Briarwood, NY · Member since 2017 · 16 posts · 14 votes
Hello, I am planning to relocate to Plano. I am looking to purchase a house close to my work(75024) and the locations I am checking are Plano, Frisco, Carrollton, Mckinney, Allen, Colony. My goal is in the future if I have to move out at least I can rent out my place. My purchase point around 320K. What would be the best among these neighborhoods. I am not looking for cash flow but Appreciation would be nice in the long run.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
Welcome to Texas.
Those are all great places to live. Some of the construction in Colony was not great to start out with. You may be priced out of Frisco and most of Plano now at $320,000max purchase price, but I would still keep them in the mix to see what comes up.
You might also consider looking further out. Your price range is very popular right now so wouldn't be surprised to see 20-100 offers on houses in these areas. Saw one in Allen a couple of weeks ago with 100 offers.
So bring plenty of cash and be prepared to make multiple offers to be able to lock one up.
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
Welcome to Texas.
Those are all great places to live. Some of the construction in Colony was not great to start out with. You may be priced out of Frisco and most of Plano now at $320,000max purchase price, but I would still keep them in the mix to see what comes up.
You might also consider looking further out. Your price range is very popular right now so wouldn't be surprised to see 20-100 offers on houses in these areas. Saw one in Allen a couple of weeks ago with 100 offers.
So bring plenty of cash and be prepared to make multiple offers to be able to lock one up.
Briarwood, NY · Member since 2017 · 16 posts · 14 votes
5y
@Bruce Lynn Thanks for the reply. Would you recommend any areas I should look into to match my criteria? ( desirable rental area, good schools with nearby shops, restaurants)?
Real Estate Broker · Dallas, TX · Member since 2016 · 248 posts · 240 votes
5y
My wife and I live and own rentals in the North Dallas suburbs. Cash flow in any of the cities mentioned will be tough in the current market. If you value your time, make your purchase based on where you want to live. You have to drive to get anywhere in DFW. There is minimal public transportation. We also have quite a few tollways. For those who have to commute to work, DFW traffic can be a nightmare. Don't subject yourself to this unnecessarily. While the North Dallas area has historically appreciated quite well it will be a while before rents reach the 1% mark on anything purchased at today's prices. Best of luck in your search.
New to Real Estate · DFW, TX · Member since 2021 · 9 posts · 6 votes
5y
Hi Tanveer -
I think Bruce and Rob offered you on point advice. As mentioned the DFW area is not a place you can really go to terribly wrong with appreciation...especially in the areas you mentioned. Here it is very important you consider your home location according to your desired commute. We are heavily dependent on personal travel not public transportation. You won't lack for shops, restaurants or schools in any of the areas you mentioned. If your top is 320K you may have to look in a bit lower range which could be a challenge. We are in a very HIGH market. As mentioned almost every house has multiple offers. The competition is cash offers, 10's of thousands over asking and/or appraisal, waived inspections, etc etc. I lost 5 offers before recently landing one. I don't think anyone is trying to discourage you just preparing you for the reality of our market here. I would encourage you to possibly rent for a bit and learn the area better before buying.
Wishing you all the best. I know you'll love Texas!
Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
5y
Anna, Melissa, Celina, Aubrey, Cross Roads....are the next cities out.....further drive to Plano, but as you go further out typically you'll get newer houses and lower prices.
@Tanveer Ahmed Denton is nice, has two universities for as far as rentals go, is growing, and has the train line for commuting. Not sure if it goes to Plano as I only visit my family there now and live in New England. Has lots of homes and nice new neighborhoods in your price range.
Rental Property Investor · El Paso, TX · Member since 2018 · 82 posts · 49 votes
5y
Plano gets a bit cheaper east of 75 and have some nice areas. In fact, the Timberbook area was rated one of the best places to live in Texas according to niche.com. if you're willing to go further east, Wylie and Lucas are still fairly reasonable with much newer housing stock than Plano. You are limited with highway options for commuting to Plano but traffic isn't that bad.
Briarwood, NY · Member since 2017 · 16 posts · 14 votes
5y
Thank you everyone for the reply. I did submit an offer in the colony(75056) under 300k. Is this a safe area. I know no place is 100% safe but where do you look up the crime rate.