Need to move...

WillyBubba · 07-26-2007, 05:10 PM

K, I just returned from a long vacation, the last few days of which I spent dreading the return home, though not entirely sure why. However, the first thing I walk in to is my dad yelling through the house for my brother, as opposed to getting up to take 10 steps to his room, quickly followed by a yelling match between my dad and mom, and finally ending with a bunch of questions (none about the trip as I had expected and would have welcomed) all while I was trying to read Eldest.

So what it all comes to is that I need to move out. I can't deal with all this 24/7 anymore. I've found a few potential jobs nearby, as well as potential housing arrangements, but I have plenty of questions and problems.

I'm going to college, will need to get a job that pays a bit more, pay for my phone, car insurance, whatever utilities plus housing and all that. It seems like a lot more than I'm really want to do, but I'm not sure how hard it will really be. What do you guys who are doing this think? I also have about three potential roommates who I might be able to split the rent with.

The other thing with me is, I've always wanted to own land, and there are a variety of houses available in the area. I imagine a mortgage wouldn't be too much more pricey than rent, depending on which house I got, though this is a larger, more permanent investment, not so much in that I'd have to stay in the area even after I bought the house, but just that I'd have to pay for it over the next god-knows-how-many years. Plus I wouldn't really be able to split the payment as easily here, though I'm sure i could reach some sort of arrangement with someone. It does seem like a better investment to me however, if I could do it. The last thing is that I doubt a bank would want to lend me the money at my age and general lack of credit history,but that's what co-signers are for. Any house owners with advise?

Static · 07-26-2007, 07:34 PM

First off, this all really depends on what state you live in. If you live somewhere like California, good fucking luck trying to move out buddy... Doable, but very hard. If you live in the midwest, it's much more reasonable on account of housing is cheaper. I would suggest getting an appartment or renting a house as your going to college. I know you wan't to own land, I do too, but think about it, if you got a roommate or two, then you and those two roommates would own the house you buy... Buying land is for when you get a wife and start up a family, so you and her can share the responsibilities, instead of you and your two roommates. And also, by that time, you will be able to get a much better job, due to the fact that you'll be in college/or graduated from college with some type of degree... The roommate idea is your best option, and you wanna look for a nice 2 or 3 bedroom appartment, for a reasonable cost. It costs a lot to live on your own. Think about it;

you have a place, you share it with 2 roommates, so it's 3 bedrooms. Say the rent is $1,300 (generous)

$1,300 / 3 = $433/month
(plus food for 3 people per month) $300
Appartments usually have paid utilities, so I think you should be good in that dept.
Car insurance $120/month
Phone $65/month

Total you would have to pay in this scenario = $718/month not including spending cash...

your average job at minimum wage pays in or around $7/hour
you work part time, on account of your going to school too, 20 hours = $140/week $560/month...see so that wouldn't work in this scenario...

in order to pay for a place like that, and all the extras, you would have to find a job that pays $8.97/hour minimum (that's with zero extra cash at the end of the month)... tough stuff man, the real world is hard...

good luck.

WillyBubba · 07-26-2007, 09:26 PM

Thanks, guess I should have mentioned, I live in Ohio, so it shouldn't be hard to find an affordable place to rent. I can't help but wonder about mortgages though, cause the way I see it, I can buy the house, but my one or two friends could pay rent (to me) while we live together. So we'd all have somewhere to live, at least through college, I wouldn't be stuck paying a grand or whatever mortgage might be per month, and I'd still have my own house in a few years (10-20 I'd imagine). The house I'm looking at is definitely a fixer upper, and probably under 100 k.

As far as jobs go, I'm hopefully looking at graveyard shift at a Tim Horton's. I've got a friend or two who can give me a good word there and it pays around 9 to 10 bucks I believe.

I imagined renting would be the way to go, but a house is almost always a good investment, as I could always sell later in life. Thanks for the input.

Caroline · 07-26-2007, 09:56 PM

First off, I'm assuming that you're commuting to college because, if you aren't, I'd stay stick it out until you get into your dorm.

I would definitely recommend renting. It's a lot easier to move in and move out of an apartment than it is a house that you have a mortgage on. Mortgages can either be paid off with 15 or 30 year options. I would recommend the 30-year mortgage (if you go this route) because, if you want to pay more, you always can, but if you choose the 15-year mortgage you're stuck with a higher payment and it will destroy your credit if you can't pay the bill on time.

Since you say that you're looking for a fixer-upper, make sure that you will fix it up. My dad's house was a fixer-upper and it still is. It's not as much of a mess, but there could be several improvements. Besides, home improvement isn't cheap.

If you don't want to be tied down to your parents, getting an apartment is definitely the better option because you won't have to rely on your parents as a co-signer for a loan and you won't have to worry about home improvement.

4n7hr4x · 08-16-2007, 07:10 PM

Quote:

Originally Posted by WillyBubba

Thanks, guess I should have mentioned, I live in Ohio, so it shouldn't be hard to find an affordable place to rent. I can't help but wonder about mortgages though, cause the way I see it, I can buy the house, but my one or two friends could pay rent (to me) while we live together. So we'd all have somewhere to live, at least through college, I wouldn't be stuck paying a grand or whatever mortgage might be per month, and I'd still have my own house in a few years (10-20 I'd imagine). The house I'm looking at is definitely a fixer upper, and probably under 100 k.

If you're in school and not married, renting is really the only option. Sure you could get a mortgage but it ties you down, and while you're in school being tied down in the worst thing that can happen, so take my advice and just forget about that.

Quote:

Originally Posted by WillyBubba

As far as jobs go, I'm hopefully looking at graveyard shift at a Tim Horton's. I've got a friend or two who can give me a good word there and it pays around 9 to 10 bucks I believe.

Mmmmm. Tim Horton's, I wish we had one in SoCal...

Quote:

Originally Posted by WillyBubba

I imagined renting would be the way to go, but a house is almost always a good investment, as I could always sell later in life. Thanks for the input.

Yes selling it down the road for profit is a good plan... assuming of course the market goes up, you know what they say about assuming? And you know what they say about things that go up? Have you watched the news lately? AT ALL?? The economy is going to shit and you're talking about buying a house, while at the same time mortgage companies are going chapter 11. Do us all a favor and rent, by the time you're done with school you will be able to buy 10 homes for 100k.