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I know I came to the right place.. Advice on moving to a rental from a non baller
Posted on 5/3/21 at 10:41 am
Posted on 5/3/21 at 10:41 am
We are (Mrs. and Me)moving back to Lafayette to retire in 2022. We currently live in Wylie, Texas pretty comfortably.
The real estate market is crazy. Our neighbors that bought almost an identical home a day after us in 2018 just sold for 60K over asking and 100k over original purchase price.
Being the non baller that I am, I came for advice. I don't want to miss the money train selling this house but we need to stay in the area another year before retirement.
We are thinking of renting a house. Likely 1000 sft smaller and are concerned it will suck for a year.
Has anyone been through this?
Property taxes are 11k a year and this last year we couldn't itemize since our mortgage interest is low.
It seems to make financial sense but we certainly be less than ideal. Any stories or experiences?
The real estate market is crazy. Our neighbors that bought almost an identical home a day after us in 2018 just sold for 60K over asking and 100k over original purchase price.
Being the non baller that I am, I came for advice. I don't want to miss the money train selling this house but we need to stay in the area another year before retirement.
We are thinking of renting a house. Likely 1000 sft smaller and are concerned it will suck for a year.
Has anyone been through this?
Property taxes are 11k a year and this last year we couldn't itemize since our mortgage interest is low.
It seems to make financial sense but we certainly be less than ideal. Any stories or experiences?
This post was edited on 5/3/21 at 10:52 am
7
Posted on 5/3/21 at 10:43 am to ShermanTxTiger
quote:
It seems to make financial sense but we certainly be less than ideal
Other than moving being a soul crushing experience how is it less than ideal?
Posted on 5/3/21 at 10:44 am to ShermanTxTiger
Whatever you rent will probably be double your monthly mortgage.
Just wait to sell.
Just wait to sell.
Posted on 5/3/21 at 10:44 am to ShermanTxTiger
Stay at El Cid in Baton Rouge and commute to Lafayette.
This post was edited on 5/3/21 at 10:45 am
Posted on 5/3/21 at 10:45 am to ShermanTxTiger
quote:
We are thinking of renting a house. Likely 100 sft smaller and are concerned it will suck for a year.
Has anyone been through this?
losing a 100 sft is barely even noticeable
Posted on 5/3/21 at 10:45 am to ShermanTxTiger
It’ll probably be less stressful to sell your house, then rent for a year, before buying a new house in a different city, than it would be to attempt to sell your house, and buy a new house in a different city concurrently 
Posted on 5/3/21 at 10:53 am to ShermanTxTiger
It's a sellers market so better take advantage of it. Rent an apt over a house, store items in a climate controlled storage unit, and moved the bare minimum furniture etc into the apt. You wait a year under Bidens tax hikes/economy and the housing market could get worse. Sell now, and that's one less headache a year from now. 12 months will fly back quickly in the apt.
Posted on 5/3/21 at 10:56 am to OldmanBeasley
quote:
losing a 100 sft is barely even noticeable
Typo... it's 1000, not 100sft. I agree 100 would be nothing.
Our daughters are in college and only one will be with us this Summer. Shouldn't be terrible.
The rental cost is $400 less than the house payment due to the fact $900 a month goes to escrow for property taxes.
Posted on 5/3/21 at 10:58 am to boudinman
quote:
It's a sellers market so better take advantage of it. Rent an apt over a house, store items in a climate controlled storage unit, and moved the bare minimum furniture etc into the apt. You wait a year under Bidens tax hikes/economy and the housing market could get worse. Sell now, and that's one less headache a year from now. 12 months will fly back quickly in the apt.
That is what I am thinking. We are hoping to rent a house and avoid an apartment, but an apartment wouldn't be the worst place I have lived. I survived Aster St apartments, Gardere and the Pentagon at LSU in the mid 80s.
Posted on 5/3/21 at 11:04 am to Epic Cajun
quote:
It’ll probably be less stressful to sell your house, then rent for a year, before buying a new house in a different city, than it would be to attempt to sell your house, and buy a new house in a different city concurrently
This, unless you can get approved for a new mortgage without a contingency on selling your current house.
Have access to some land you can put a trailer on or something?
Posted on 5/3/21 at 11:20 am to ShermanTxTiger
A year will fly by. If you have an opportunity to sell your house for a premium, take it.
Posted on 5/3/21 at 11:44 am to ShermanTxTiger
I'd do groundlevel apt. My fiance and i did this a year ago. Sold house. In an apt 6 months, and bought a nice cavalier manufactured home. Placed on 2 acres. Manufactured was way cheaper per sf than building. Plus could walk through a model and denote changes we wanted.
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