Need advice: what are your thoughts on this? What would you do?

[Uptowngirl88]

So my apartment complex has started a new line of apartments that will be finished January 2022. With that being said I can apply to be waitlisted then move into the new apartments when they are ready. Thing is I'll have to apply for lease renewal. The cheapest is 12 -15monts. My concerns:

-Im at the point to where I'm ready to buy. It's a lot cheaper to do so and with the rate of inflation it's wise to do so now before homes become even pricier. So I'm think I need of not moving into the new apartments and just staying where I am until my lease is up and then buy. I feel like if I'm going to move I don't want to move from one apartment to the next and paying for movers. When I can just buy and be done.

I'd stay in your current apartment until the lease is up then start looking for a house

I'd move into the new apartments then look into a new house

Updates

+1 y

So my current lease is up June 2022. I thought the remainder of my lease would transfer over to the newer apartment but they said I'd have to start a whole new lease. Should I do a 12month or just focus on buying?

[Lorewolf447]

If you really are ready to buy a house I'd say stay in your current apartment until the lease is up. It makes no sense to move into one of the new apartments, get locked into a 12 -15 month term and then have to wait or fight to get out. In general it will cost you less in the long term and be less of a headache for you.

[Fireguy17]

start looking for a house now.
they go fast, and many for over asking.
It can take about 90 days or so before you can close on a house, and even if you have it a few months before your lease is up, you can paint etc, and then start moving your stuff in.

[zeitgeist057]

^This. I didn't like the way the poll was worded "wait until your current lease is up to look for a house", then you'd be stuck with nowhere to live during the search, offer and counter-offer period, and escrow.

[Uptowngirl88]

@zeitgeist057 I know I realized that after I had sent it. I couldn't edit

[zeitgeist057]

@uptowngirl88 can you apply for the new apt. lease now, then also start looking for a house now, then if you get a house and get approved, just say you changed your mind before signing a new lease (if you find a house), just so you have all your bases covered?

[Uptowngirl88]

@zeitgeist057 my current lease is up June of 2022. For the newer apartments I'd have to sign a new lease now.

[zeitgeist057]

oh, I thought you said you would apply to get on a waitlist. To me, that didn't imply commitment, so I was thinking you could put your name in to wait in line, then if and when you get to the "front of the line" so to speak, you could make your decision then, or say "never mind, I found something else while I was waiting".

If they want you to commit now and they themselves are not committed/guaranteeing you a spot, then I would not commit to them.

[zeitgeist057]

eight months is a ways away, but I would start looking for a house, get financing so you can offer and close fast (like a lot of other people have said, housing market is cray right now, and good deals sell the day they come on market. )

[loves2learn]

I’d stay in your current apartment and start casually looking now. The housing market is really good. Keep in mind what you want for your future. When we bought our first house back in 2007 we knew we eventually wanted kids so we bought in an area with an amazing school district. We are still in that house and really pleased with it. Good luck! Exciting times, buying a house. ❤️

[Old_Golden]

Start looking for a house before your lease is up though and you may have to buy a couple months before your lease ends. If your housing market is anything like ours, decent homes in decent areas aren't sitting on the market for longer than 4 weeks and nice ones in nice places are going for well upwards of $20k over asking price (and cash sales so no waiting on bank approvals) in less than 2 weeks. (Source: I work in real estate in the Southeast US)

[Uptowngirl88]

Sounds the same way as here

[Dragonpurple]

Lucky you, here they are on and off in less than 3 days and people are paying 20% above market value without even looking at them.

[Uptowngirl88]

@dragonpurple yes people are buying houses like crazy. I have trulia. A house I was looking at 3 days ago has been purchased

[Old_Golden]

@DragonPurple The timelines were averages (shit houses in shit neighborhoods sit longer, as do overpriced houses) and I didn't want to be completely doom and gloom about prices. I'm house-hunting too and I'm expecting to pay around $350k for a house that sold for $200k 4 years ago and will need another $15-25k in repairs when I move in (new roof, asbestos or mold abatement/remediation, and who knows what all else). Worst price disparity I've seen this month was a house that went for $550k in 2016 listed at $1.2m because the older houses in the $300k's around it had been scraped and replaced by McMansions.

[Dragonpurple]

@Old_Golden I found a nice reasonable priced house as I'm probably going to be forced to move, city is trying to widen the road here.

Only problem was it had no copper wiring, I did kind of want to have electricity and they have to be able to pass inspections in order to get financing. In this area they were 350k 5 years ago and now they are half a million for tiny 2 bedroom houses.

Due to remote work getting more popular even the small towns where they used to be like 200k they are now double that.

[Old_Golden]

@Uptowngirl88 in response to your update, I'd focus on finding a house rather than re-upping a new 12 month lease if your finances are in order and you're otherwise ready for that, good luck!

[Uptowngirl88]

@Old_Golden thank you. I just hope I don't get outbid several times.🤣

[Old_Golden]

@Uptowngirl88 Go into your search expecting that to happen so you can be excited when it doesn't 😉

[Uptowngirl88]

Ahhhh smart

[Static_In_The_Attic]

If it’s not broken don’t fix it & if your ultimate goal & plan is to buy something stay right where you are & save a little money for the time being. As for me I got tired of throwing away money on an apartment so I started looking & when I bought a house I had to break my lease which I wasn’t afraid to do & the leasing office worked with me.

[19magic]

I would stay and buy a house but dont wait until the lease is over start looking 6 months before and putting out feelers at 3/4 months to places you wanna buy, getting a place will take a lot of time and you're bound to have to rent in the tween time.

[Danny_dan92]

If you can take out a mortgage that’s smarter than renting. Because the mortgage could end up being the same cost per month as the rent.


But the difference is that once you pay off the property. You own it. And can then rent out the property to tenants. Giving you extra income

[RebeccaBI2000]

Depending on state and income, you may qualify for multiple assistance options. Start looking now. It took me 6 months to find my house, I was constantly outbid or the house sold the same day it went on the market. I find it better to have my money going towards something and rent does not.

[Dragonpurple]

Good luck, hope you can find one... where I am the housing market is stuck. I cannot even move if I wanted to and they are on and off the market in 3 days or less with people paying 20% above value without even looking at them or inspecting.

[DizzyDesii]

Its up to you. I personally intend to stay in an apartment for at least 2 years as i save to build a house. I never want to “buy” a house. I want to build it. So i’ll stay in an apartment until then

[Subarugirl]

Focus on buying. Renting is just throwing you money away. Do what my husband and I are doing. Buy a house live there for 2 years to avoid capital gains then sell and use the equity as a down payment and another.

[sensible27]

I haven't been keeping track of of the real estate market. But if it's high and it pops you could possibly save more.. I'm not sure about apartments though. Also, what's the inflation rate? Like 6% (?)

[MCheetah]

Definitely start looking for a house. You don't even need a perfect one. Just "one for now" that you can sell later once prices get higher.

[Uptowngirl88]

Eh , I don't want a " house for now". I want something nice that I can call home. This will be permanent

[douride2]

I would start looking at houses soon. You don't have to purchase right away but at least start looking. Don't wait till your lease is up.

[Redstang88]

Is there anything wrong with your current place? Unless you really need to leave it’s just a lot of extra hassle and expense when you’re planning to leave soon anyway

[Uptowngirl88]

It's OK, I stay far from the riff raff and only interact with the elderly people in the complex. But outside of that they're starting to move in anyone ans I don't like that. It's getting a little ghetto in my opinion

[Daniela1982]

I'm pretty sure you already know what the smarter move is. You said it in the update.

[animesenpai]

Do both. You could always factor in the cost of breaking your lease into the price of the home loan.

[Uptowngirl88]

Huh do both what?

[animesenpai]

Get the new nicer apartment while you search for a house then when you apply for the loan for the moragage factor in extra cost for breaking your lease

[lpoots]

how much is the maintaince on the new building
buy an old house not a new one

[Uptowngirl88]

🤦🏾‍♀️ the new building is just another apartment. I have nothing to do with the maintenance cost. It's just regular apartment rent.

[najekim]

Look to buy so you can move in when lease is up.

[legalboxers]

stay where you are. save your money.. then move

[Agape93]

A by far.

[ChiPaPa]

Focus on buying.

[jimmy2]

Apartment has high as a house

[Uptowngirl88]

Your mortgage price stays the same while rent goes up consistently based on your lease term. So what you're saying doesn't make sense