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Thinking about renting a home

post #1 of 35
7/8/12 at 10:07pm
Thread Starter 
Would you rent a home to move quicker? Dh has finally realized that the girls and I love our town. He likes it just wants to be in a nicer neighborhood. I found a home with 5000 sq ft living space with finished attic and basement. It is in what is known as a Yuppy neighborhood with few rentals. It is close to 3 large parks and golfcourses and such. It is $1350 to rent. It would allow our pets too.
Lots of families similar to ours too.

Then we could spend a few months fixing up ours to rent or put on market. Do you think we should consider it? We could afford to do it without added debt.
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post #2 of 35
7/8/12 at 10:38pm
Quote:
Originally Posted by JenJoe725 View Post

Would you rent a home to move quicker? Dh has finally realized that the girls and I love our town. He likes it just wants to be in a nicer neighborhood. I found a home with 5000 sq ft living space with finished attic and basement. It is in what is known as a Yuppy neighborhood with few rentals. It is close to 3 large parks and golfcourses and such. It is $1350 to rent. It would allow our pets too.
Lots of families similar to ours too.
Then we could spend a few months fixing up ours to rent or put on market. Do you think we should consider it? We could afford to do it without added debt.

I'm confused. I thought the reason you didn't want to move wasn't because you wanted to stay in that town but because you couldn't financially afford to move for about 4 or 5 more years. In the past you've said that you were willing to move close to his work but just couldn't afford to. But now that there's a house still in the town you want to stay in you will move? So now you can afford it?
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post #3 of 35
7/8/12 at 10:55pm
Thread Starter 
Homes closer to his work cost much more than this area. That is why we moved here. A two bedroom apartment closer to his work costs more than our mortgage.

I like our area for what it has to offer. Our girls love our town too. Husband likes it but wants a upper middle class neighborhood while our current one is heavily working class. Hubby wants a home and neighborhood he loves returning to. He feels he is above our current neighborhood.
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post #4 of 35
7/8/12 at 11:02pm
Thread Starter 
It would take about 18 months to two years to pay down mortgage to price we could sell in current market. No guarantee though with current marketplace.

2 years to paydown home to a sellable price then a year or two to save 20% down for a new home. That equals about 4 years. Plus dh was considering homes in other areas in the $350000 range. I felt that is to much for us based on other financial goals we have.
Edited by JenJoe725 - 7/8/12 at 11:13pm
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post #5 of 35
7/9/12 at 6:01am

That is a huge home!  Ours is half that size and very comfortable (4 bedrooms).  I'm actually thinking you could find something a little smaller for less money.

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post #6 of 35
7/9/12 at 6:05am
Thread Starter 
Not in the same area. You can pay less but for less of an area. It is about standard for the area.
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post #7 of 35
7/9/12 at 6:10am

If you can afford an additional $1350 a month to pay for rent I would use that money to pay down the debt/mortgage you currently have. 

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post #8 of 35
7/9/12 at 6:31am
You have been talking about it for years, so I say just do it if you think it will make you happier. Personally, I could never bring myself to pay that high of a mortgage (or rent, but that's why I live where I do) or I would never want that big of a house. Even when I had eight kids living at home. But, as I said, you all have been searching for years for something to make you happy, and if you think this is it, go for it!
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post #9 of 35
7/9/12 at 6:34am

So I am taking it you are thinking of moving to get a better neighborhood/schools/parks/bigger house. I understand the whole better schools reason and the bigger newer house.

 

I would factor in some things. 

How much extra is renting going to cost?

Is renting your home you own going to be a negative cash flow or positive?

How much is DH spending on his commute? Sometimes when you factor in time spent on the road and transportation a move to a smaller place in a higher col.

5000 sq ft is huge. Have you factored in that it will cost more to heat and cool? Do you have 6 kids to fill it? 

Have you looked at getting a boundary excemption if it is the schools in your current local that is the problem.

What happens if you rent out your home and the renter trash the place? Or you go for a period without renters? 

 

If you can afford extra then look at paying down your home to get it ready to sale. Personally I have no idea what the housing market will do next I am hoping that it will become more stable. 

 

There are a lot of factors.

I wouldn't rent my home unless DH got a secure job with more than an hours commute 

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post #10 of 35
7/9/12 at 6:36am

So you are not going to have just a mortgage to pay for, but rent as well?

 

You think your DH is moody now, what until he has to stress about a mortgage and also rent on a place.

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