- 5 years ago
- Wedding: April 2013
I thought about posting this over in home but it looked sort of dead over there. This post will be a little long, sorry about that. I’m wondering what you think I should do objectively – consider renting the house at a temporary financial sacrifice, or stay in my grandma’s basement for 6 more months at a temporary lifestyle sacrifice?
What I own, but don’t live in I currently own a condo in a city 3 hours away. I moved to this town last December to be closer to Fiance (then BF), so we could decide if we wanted to get engaged. During that time, I left the condo sitting empty and continued to pay the mortgage on it so I could move back if need be. As of a few weeks ago, I have a friend temporarily renting it, but that will be ending in a month or so and then I will list it for sale. Average time on market is about 6 months. I do have some flexibility in my equity that I could drop the price to try and move it faster if I wanted to, but I’m not in a rush to sell it.
Where I currently live I am living with my grandmother in a small town 10 minutes away from Fiance. During the winter, she goes south and I can live upstairs if I’d like, but I have to pay to have it cleaned every 2 weeks. During the rest of the year, I live in the basement (separate entrance through the garage). It does have a bathroom and is what I’d call semi-finished, but I don’t love it – have found some crazy bugs, 2 frogs, and some dead mice down here (just part of living in the country/old house, the dead mice where when I first moved in. I do have a cat but he is useless. I’m worried about mice with winter coming but am not sure if it will be an issue). But I’m dealing.
There is no high-speed internet available out in the boonies where my grandmother lives and cell phone reception is very poor, so I also have to rent a desk in the back of a small real-estate office. I was able to keep my (good-paying) job and work remotely, but it requires I have great internet & phone.
My expenses for living at my grandmother’s & the office run anywhere between $200 – $420/month, depending on time of year.
What we’ve been planning Fiance is in a lease through February with a roommate. I am *NOT* interested in moving in there. We had been planning that I’d put my condo up for sale once my renter moves out, we’ll pick out a place together for him to move into, and then I’ll move in in April when we get married (not opposed to living together before hand, I just think March will be very hectic without also trying to combine two already full households, and living in a messy house makes me crazy).
This makes the most financial sense – I can continue to pay my mortgage without problem and have money to spare to throw into savings. I should note, money isn’t a big issue for us. Wedding is fully funded already and we have fully-funded emergency funds/are on track with other financial goals. We’re not rich or anything, but comfortable – there’s always money left over at the end of the month.
So why don’t you just go with the plan, dummy? I have been keeping an eye on rentals in this area for the last 6 months or more, as I like real estate and knew I’d eventually need to be familiar with the rental market. In the price range we’re looking for (we have an aggressive goal to save cash for a house in 4 years), there have been a few things that meet our standards, but not many. The rental market seems tight – this is an area where people tend to move and stay, so it is mostly owner-occupied homes. An attached garage is very important to Fiance and that rules out a lot of apartments. We do not want to buy because we don’t plan on being in this area more than another 18 – 24 months.
A month or two ago, I saw this awesome house come up for rent. It was beautiful. It disappeared and I figured someone snapped it up – sucky timing for us, too bad it wasn’t available next February! Guess what though? It just came back up for rent, with a note that the people who had rented it had a change of plans and it’s available immediately.
- About $200 more than we were planning to spend on housing (and we weren’t planning on renting a new place until mid-February). I’ll just come out and say it, it’s $1500 a month, if that impacts your opinion.
- 10 minutes from where Fiance works, and homes for rent in that area are somewhat limited, most are on the other side of the city about 25 minutes away
- GORGEOUS, awesome kitchen & style – described as “Pottery Barn Style” and they are totally right
- Has a 2-car garage, very few rentals in our price range have this, we were thinking we’d have to sacrifice & get a 1 car garage
- Large enough to accommodate me working from home, desire for separate bathrooms, etc
- Has a lawn, not sure if the renters are responsible for upkeep. Fiance and I do not have the tools for that and would probably end up hiring someone, although I might be willing to try to live in a place like that.
It is exactly what I picture our house to be like in our married life. I know you don’t always get to start out at as nice of a house as you want, but this place seems awesome.
I can swing the rent/utilities, plus my mortgage (even if I don’t have a renter), plus my normal expenses on my income alone. It would basically eliminate any excess savings I’d have every month from now until I sell my condo, but I wouldn’t have to tap into existing savings either.
Fiance surprised me by saying he’d be fine with me going to look at it. He knows the financially smart move would be for me to stay at my grandma’s, but he also knows how much I value my surroundings and nice homes and wants me to be happy. I sent an email and am hoping to go look at the house tomorrow if it is still available. Sometimes things have a way of revelaing themselves one way or the other once you go look.
So what would you do? If I consider moving to the rental, I’ll be WAY happy, but it comes at a price tag of $1500 extra for about 4 months that I wasn’t planning on spending, then about $200 – $300 extra above what we were planning on spending once married. I’ve been toughing it out for 10 months with grandma in the boonies, what’s another 5.5, right? But… I love the house. Part of me feels like we are SO financially conservative (absolutely no debt other than my mortgage, make great incomes, live frugally), that I should splurge on this. But the other part says that’s the path to lifestyle inflation.
If I could know the house would be available for rent in Feb when Fiance is looking, I’d hold out. I’d mostly be doing this deal to secure the house for us, the enjoyment of it now is just a bonus.