jeez hector wrote:
My job allows me to live anywhere I want. I can handle the weather in the summer and it's nice in the winter. World class restaurants, always something to do and I like playing cards. I love riding motorcycles and camping in the desert. Housing prices are super cheap. I saw a house that sold in 2006 for 450K now on foreclosure market for 199K. These aren't the crappy 60K pieces of shite flagpole wants to retire to, these are houses with 3 car garages, 3000sf, swimming pools on golf courses. Property taxes are low and there is no state income tax. The only negative is leaving my family and friends in Texas. What are the other negatives I'm overlooking?
Dude, go do it. By the way though, the $60,000 "pieces of shite" really are NOT that at all. Not as nice as a $200,000 house for sure, but that's not necessary.
To your question, it sounds like Las Vegas might be your kind of place. Do more research. Put yourself in a good school district because the people there will care more about their homes and their neighborhoods.
Are you a single guy? I would question you wanting to pay $200,000 for a three-car garage and 3,000 square feet though. Why do that? Do you need that much room? Why not get a $100,000 house that sold in 2006 for $260,000 instead? I know nothing of the location though, so check that out.
Check these out:
$100,000 -
http://www.realtor.com/realestateandhomes-detail/6378-Kenny-Heights-Court_Las-Vegas_NV_89142_M24677-99247$100,000 with 5 bedrooms -
http://www.realtor.com/realestateandhomes-detail/2999-Pay-Less-Court_Las-Vegas_NV_89115_M13387-12572$100,000 4, bed, 3 bath -
http://www.realtor.com/realestateandhomes-detail/Las-Vegas_Nv_89108_M16573-80525On that realtor.com site in Las Vegas there are currently over 7,000 homes between $100,000 and $175,000 with 4+ bedrooms and 2+ bathrooms.
Why pay double your mortgage? I would think it would be more fun to pay on a $100,000 house and then buy some motorcycles and 4 wheelers to go play in the desert with. It you make $300,000+ a year or something, then sure, go ahead and get the $200,000 house, but if that just the top you could get a loan for, then man, I wouldn't do it. To determine what you CAN spend on a house, make sure the mortgage is 25% or less of your take home pay. With the low rates, maybe you really can easily get a $200,000 house. Even so, you really should think in terms of what you need and want (though I care less about wants; but I still do care) rather than what you COULD get.