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Old 02-20-2017, 09:45 AM
 
73 posts, read 127,869 times
Reputation: 64

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Hey all!

I had posted a somewhat similar question when we first found out we were being relocated to Charleston, but now that we have had time to do some searching, I am reconsidering.

Here is our situation: We know that we will only be in Charleston for 2 years. We have 2 kids, with family from out of state who visit frequently. We both need an office space (I teach online, and my husband has to be able to access his work server from home, and we both need to keep a pretty healthy number of books for our jobs). There is absolutely no way that our kids can share a room. This translates to us needing at least 4 bedrooms plus a bonus space (3 bedrooms, guest bedroom, home office). My husband must, as a requirement of his job, be within a 15 minute drive of his hospital downtown (CAMC Memorial).

So, we are having a heck of a time finding a rental that is anywhere near a reasonable budget. We were (maybe still are) going to rent a 4 bedroom townhouse up at Eagle View, but, they keep raising their rent and they aren't even certain that they will have a 4 bedroom unit available when we are needing to move in. I found a couple of rental houses that I like, but I hate paying $2200-$2500 in rent when our mortgage payment on a similar (or better) house would be $1000-$1200. On the other hand, I don't want to get stuck with a house we can't sell since we will be moving out of state after our 2 years are up. It seems like y'all have a pretty slow moving real estate market there? Many of the houses on my "like" list have been for sale for 6, 8, 10 months.

Coming from Phoenix, I am just trying to figure out what the best decision would be. Here, it absolutely makes sense to buy for only 2 years. But, I'm wondering if it makes sense in Charleston? Can anyone tell me a bit about the market there and what would be my best bet for buying that would resell reasonably quickly? If we stuck with the downtown Kahawha City area, would that help us have a faster resell? Or is this a totally stupid idea to buy for 2 years and we should just take the profit from our house and suck up the overpriced rent payments?

I am open to ANY and ALL suggestions. Thanks so much!
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Old 02-22-2017, 01:43 PM
 
73 posts, read 127,869 times
Reputation: 64
52 people have viewed this and not replied.... at least I know that there truly is no easy answer and it isn't just me overthinking it!
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Old 02-22-2017, 03:18 PM
 
Location: 304
5,093 posts, read 6,857,884 times
Reputation: 1697
Quote:
Originally Posted by jessrscott View Post
52 people have viewed this and not replied.... at least I know that there truly is no easy answer and it isn't just me overthinking it!
Yeah I'm sorry. I really don't have an answer for you. Renting here is a nightmare sometimes as the availability of certain criteria is slim. I rent, but I'm a single young. One good thing about the area is that home values are well below national averages.
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Old 02-23-2017, 05:59 AM
 
Location: WV and Eastport, ME
11,175 posts, read 10,993,793 times
Reputation: 7412
Phoenix is a MUCH larger city than Charleston. You could live in a lot of different areas and still be within a 15 minute drive to get to Memorial. There are some subdivisions fairly nearby that could meet your criteria. Quarry Ridge, Foxchase, & Mount Alpha are all areas with houses that meet your needs, as well as South Hills, Edgewood, & Oakridge or Hillcrest. I think you should contact Old Colony Realtors and see if they can help you. They are the real estate company that businesses use when they transfer employees in and out of the area. It's even possible that somebody in HR at CAMC could direct you to a specific contact at Old Colony.
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Old 02-23-2017, 08:53 AM
 
73 posts, read 127,869 times
Reputation: 64
Quote:
Originally Posted by mensaguy View Post
Phoenix is a MUCH larger city than Charleston. You could live in a lot of different areas and still be within a 15 minute drive to get to Memorial. There are some subdivisions fairly nearby that could meet your criteria. Quarry Ridge, Foxchase, & Mount Alpha are all areas with houses that meet your needs, as well as South Hills, Edgewood, & Oakridge or Hillcrest. I think you should contact Old Colony Realtors and see if they can help you. They are the real estate company that businesses use when they transfer employees in and out of the area. It's even possible that somebody in HR at CAMC could direct you to a specific contact at Old Colony.
Thanks for your reply. I know that there are many things that would meet our criteria, or concern is more if it makes sense to buy for just 2 years, the way that the Charleston housing market it. That's why I was mentioning being from Phoenix, because our housing market here moves so quickly that selling a house isn't a problem at all. But I'm starting to think that it doesn't quite work like that in Charleston! I've actually been in contact with a realtor from Old Colony this week, and she even acknowledged that buying for such a short time may not be our best bet, so I think we are probably leaning towards renting at this point.
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Old 03-01-2017, 09:37 AM
 
9,738 posts, read 8,057,515 times
Reputation: 6343
Quote:
Originally Posted by jessrscott View Post
Hey all!

I had posted a somewhat similar question when we first found out we were being relocated to Charleston, but now that we have had time to do some searching, I am reconsidering.

Here is our situation: We know that we will only be in Charleston for 2 years. We have 2 kids, with family from out of state who visit frequently. We both need an office space (I teach online, and my husband has to be able to access his work server from home, and we both need to keep a pretty healthy number of books for our jobs). There is absolutely no way that our kids can share a room. This translates to us needing at least 4 bedrooms plus a bonus space (3 bedrooms, guest bedroom, home office). My husband must, as a requirement of his job, be within a 15 minute drive of his hospital downtown (CAMC Memorial).

So, we are having a heck of a time finding a rental that is anywhere near a reasonable budget. We were (maybe still are) going to rent a 4 bedroom townhouse up at Eagle View, but, they keep raising their rent and they aren't even certain that they will have a 4 bedroom unit available when we are needing to move in. I found a couple of rental houses that I like, but I hate paying $2200-$2500 in rent when our mortgage payment on a similar (or better) house would be $1000-$1200. On the other hand, I don't want to get stuck with a house we can't sell since we will be moving out of state after our 2 years are up. It seems like y'all have a pretty slow moving real estate market there? Many of the houses on my "like" list have been for sale for 6, 8, 10 months.

Coming from Phoenix, I am just trying to figure out what the best decision would be. Here, it absolutely makes sense to buy for only 2 years. But, I'm wondering if it makes sense in Charleston? Can anyone tell me a bit about the market there and what would be my best bet for buying that would resell reasonably quickly? If we stuck with the downtown Kahawha City area, would that help us have a faster resell? Or is this a totally stupid idea to buy for 2 years and we should just take the profit from our house and suck up the overpriced rent payments?

I am open to ANY and ALL suggestions. Thanks so much!

Pay the rent. What do you think you will be paying in fees to buy and sell a house? What if it loses value and you are upside down? Don't worry about the higher cost in renting. You are paying for the ability to LEAVE at the end of your lease.
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