Current stats:
Rent-$535
Water/Trash-$30
Electric-$70
Required Rental Insurance-$20
TOTAL:$655 per month/$7860 per year
Stats for different apt:
Rent-$430
Water/Trash-Included
Electric-$70(smaller place,no icemaker or dishwasher to use,window AC/heating units so we can use better climate control,but washer/dryer connections which we don't have now)
Rental Insurance-not required
TOTAL:$500 per month/$6000 per year
We're currently living in an apartment that is as much as we're willing to pay for an apartment.It's nice,but not one of the overly pretty brand-new complexes in town.The next one bedroom apts up from this one cost $700-900.One step lower that we'd be willing to live in(not drug infested,rundown)would be the apt for $430.We're wanting to save to buy a house hopefully in the next 5 years. Question:Is the $1860 savings per year worth moving to a slightly smaller apartment & going through all the stresses(financially,mentally,physically) of a move?
2007-02-07 19:00:39 · 10 answers · asked by Keruma 2 in Business & Finance ➔ Renting & Real Estate
My fiance and I both have good credit. The only strikes against us is that our credit is so young (We're both 21 and have only had accounts for 3 years and under). So it could be better, but only time will do that. Which is why we wanted to wait a few more years to allow our accounts to age and continue to make steady payments on everything...that way we can get a better deal when we do buy a house.
2007-02-07 20:47:20 · update #1
the real question is... will you actually save that money? You're looking at roughly an extra $155 per month. Which really isn't all that much. If you're really strict with yourself and actually save the money.. as in take it out of your paychecks and into savings before something more fun might come up... or even unexpected bills. It's not going to hurt to move. I have moved many times and as long as your organized about it and have a good group of friends and family willing to help out during the move, it should be super easy. Usually a promise of some pizza and beer should make ppl more willing to help!
2007-02-07 19:08:51 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Contrary to what the previous answer says, there are many Loan Offices out there that will give you a loan based on little or no credit. What credit will do for you is just get you more money for your downpayment and a lower interest rate.
In regards to your downpayment, you can also get 100% financing. There are many programs out there that can help you. As a matter of opinion though, you might be better off trying to save at least 5%. This way your interest rates will be lower.
As far as the move goes, that would be up to you and your fiancee. Do you both think that you could deal with living in a smaller space for a few years to get the money for a downpayment. If you think that you can deal, then I say go for it. The only thing that I would suggest is that you DO keep your rental insurance.
2007-02-07 21:06:53 · answer #2 · answered by Jenn R 3 · 0⤊ 0⤋
Like the ones you mentioned, there are many factors that affect your decision.Is the neighborhood a nice one?Is it closer or farther from your housemate\s job\s?If you're looking to save cash but give up a few comforts it's worth considering the new apt.$1860 a year is more than many earn in that time.I recommend the new one.
2007-02-07 19:13:06 · answer #3 · answered by hellion_7 2 · 0⤊ 0⤋
Jessica, do you have good credit??
How about your security deposit on your apartment you have now, are you guaranteed to get that back? If not, you will need to come up with another one in order to move.
Good credit would enable you to buy that house that you want, now. Check with a loan officer at your local bank for the programs they have for first-time home buyers. If you want to move, move into your own place!
All rent money is money into someone else's pocket. Just a thought.....
2007-02-07 20:40:55 · answer #4 · answered by Barbara 5 · 1⤊ 0⤋
Yes
2007-02-07 19:09:01 · answer #5 · answered by It Co$t To Be Around The Bo$$ 4 · 0⤊ 0⤋
We're talking about two to four house payments. If you can be happy in the less expensive apartment, I'd go for it.
2007-02-07 19:07:05 · answer #6 · answered by itry007 4 · 1⤊ 0⤋
security has to be number and location is number 2,cheap is nice but safety's more important, i should know i live in a dangerius part of town and paying for it with people stilling my stuff all the time.
2007-02-07 19:07:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Of course, until you can save up to make the down payment for your own place.
2007-02-07 19:04:02 · answer #8 · answered by Dr Dee 7 · 0⤊ 0⤋
sure but one thing is that new place safer
2007-02-07 19:03:19 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i think that would be a good start
2007-02-07 19:10:41 · answer #10 · answered by fred 2 · 0⤊ 0⤋