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Where to buy in Houston at this tiem

Hello ,

I have to make choice to buy a condo/townhome in medical area ( zip 77030 & 77025) Vs townhome in Katy TX (  zip 770494 area) .Both the propeties fall in good school district.However, medical center one is an 1980's build condo with high maintenance fees.If i need to select a peoperty which can be sold sooner than the other with some  appreciation in home value. Where should i buy ?

  • January 13 2014 - Houston
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Answers (3)

Profile picture for Chris Boyles
I work in the Houston and Katy area and there are definitely pros and cons to both.  Buying a condo in the medical center means you are looking at a minimal of $300 a month in HOA dues and most of the condo complexes do not qualify for an FHA loan because of the owner occupancy levels.  FHA requires there to be a 70% or more owner occupancy level and most of the condos do not meet that requirement because of all the investors that own them.  That being said, you would have to put down a minimal of 20% of the sales price to purchase the condo, if that is not an option then that might answer your questions right there.  A lot of people do not know that about the condos and even a good amount of realtors that list the properties do not know either, they will put that it qualifies for an FHA loan but in reality, you need to contact the HOA and talk to them to see if it does qualify, they will be able to tell you right away.  The pros to buying a condo in that area is the location to everything versus a 40 minute commute from Katy into the city, depending on where you work.  Condos do not appreciate as well as single family or townhouses because they are limited to only 20% buyers and in most cases are investors.  If you are wanting to hang on the the property for the long term, they are great rentals because of the high turn over from all the medical students, nurses, and doctors that come into Houston that are working or going to school in that area.  If you buy a condo that is say $150k and there is a $300 a month HOA fee, that is equivalent to buying a house for $200k on the monthly cost.  Katy is a great area as well and home values have continued to go up there, if you are ok with the drive and can not put 20% down, then this may be your best bet.
  • January 17 2014
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It would depend on your needs.  While the Condo/Townhome market here in Houston is good, it is not a good as the single family market. 

Here are some questions I would ask you, if you were my client:

1) Where do you work?
2) How far from work do you want to live?
3) If we found a Single Family home, would you be interested in it?
  • January 15 2014
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Good morning,

This would be something to discuss with your Realtor.  He/she will be able to talk you through the pro's and con's of both properties.

Remember location and condition are most important for re-sale.

Good luck, Dee Driscoll

  • January 13 2014
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