British Expats - Housing prices

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Re: Housing prices

Quote:

Originally Posted by Bob (Post 4308253)

probably a bad idea, because you'll get better tax breaks with a mortgage, owning outright, you wouldn't...and having a mortgage helps build credit, which will help you get better rates for house/car insurance as well as less hassle with all things in the US from the utilities, getting a mobile phone etc.

The thing that could make/break it would be cost of property tax, and that really depends on where you decide to live, so can't help you there.

I was just thinking about my thought process over the years and I have never had a preminition about how the market would move and to my recollection the majority of the pundits have been wrong.

Do what feels right and seems logical, sometime life sucks.

Re: Housing prices

Quote:

Originally Posted by MikeK (Post 4306569)

I am not rich, but I have equity in my current house, and some savings, so there is easily enough to get a two bedroom condo in clear lake, for example.

Based on years of observation I would NOT buy a condo in Texas. They rarely appreciate and they often suffer severe depreciation. And add to that the fact that Houston is threatened by hurricanes and in general, multifamily housing is not as safe as a well-built single family dwelling.

My aunt, uncle, and cousins live near Clear Lake and have bought properties both as an investment and as residences. If you think that you'd really like to live in that area, I can ask who they might recommend as a realtor. The one thing you might gain by paying cash is being able to buy immediately from a desperate seller. You could then effectively have a mortgage, if you like, by taking a home equity loan. The rates are higher than for a mortgage, but if you take out a small loan and repay it quickly, you can build credit history.

Re: Housing prices

Quote:

Originally Posted by snowbunny (Post 4327205)

I can see that argument for multi-storey wood framed condos, but a steel and concrete apartment building is almost certainly going to perform better in a severe huuricane than a single family home.

Re: Housing prices

Quote:

Originally Posted by Giantaxe (Post 4329223)

I can see that argument for multi-storey wood framed condos, but a steel and concrete apartment building is almost certainly going to perform better in a severe huuricane than a single family home.

And what construction do you think is used in Houston?

Re: Housing prices

Quote:

Originally Posted by snowbunny (Post 4329229)

And what construction do you think is used in Houston?

Both, presumably. I highly doubt that Houston is bereft of steel-framed condo buildings, particularly in downtown areas.

Re: Housing prices

Quote:

Originally Posted by Giantaxe (Post 4329240)

Both, presumably. I highly doubt that Houston is bereft of steel-framed condo buildings, particularly in downtown areas.

Around here most of the new Condo's are 3 or 4 stories, and predominately wood.

Old ones, I do not know, some of the older houses are more solidly built.

Re: Housing prices

Most of the condominiums in Houston are wood-frame.

Here is a report from the damage from Hurricane Alicia.

http://chps.sam.usace.army.mil/USHES...ngs_damage.htm

You would have to search far and wide to find a steel-framed condo, and they have only started using steel frames in residential construction in the last few years and only in fairly luxurious places.