Post # 16
Does your husband’s company include paying closing costs and realtor fees for selling a house with their relocation package?
If not, then maybe consider doing what my husband and I did when we were sick of renting. We purchased a duplex and rented out the other side. Our tenants paid the majority of the mortgage while we lived there and then when his company relocated us to Texas we just found tenants for our unit and now have an income property that gives us an extra $500/mo after mortgage and associated bills are paid (snow plowing, trash removal, etc) plus a property that is worth about $40,000 more than what we paid for it a few years ago.
Post # 17
I’m a landlord, and yes, you should certainly call him out on that crap he’s been pulling! If i ever need to come in without 24 hour notice, and it’s not an emergency, I ask and make it clear they can tell me no. Can you show him or refer to your lease and/or city laws that require 24 hour notice or more? And I agree with a PP, print out the lease and/or laws, and have them on hand if he unexpectedly shows up again, so you can point out exactly why he can’t do what he’s doing.
What I would do in your situation is find a rental and ask for a 2 year lease so you are locked in longer.
Post # 18
Our lease says he has to give 12 hrs advance notice for anyone coming by. Which he definitely knows because he referenced this rule two weeks ago when he told us he was selling the place, in the context of potential buyers coming by to see it. But I guess he doesn’t think it applies to him cause he owns the house or some bullshit? 🤬
we may be leaving in one year so don’t want to be locked into a 2 yr lease…otherwise we’d def do that! cuppercake :
Post # 19
Yeah that’s a good idea about a duplex. Not sure we want the hassle of owning our own rental though and having tenants. I’m thinking it just doesn’t make sense to buy now as much as I’d like to. ☹️ SunflowerGarden :
Post # 20
Yeah, unless you’re in a great market, it’s probably a risky investment. NYTimes as a rent vs buy calculator you could play with if you really wanted to buy.
But, the good news is you’re done with this crappy landlord in a few months and most likely, your next will be more like the ones you’ve had in the past without drama.
Post # 21
I wouldn’t do it, it’s very expensive just to buy a house, if you have to do that twice in one or two years plus sell a house you could be looking at around 30-40k+ of fees at least, if not more than that depending on the value of the houses. I would just find somewhere else to rent and then buy when you have moved to a more permanent location.
Post # 22
I wouldn’t buy if I were in your shoes. I also recommend renting from a larger landlord. You get a lot of the “it’s my house”/ unprofessional/ illegal behavior from the folks who own 1-3 apartments, vs the landlords who own 20.
Post # 23
While there are fees associated with buying, the kicker is the agent’s fee when selling. If you can afford to lose the 6% realtor fee or if you think the home will appreciate enough to cover that in 1-2 years time, then go for it.
Post # 24
Not usually. You are unlikely to recoup not only your costs of buying, moving, repairing, and other miscellaneous expenses that come with ownership. Stuff breaks. It can be very expensive to fix.
Even if values are skyrocketing right now, they may nosedive in the next year or two. Real estate is always cyclical, and a lot of variables can impact the cycle. Even experts can’t be completely certain what the market in any particular area will look like in 12-24 months.
As a PP mentioned, the costs of selling a house can really eat into any profit you may be anticipating. Commissions take the biggest chunk. Buyers and lenders often demand that repairs be made. If the demand is made by a lender, plan on spending the money. The next buyer’s lender will probably have the same requirements.
One or two years is very unlikely to get you to the break even point, unless your market is en fuego and stays that way for an abnormally long time.
Post # 25
Don’t buy with intent to sell in such a short time span. Yes you have landlord hassles, but selling is huge hassle too
Post # 26
I don’t have much to add other than empathy…renting sucks. Even when you rent from a larger company. I had a maintenance guy call me to tell me my cat got out (there was a note in the work order about the cat, so he knew to look for her) and in the same call, lectured me about how I need to call them ASAP about repairs (apparently the back fence was loose from a storm the night before, so we hadn’t noticed). Like, thanks dude. Real cool.
We’re in a sort-of similar boat in that we don’t especially like where we live, and are open to moving, but with academia, there’s no real rhyme or reason to when you get a job (it can happen in 3 months or take years). We haven’t prioritized home ownership until now, and therefore haven’t saved for it (focusing more on retirement/travel/debt). It’s getting really old.
Post # 27
I wouldn’t, but I’m also super risk averse. In retrospect, it would’ve been okay for us since we’re in a hot market. But that’s with hindsight being 20/20 and all. I definitely wouldn’t have gone into it knowing we’d need to sell again in such a short time.
Post # 28
i’ve heard from various people in real estate. either flip a house within a year or live in it for 7-10+ years to make it worth it to buy. otherwise, renting seems your best option.
Post # 29
Ugh, I’m sorry you’re in this boat too. My husband’s field is similar…contracts are usually 3-4 yrs and jobs are limited, with fierce competition. You basically have to go where the jobs are, which makes things difficult.
To everyone else, thank you for the dose of reality…I needed it! I didn’t realize it was so expensive to sell a home. $30-40k in fees is insane – that’s enough for a good down payment in the area we live in! Sigh, looks like we’ll be renting again. I think we will try to go from a reputable management company next time around, though their are disadvantages to that too.
Post # 30
depends on your areas market. Homes normally appreciate in value, and after a couple of years, it may be nice to sell it and get soemthing out of it possibly?
I mean, you guys are plannign to move all your belonging anyway. Get soemthingwhere you build some type of equity and are able to sell it. Or become landlords to a duplex where you pay a lower amount, as if if you were renting an apt, and then sell it after those two years and get tax breaks.
P.S. realtor fees are worth the amount. Usually HO’s who wish to sell dont sell in the time they need to because they dont have the mls,. or much resources, and also, buyers that know you dont have a realtor will end up raising the offering price bc of it. This is if you consider buying. Im all about putting my hands on real estate IF it makes sense. 100%