello Crossroads is nice...but you're right most condos don't work well for investment properties for most people due to the HOA dues. You also have to think that there are a lot of apartment complexes around you that will be your competition on a one bed or even a two bedroom unit.
You also have to think if you want to rent to students and what kind of challenges or opportunities that presents.
You also have to think about exit strategy and who you want to sell to when you are ready to sell.

If you want to sit down and work through some of these ideas and the alternatives just let me know.
0 votes Thank Flag Link Wed Mar 20, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Your calculations & comparisons are right! School.district is an important factor to consider. I would be happy to assist. I have lived & worked in the SMU area as well as suburbs. Call or email at your convenience!
0 votes Thank Flag Link Wed Mar 20, 2013
Hello, I am interested in invest a rental property in SMU area. can you send me an email address so that I can contact you?
Flag Sun Sep 1, 2013
Thank you all for the input so far. I am looking at a Condo there or just buying in the Dallas suburbs. I want something that stays below $200,000 (that's why I like the $119,500 - $141,000 range), so a home in the M streets area is out of the question at the current moment. At the same time I would like to start off by making my first home purchase a smart one (renting the condo). I figure that with HOA fees associated to these condos, the payments would look almost the same for a house that costs around 180,000-200,000 out in the suburbs. I like to think ahead so marriage and family life also comes to mind
0 votes Thank Flag Link Wed Mar 20, 2013
(***correction***-- Renting the condo in there future)
Flag Wed Mar 20, 2013
Great area just down the street from my office. If you don't want the HOA fees, you'll have to step up and by a house. Give one of us a call and let's see how we can help.
0 votes Thank Flag Link Wed Mar 20, 2013
Condos at Monticello Crossroads sell from $119,500 - $141,000 & Rent starts at $1,100. You would have a hard time finding a single family house in the SMU area priced that low!
0 votes Thank Flag Link Wed Mar 20, 2013
It's more luck than being smart and time will tell. Anyway, it's still a good time to invest in real estate, condo or a house is up to your ability. Good luck!
0 votes Thank Flag Link Wed Mar 20, 2013
I think this is a fantastic area to purchase a condo in. As you stated right by SMU so a wonderful investment property. Buying real estate has always been a great way to build wealth, but with where rates are at it is making it especially appealing and advantageous. SMU area tends to draw nice rental amounts. Uptown residents are used to the condo dues and can certainly be factored into how much rent you collect. Feel free to use my website, set up any listing alerts you like or contact me for any further information or questions you may have. Blessings

Shelly Koehler
Keller Williams
0 votes Thank Flag Link Wed Mar 20, 2013
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