STYLETHREAD -- LET'S TALK SHOP!

Members Login
Username 
 
Password 
    Remember Me  
stylethread site home page -> stylethread forum -> general chat -> What would you do???
Post Info TOPIC: What would you do???
What should we do? [23 vote(s)]

Rent a condo/apartment.
4.3%
Rent a house.
8.7%
Buy a condo.
34.8%
Buy a house.
47.8%
None. See below.
4.3%
Alegria


Kate Spade

Status: Offline
Posts: 1478
Date:
What would you do???
Permalink Closed

Here's the scenario, sorry it so long.


I live in Southern California, have 2 kids, and am married. I live in a 2 bedroom apt.but have had every desire to move for several years.  Housing prices as we know are astronomical in SoCal.  We have not been able to afford a home.  We have tried being patient with the housing market but nothing much has happened.


Here are my options:


Rent a bigger condo/apartment-We would be paying around $1600 for this and they are nearly impossible to find. We may not find one in the area we need to be in.


Rent a house- There are a couple of 3 bedroom homes in a desireable area for around $2000. The area is nice, but not in the area that we need to be in for my son to attend the high school we want him to go to. If we get one of these homes, we would have to hope that his transfer gets chosen for the 50 open spots out of the tons of other kids applying.


Buy a condo-We have had trouble finding one that has 3 bedrooms in the area we need.  The cost of a 3 bedroom condo is in the $400,000-$500,000 range.


Buy a house- These are going for aound $700,000. Neither the condos or homes are technically homes that a sane person would pay that much $$ for but it is the reality of Orange County.  I feel that this is beyond our reach, but since the hubby thinks this is an option I figured I'd include it.


None- See below.


Currently we pay $1200 for a 2 bedroom.  It is much too small, we are unhappy with it.  Basically for me it is no longer an option to stay in our apartment.  My husband wants me to be patient but I really can't see myself staying here much longer.  I fee that we have long overstayed where we are at. I am ready to give my kids and us a better living space.  Please be honest and let me know if you need anymore info. 



__________________
I am my own woman. ---Evita Peron
Ally S


Kate Spade

Status: Offline
Posts: 1231
Date:
Permalink Closed

Can you afford to buy a house or a condo?


I am for buying something, preferably a house. I understand the housing market but owning is an investment and its your's. There are many benefits in the tax deduction area and various types of mortgages available, especially for first time buyers. Unless you are buying into a totally undesireable area, owing property is makes the most sense.


Since you have two smaller ones I am thinking the house with its land would be smart, they will have a place to play that is safe. You can put in a small pool, have a garden, etc. The possibilities are endless.


With that said, if the house is not do-able then I would purchase the condo. Again owning is an investment and you don't want to be paying someone else's mortgage. The same deductions would apply as a first time buyer.


I agree that you need to move, take your time, plan your strategy and go for it. Talk to realtors and maybe even a lawyer who you would use for closing. I think in the end you'll see that owning is the way to go.


Good luck!



__________________
~Ally~
JackieO527


Dooney & Bourke

Status: Offline
Posts: 743
Date:
Permalink Closed

If you can afford the house I would buy the house.  Buying a house is an investment.  If buying the house really isn't an option then I would buy a condo.  However, you need to check out the monthly fees associated with owning the condo, such as lawn care...etc.  These fees can really add up. 

__________________
Hedvig


Coach

Status: Offline
Posts: 1973
Date:
Permalink Closed

Based on what you wrote (I don't know your financial situation at all, of course) I would rent a bigger apartment or a house and wait for the prices to fall before buying. Buying an overpriced condo/house may not be such a great investment, after all. Besides, the rents in your area don't sound that bad at all to me - but i live in NYC so that might affect my judgment a bit.



I definitely think buying a house is a sensible thing to do - if you do it at the right time. Just my two cents.





__________________
halleybird


Hermes

Status: Offline
Posts: 6400
Date:
Permalink Closed

I'd try to buy something, whether it's a house or a condo. Even if it stretches your budget, it's a good investment. But how tied are you to the area? Maybe it would be worthwile to move somewhere more affordable? 

__________________
"We live in an age where unnecessary things are our only necessities." --Oscar Wilde
Alegria


Kate Spade

Status: Offline
Posts: 1478
Date:
Permalink Closed

You girls are right.  It is a better investment.  We are getting killed on taxes every year because we don't own.  If we did buy we would financially feel it in other aspects of our lives.  We are pretty much tied to the area.  I am in a high paying district, we have grown up in OC and both my family and his family live in the area.  Other selfish reasons, I love the location.  The kids and I spend our summers at the beach. We've been talking about getting a condo, letting the equity build up and then moving to a home but we are worried that once we buy the condo we'll be stuck if home prices plummet.  We fear being upside down in a condo more than in a house.  With a house there are more possibilities the way Ally S. said.  If we are upside down on a house it's better to have to stay in that home then to have to stay in  a condo for an undisclosed amount of time. Uggg!  Being grown up can be so hard.

__________________
I am my own woman. ---Evita Peron
lilyann


Dooney & Bourke

Status: Offline
Posts: 643
Date:
Permalink Closed

My husband and I are buying a condo right now, not quite ready to buy a house- but, no longer want to dump our money down the rent hole. I am really excited to do this! When you are inside it doesnt even feel like a condo- just a smaller home. I think you would be very happy if you did this, so I voted for this option!

__________________
NCshopper


Hermes

Status: Offline
Posts: 6065
Date:
Permalink Closed

I definitely think you should buy a condo if you can.  It's a money-maker pretty much no matter what in Southern California.  Plus, you'll get benefits from it come tax time.  I think you might as well go ahead and bite the bullet and get a place now if you can because unfortunately, I don't forsee housing prices actually falling in SoCal.  They might not go up quite so drastically, but I don't envision prices dropping.  My parents have lived in San Diego for almost 30 years and they've never witnessed it.  So I think it's pretty safe to say that buying any property there pretty much is going to pay off for you guys in the end.


Good luck!



__________________

ihavetohaveit.blogspot.com
Cortney1982


Chanel

Status: Offline
Posts: 3178
Date:
Permalink Closed

I would buy a house even if it means moving away to an affordable area with a longer commute time.  So then at least you aren't throwing money away on rent when you don't have to.  Then your putting money into an investment that you can later sell the home and move to your desired location.

__________________
Alegria


Kate Spade

Status: Offline
Posts: 1478
Date:
Permalink Closed

Cortney1982 wrote:

I would buy a house even if it means moving away to an affordable area with a longer commute time.  So then at least you aren't throwing money away on rent when you don't have to.  Then your putting money into an investment that you can later sell the home and move to your desired location.
This we would actually not do (move to another area with a longer commute).  With the kids, they are our priority.  We don't want them to be in day care all day. The big perk of my job is that I can be home by 2:30 to get them to practice,feed them, do homework with them, get them to and watch their games, and overall spend time with them,etc.   If I was to commute and lose all that then I'm not sure that teaching would be the best thing with daycare costs.  I only work 10 months out of the year, get every holiday off with them and vacation time off with them. Getting that time off means that I'm not getting paid like someone who works 12 months out of the year.  Daycare costs, travel time, and loss of time with the kids is not really ideal. 

__________________
I am my own woman. ---Evita Peron
Alegria


Kate Spade

Status: Offline
Posts: 1478
Date:
Permalink Closed

NCshopper wrote:

I definitely think you should buy a condo if you can.  It's a money-maker pretty much no matter what in Southern California.  Plus, you'll get benefits from it come tax time.  I think you might as well go ahead and bite the bullet and get a place now if you can because unfortunately, I don't forsee housing prices actually falling in SoCal.  They might not go up quite so drastically, but I don't envision prices dropping.  My parents have lived in San Diego for almost 30 years and they've never witnessed it.  So I think it's pretty safe to say that buying any property there pretty much is going to pay off for you guys in the end. Good luck!
Good point.  Let's hope that it's true, which it sounds like it could be. 

__________________
I am my own woman. ---Evita Peron
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
stylethread site home page -> stylethread forum -> general chat -> What would you do???
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard