Expert: Dottie Worthington - 8/9/2010

Question
Hi! I have been renting the same house for ten years in Dallas, Texas.  The rent is very cheap ($600/mo.)- I get a lot for the money (kind of cruddy house but lots of land and privacy.)  During that time, I have fixed my credit, and inherited some money to use toward a down payment and repairs or improvements on a house of my own.  I live in Dallas, Texas, and there is a strong, though not definite, chance that I will move to the Kansas City, Missouri area (my hometown- ended up in Texas due to husband.)  This could happen as soon as next summer, or the year after, maybe longer; whenever the job market for English teachers improves up there.  My questions are:  Is it wise to buy, then possibly have to turn around and sell it again in a year?  Would I be able to recoup the money I put into it, so I can buy one in Kansas City so soon after purchase?  Would it be wiser to continue renting for another year, so I can keep my money safely in the bank, so I can be sure to have it if and when I can find a teaching job in K. C.?  I have always planned on buying a fixer-upper and love older homes (hate new builds/ cookie cutter neighborhoods.)  Also, a realtor I spoke to suggested I should plan on having it for 10-15 years before selling for profit and that he would be happy to manage the property for me and keep renters in it for a fee if I had to move. ???

Answer
Right now is a buyers market for the first time in years. I happen to be in the MLS that contains all of North Texas including Dallas.
Definetly a good time to buy and if you have to sell in one year, you should recoup your money if you buy the type of house you are talking about. My daughter is a Realtor and lives part time downtown Dallas, if you would like we could email you some homes in your price range, then you can decide if they would be a good move for you. I have been advising all my clients to buy now. Lot';s of investors are buying a lot of homes.
dottie@worthington.bz

Worthington Realty