Tuesday, July 29, 2008

Oh, the joys of house hunting

Can you call it "house hunting" if you're not necessarily looking at houses?

The root of our problem is that our lease is up in 3 months. The rent is looking like it will go up considerably and it was already at the top of our comfort level. We are also on the 2nd floor, which doesn't work too well with 2 active kids to annoy the downstairs neighbors.

We have a few different options, but not one that just screams THIS IS THE ONE! 3 months is too far out really for rentals and too close for buying, but we're looking at both and a decision must be made, like totally, today. Or maybe tomorrow.

Option #1 - A *phenomenal* deal on a townhome that is being built now and will close at the end of August. This is the one thing that's pushing our decision to be made now. It's beautiful and looks like a safe, sound investment should we be required to sell it, though I would not plan to sell until we are 87. This option means we wouldn't have to worry about rent going up or having to move. We were not planning to buy yet, so it's unsettling to make a decision so quickly.

Option #2 - Another apartment. There's one with a great price and a brand new building. It's a bit small, but definitely workable and K claims it's her favorite. K's second favorite is another apartment with a better floor plan, but more expensive. With an apartment, there's no worry about maintenance, but you're at the mercy of market rental rates every 12 months.

Option #3 - Renting a townhouse or house from an individual. We can get some great places for a great price, but there is the risk of having an inattentive landlord. I looked at a condo this morning and I have an appointment for a house and a townhouse tonight. Yes, I am a glutton for punishment, but I want to see our options.

All kinds of ins and out, ups and downs, money and space to consider. Move-in dates, deposits, and addresses are swimming in my head, but hopefully, it will be settled soon and we'll have a plan.

And I love having a plan.

2 comments:

Angela said...

Yikes....I hate living in limbo. I don't function well in it by any means. Good luck with figuring things out. The thing we learned (especially true if you're already in an apartment without a huge amount of junk) is that renting for an extra year is often worth that frustration. Then you don't have to feel rushed into a HUGE financial decision. And you can get what you want.

Sherri said...

Valerie,
I feel for you as we're in the same spot. Lease on the apartment is up in 2 months, and we have to tell them NOW if we're going to renew (funny, I don't remember reading that in the lease). I think we've decided to rent another 6 months, and start house hunting in the winter - when prices really drop (but less things are on the market). I do LOVE apartment living though!

Sherri