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denovo
LIF Infant
Member since 1/12 56 total posts
Name:
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Re: somewhat parenting related-need honest opinions
Thanks to everyone who responded so far. I want to show my husband these responses. Also the familyember provides childcare so that is an additional factor. I just worry that with all of that I am being selfish to want to rent
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Posted 2/1/12 9:05 AM  |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: somewhat parenting related-need honest opinions
I'm sorry, but I personally wouldn't be able to live like that. I agree with you - rent something. It may take a little bit longer to save exactly what you need, but you'll be more comfortable. Your DC will be more comfortable.
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| Posted 2/1/12 9:26 AM |
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denovo
LIF Infant
Member since 1/12 56 total posts
Name:
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Re: somewhat parenting related-need honest opinions
Posted by JenMarie
I'm sorry, but I personally wouldn't be able to live like that. I agree with you - rent something. It may take a little bit longer to save exactly what you need, but you'll be more comfortable. Your DC will be more comfortable. [/QUOTE
Message edited 2/21/2013 3:55:22 PM.
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| Posted 2/1/12 9:31 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name:
Mrs. B
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Re: somewhat parenting related-need honest opinions
Given the size of where you are currently living I do not think renting is a waste of money.
Everyone needs some space - there is only so much "tough it out" one can do before it gets to them.
I would look for a small (but bigger than your current place) apartment that is not going to cost too much to rent.
Unless you know for a fact that it will only take another year to get to where you want to be for a downpayment on a home.
We live in a 1 bedroom co-op right now and I understand how you need some space, especially with a toddler.
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| Posted 2/1/12 9:38 AM |
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walkintomymind
LIF Adolescent
Member since 6/10 806 total posts
Name:
Sarah
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Re: somewhat parenting related-need honest opinions
I would rent.
DH and I have been renting the same house for 5 years (DD is 9 months old). His family tries to pressure us into buying a house all the time. We have a fair amount saved and in the next couple of years will be able to, we are in no rush. We rent in a neighborhood we will NEVER be able to buy it. We haven't saved as much as we could have, but we saved a fair amount and we able to have our own space, which has been really nice.
I understand people think renting is a waste of money and I respect that, but with houses costing what they do, some people just don't have a choice. With that being said, you have to do what you feel you need to do! Sanity is very important!
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| Posted 2/1/12 9:44 AM |
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denovo
LIF Infant
Member since 1/12 56 total posts
Name:
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Re: somewhat parenting related-need honest opinions
I agree. dc is only 6 months old and this family member is our daycare. If we rent we will also have to pay for a nanny . This would mean about two more years of renting. Dh does not think this makes sense ad he believes by that time property values will just go up. For me I don't think dc needs to be in a top district until she is old enough for school. Thanks for all the opinions so far and keep them coming. I am going to show dh this thread tonight
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| Posted 2/1/12 9:51 AM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: somewhat parenting related-need honest opinions
Posted by denovo
Thanks. How many people rented and saved for a downpaynent? On average how long did it take you?
One year.
I took my 401k loan to use as my downpayment and closing costs. So I'm paying that back along with mortgage. But in essense its paying myself back. And it wasn't all that much. I only had to borrow like $13k. Again, another of the million reasons I moved back to Texas.
Altho I said renting would be a waste, I want to clarify. If you are renting just to get out right now, I would hold off. But renting itself isn't a waste per se. I would have never (EVER) been able to afford a home in NY, under any circumstances. So renting was our only option. But I'd have held off if it meant being able to pay off other bills so that the money in my house could go farther. Does that make sense?
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| Posted 2/1/12 10:43 AM |
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Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: somewhat parenting related-need honest opinions
Posted by lynnd126
I completely disagree that renting is tossing away money but for your situation whether or not it makes sense depends on how much money you're going to pay/ how much space you're going to get.
DH and I rented a 2 bdrm for a long time. The rent pretty much equaled the taxes, water, and maintenance we would have shelled out on a house- so that's why it was not "money down the drain".
ITA that renting is not just throwing money away. If you're planning on buying a home in LI, RE taxes is a huge chunk of $ that renters dont have to pay.
You can rent a nice 1BR in a nicer, more walkable area of Queens like Rego Park or Forest Hills for under 1500. That's probably about half of a typical mortgage. If you can find a place that covers utilities, you can save even more. And you're also saving on commuting cost 'cus you can just use the subway or walk where you need.
Sharing a 1BR for 4 people is rough. I'm with you on this and would never be able to live in that situation for another year.
I think you need to ask the questions:
- do you see the relationship btwn you and family member being strained during this 1 yr. period?
- are you paying anything at all for the family member to care for your child
- can you find a cheap apt. nearby and still have the family member care for your child?
- can you save enough for a downpayment on the house after living there a year?
- can you tap into some $$ from a retirement plan to put down a small downpayment on a home now; rates are very very low and you'll be able to afford more now than if/when rates go up in a year or two.
Message edited 2/1/2012 11:01:10 AM.
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| Posted 2/1/12 10:55 AM |
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Re: somewhat parenting related-need honest opinions
Whats the rush to buy a house? As a new homeowner I cant believe how wrong I was about thinking renting was throwing $ away. You still pay taxes and insurance, which is just as much as rent sometimes which you dont necessarily get back, increased utilities, maintenance, landscaping....You easily "throw away" at least 75% or more a month of what you would be paying in rent. If you are a good saver just bank what you would have payed for a mortgage. You will still see the cash add up.
I would rent a small 1 bdrm for the sake of your privacy and marriage and not rush to buy a house. Instead of taking a year to save maybe it takes 2 years. Your DC will not need a top school district for a few years. Plus buying a fixer upper will be stressful and $ enough. Save up for as long as you can to ease the transition. Enjoy not having the responsibility of homeownership until you are where you want to be financially with some buffer. If you stay in your current situation you wont be able to do that. DC will not need a big yard for a few years plus you have public parks you can go to.
If I could have done it all over again I would have rented for an extra year instead of rushing into homeownership. I am happy with our home but always wonder if something better was out there if we took our time.
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| Posted 2/1/12 11:16 AM |
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