DALTX Real EstateDALTX Real EstateDALTX Real Estate
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Reading: Turtle Creek Gardens: Living Well And Wisely While Saving For Down Payment
Share
Font ResizerAa
DALTX Real EstateDALTX Real Estate
Font ResizerAa
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
  • Home
  • Guest Post
  • Agents
  • Contact Us
  • About
  • Advertise With Us
Follow US
© DALTX. All Rights Reserved.
DALTX Real Estate > Millennials & Real Estate > Turtle Creek Gardens: Living Well And Wisely While Saving For Down Payment
Millennials & Real Estate

Turtle Creek Gardens: Living Well And Wisely While Saving For Down Payment

8 Min Read
SHARE
TCG-204-Pool
Turtle Creek Gardens’ peaceful pool

Homeownership is the most consistent way to build up the nest egg you’ll need in retirement. People who downsize their homes are cashing out equity built up over a lifetime (and telling the kids they’re on their own). Sure, there are many reports that claim folks who rent in some areas make out better. But they’re always predicated on the renter investing the difference between the rent and the mortgage/taxes – which almost no one does. Instead, flush renters eat out more, buy more shoes (or in my case, shirts) or wend their way around the world collecting selfies.

The increased incidence of renters is troubling in many countries. When I spoke to HGTV presenter Richard Blanco in London recently, he agreed it would have an impact on tenants later in life. While student loans are an issue here, the issue both countries shared was a desire by younger people to live a catered life (as they did with mom and dad) where they farmed out the reality of living.

For those smart enough to embrace property ownership, the down payment is often a stumbling block for younger buyers. So without living in your Star Wars-decorated childhood bedroom, how does a potential homebuyer save? Especially when Uptown digs can scrape $3 per square foot per month?

First, look for older apartment complexes that have managed just fine without a coffee butler, kitty concierge, or Friday night wine tastings (tenants indirectly pay for all that tat). Second, look for rental units in condo buildings.

I like the condo building option. The properties can be quieter and better maintained (owners versus sloppy tenants who have no skin in the game). Digging deeper, look for buildings with uncertainty. Why uncertainty?  Because uncertainty lowers prices.

Think about it. If there’s talk of a tannery or landfill being built, residential properties in the consideration zone are highly likely to drop in value. Rentals in the area will similarly drop in price as panicked folks run (good for you).  If the talk turns real, tenants can up sticks in the time between project approval and completion. The savvy tenant harnessed uncertainty to save the most down payment money while retaining the ability to move on before any deterioration in living conditions occurred.

TCG-204-Pool
Unit 204’s living and dining combo with exposed brick and light

Turtle Creek Gardens

Located at 2525 Turtle Creek Blvd., Turtle Creek Gardens offers uncertainty in a pretty sweet location. The uncertainty is the result of its multiple attempts to sell the 4.7-acre complex to developers in recent years. Uncertainty also comes from years of reported deferred maintenance (why maintain if the goal is to tear down?). There’s also a certainty that may add to negotiability. Next door is 2727 Turtle Creek, which is planning to begin construction in 2021, which will temporarily depress rates (who wants to live near construction?) before likely raising them once the 5-star neighbor is completed.

TCG-204-Pool
Unit 204’s good-sized kitchen with nook in back of photographer

Making a purchase in such a complex doesn’t make sense if the goal is to live there for a long time, because the complex could be sold with or without your approval (HOA documents spell out the threshold of owners needed to vote for a complex sale). It also doesn’t make sense from a maintenance perspective. Like musical chairs, you don’t want to be on the HOA dues hook when the music stops and major deferred maintenance is required (dues increases and/or special assessments).

Let’s break down the numbers.

TCG-204-Pool
Unit 204’s master bath with a runway of counter space and storage

Currently, unit 204 is both for sale and rent by Linda Lunn of Keller Williams Urban, so we can do an apples-to-apples comparison. It’s a two bedroom, two bathroom modernized unit with a healthy 1,338 square feet. The complex of 104 units is a series of low-slung buildings in a park-like setting – something very difficult (expensive) to attain in the area.

As a for sale property, it’s listed for $225,000 or $168 per square foot. It carries an estimated property tax bill of $3,929 per year ($327.42 per month) and monthly HOA dues of $919 (which include all utilities). Assuming a 20 percent down payment and a decent interest rate, the monthly mortgage payment would be $1,395 for 15 years or $980 for 30 years. That results in a monthly nut of $2,226 for 30 years or $2,641 for 15 years. On a fixed mortgage, property taxes and HOA dues increases are the uncertain monetary items. The potentially positive uncertainty is if the complex sells, how much will an owner pocket above the sale price?

TCG-204-Pool
204’s second bath is also spacious and updated

Unit 204 is also currently for rent at $1850 per month – $1.38 per square foot – including all utilities. The saving-minded tenant wanting to live in the Uptown area would be pocketing between $376 and $791 per month (save, no new shoes or double-foam-iced-mochaitinos). Slap in a roommate and costs drop in half ($925 per month) while saving doubles. Meanwhile, in one of the newer Uptown apartment buildings, it would be a moment’s work to spend up to a grand more per month on a smaller unit that didn’t include utilities.

TCG-204-Pool

Turtle Creek Gardens offers one option for future homebuyers needing some saving-room before jumping into property ownership. Regardless of what part of the Metroplex you want to live, there are rental options that are perfect for a few years while the pot builds. Looking out for those places where uncertainty works in your favor is worth the time to investigate. Ultimately, owning your own home will make you the envy of all your real (and imagined) friends in a more profound way than any selfie or apartment concierge ever could.

 

TCG-204-Pool

Remember:  High-rises, HOAs and renovation are my beat. But I also appreciate modern and historical architecture balanced against the YIMBY movement. In 2016, 2017 and 2018, the National Association of Real Estate Editors recognized my writing with three Bronze (2016, 2017, 2018) and two Silver (2016, 2017) awards.  Have a story to tell or a marriage proposal to make?  Shoot me an email [email protected]. Be sure to look for me on Facebook and Twitter. You won’t find me, but you’re welcome to look.

BobMortgage Zone: Is it Better to Rent or to Own?
Midcentury Bungalow Is True Blue Perfection For A First-Time Buyer
Should You Use Your 401(k) Retirement Savings For Down Payment Assistance?
5 Red Flags Homebuyers Should Never Ignore
Bachelor Seeks Female to Take Advantage of Low Mortgage Interest Rates
TAGGED:Down PaymentFirst Time BuyersFirst Time HomebuyersRent vs. Buysaving for a down paymentturtle creek gardens
Share This Article
Facebook Email Copy Link Print
Previous Article Best of WTF: Marg Just Wants to Find a Renter
Next Article Walker + Miranda Updates a Northwood Hills Soft Contemporary
Popular News
DFW Real Estate News

Rate Buydown Makes Skyline Terrace Villas in Maple District an Attractive View

Own This Perfectly Balanced Pinnacle of Architecture in Preston Hollow
You Can Own One of The Most Important Hutsell Homes in Lakewood
Worried About Bumps in The Night at Your New Home? Bungalo’s Paranormal Investigators Can Help
Masterful Midcentury Modern on Hazelwood Drive Has Aged Gracefully
about us

DaltxRealEstate.com is the largest real estate blog and the only one in North Texas.

Links

  • Privacy Policy
  • Terms of Service
  • Contact Us
  • Paid Guest Post Submission

Categories

  • Wednesday WTF
  • East Dallas
  • Monday Morning Millionaire
  • Upon Closer Inspection

Get Involved

  • Advertise With Us
  • Write for Us: Submit Guest Post

Find Us on Socials

© DALTX. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?