May I have your opinion on job/home situation?

Question

We moved to this very nice EXPENSIVE town 6 months ago.
I am renting an apartment. The lease ends in April. I want to move to a town 30 miles away and buy a house and get another job/new line of work.
I HATE MY JOB (local)

Should I...
1. Finsh the lease, move to the new town and get another job and rent another year before trying to buy?

2. Transfer to the new town and commute for 6 months and then look to rent or buy?

3 Try to buy now and get out of the lease and then commute back here till I get a new job down there?

I have an idea of what would be the right thing to do but would just like some other opinions.

Thank You!

Answer 1

Keep your job.
If you can transfer down to the new town with the same company, do that. Maybe you won't hat it as bad.

You can learn more about the new town that way.
30 miles is not a bad commute.

At the end of your lease, rent in your new town month to month or at a place where you will be released from the lease if you are buying a home. If you can find a place you like that will lease to own, that would be great.

Honestly, I would wait to buy a place.
Lenders like to see you in a job/home/apartment for 2 years.

This will also give you a chance to either pay off a debt or 2 , or save money for a better down payment.

Although it is now a buyers market, don't jump into anything.
Wait a while. A lot of the people who got those 1% loans with a balloon payment are going belly up. In a year or so, you can really make a killing on a forclosed property.

So...
1. transfer/change the job
2. finish your lease - commute
3. rent in the new city for a while (lease to own?)
4. buy your house

Answer 2

what would really be of interest is your credit score and your savings account. reason being, if you have good enough credit, usually a middle score over 650 or so, you can go ahead and buy the house with relative ease. with that kind of score, you can qualify for 100% loan, with no down payment. if this is the case then you can break the lease, although most lenders will need some sort of verification of rent (VOR) to determine your pay habits.

if your score is somewhat below that mark then chances are you'll need a down payment first in order to secure the house. down payments can range from 3-20% depending on what your credit looks like. SO, if you have some money saved up, take that into consideration.

if your credit is attrocious, then finish your lease. about 1-2 months prior to your current lease finishing out, look for work at the new place. this was the transition will be easier. rent for another year and hopefully build up your credit enough to get a decent loan off the bat.

If your credit is very good, 650 or higher, then I would highly suggest you buy NOW! the rates for loans are on the up and up and don't look like they'll be dropping anytime soon. right now, par rate is around 6.5%. this time next year it could be around the mid to upper 7's. quite an increase. the housing slump currently underway is not expected to get any better until about this time next year. at which point houses will be a lot more expensive than they are now. higher house costs combined with higher loan rates will spell a rather quick doom to any sort of resurgence in the housing market. If you have the ability to buy the house now, do it. I assume you rented someplace before the place you're in now so you can still get your VOR without problems. right now, the housing market sucks and it is a buyers market. Most realtors will not let newbie homeowners get away right now as anyone who wants a house can pretty much get it. discounts from realtors should be enticing enough to get you to buy. but, again, it all comes down to what your credit/savings account status is. Keep in mind, if you check your credit YOURSELF, it will most likely be lower when the mortgage company checks it. Whoever checks your credit, i.e. cell phone company, car dealership, mortgage company etc, all have different models on determining your score. so you may actually check your own credit and see it around 680, but when the mortgage people check it, it could be around 630. does happen and most people don't understand why. now you know.

do not move into the new town until you have a job, will make things a lot easier for you. strongly urge you to buy now if possible, otherwise, finish lease, find new job, then find new place to rent and wait things out.

Answer 3

Look for a job in the new town. Once you have that, commute while finishing the lease. Go month to month if necessary until you find a house. Above all finish the lease and find the job first.

Answer 4

calculate your cost of breaking the lease vs. driving expense and time if you drove back and forth. Also calculate any difference in pay from old job to new job. Just see if there is enough savings to justify being bothered with all the hassle might be in you best interest to just pay what ever on breaking the lease and move on to your new job and yes i would rent not buy at this point wait and see how you like this town and job.

Answer 5

I would probably try to find a good job first in this new town. 30 miles is not that far away, so could commute for a little while. In the time while you commute you could then try to get to know this new town and figure out where you would want to live. You could look at both rentals and houses for sale and make your decision then, but at least you are making money in our new town.

Hope this helps!!

Good luck!!

Answer 6

I would suggest using the time you have left on your lease to find your new home. Buying a home is such a complicated process that it will take awhile before you can move anyway!

Answer 7

I say, secure the job first. The rest will come in tow.
Good luck Hon!

Answer 8

AWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW... as quickly as you come across THE 6 V'S unwell aid you comprehend mkay so mkay like i admire think of such as you like adult males like somewhat like like each and every like different like yeah like omg like thats so like gorgeous TRANSLATION -------------------------- so i think of you adult males somewhat like one yet another and omg thats so gorgeous