Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello,
Wondering if anyone has any advice for a moving situation. I am a 38- year-old single female who has always have lived at home (I know-pathetic). Well, I finally would like to take the step of moving out. I have a good job and money saved up.
Here is the dilemma: My goal is to purchase a nice townhouse that I have checked out. Right now, there is not one for sale but I am waiting for one to come up.
To be honest, I am a little scared about moving out and being alone. This is due to spending too many years at home (which I should have never done-got too comfortable).
Should I try to make the move from going directly from living at home to purchasing a house or should I try renting an apartment for awhile while waiting to purchase the townhouse? I do have the money to put a good down payment down on the house so I don't have to rent.
On the one hand, if I make the transition directly to purchasing the home it might force me to take responsibility and not back down because it is a big purchase. If I rent, I might be more inclined to back down easily and return to living at home if I get scared because it is only a lease, not a purchase. Conversely, renting could help me feel what it is like to live on my own and maybe help with rental history(mortgage). However, because I am coming from living in a house it might be easier to go to a house than go live in an apartment.
If anyone could give any advice I would appreciate it. I am confused and scared as I am sure you can tell but I would really like to try and strike out on my own. My mother, of course, does not want me to go because she has issues of control and letting go which only make this all the harder. I just want the best route that would help me succeed.
I would find a townhouse and buy it. (as long as you are going to live there for at least 5-7 years). Rental History will mostly likely not help your credit score. If you rent a apt from a private Ind, or a small owner. Some larger Apt complex report and may help your score (maybe: Will this help or hurt peoples credit scores? Experian to add rental history )
Be 'far' enought from your mom that she/you are not there all the time. A townhouse is good most of the outside maintaince is done. You only need to take care of the inside. This is also a good time to buy, Mortgage rates are down, there are alot of places on the market. Look at other townhouse area not just the one you have in mind, Also there are tax breaks you get you dont get when you rent.
Are you talking about purchasing a townhouse with shared walls, etc? And you are currently in a single family detached house?
If so then I would definitely advise renting first. Not everyone is cut out for living in close quarters. It would be terrible to buy and then discover that you absolutely hate the lifestyle. (I hated having to deal with the lack of privacy and the noise of close quarters myself)
Who handles the interior maintenance issues in the home you share with your mom? If you've taken care of issues such as a leak by diagnosing the problem and fixing it yourself or hiring someone to fix it, you're ready to be on your own, so a home purchase would be fine. If your mom or brother or neighbor handled the maintenance issues, then move to an apartment in a building large enough to have a maintenance staff.
Home values are forecasted to drop up to 25% over the next 2 years, leveling out in 2013 (or so the experts say).
I also agree that it can be hard to go to shared walls; perhaps you could find a small single family home with a manageable yard? It will also have better resale value. It is also more difficult to obtain a mortgage on a condo (which a townhouse is considered to be for mortgage purposes) than a single family home.
In our COLO forums, the consensus is to rent first, ESPECIALLY if you've no idea what it's like in the area to where you're moving.
For some people it doesn't matter, such as the young and childless who really aren't looking for the best school system for the kids, etc.
It's possible to use a site like City-Data to do a lot of research before moving and if you do enough research, check enough stats on school performance, use google maps to see what the houses and areas look like, use realtor.com to see house styles and prices, THEN it is possible to buy a home right from the start. But even for established couples with children it's often still advisable to rent first, at least a 6-month rental, to fully explore a new area until you are SURE where you want to put down roots.
__________________
- Please follow our TOS.
- Any Questions about City-Data? See the FAQ list.
- Want some detailed instructions on using the site? See The Guide for plain english explanation.
- Realtors are welcome here but do see our Realtor Advice to avoid infractions.
- Thank you and enjoy City-Data.
Rent first. It will be so much easier to get out of a rental than a house if the job turns sour or the place you live turns out to be less than desirable.
First--not pathetic. There were obviously reasons that you stayed, and congrats to you for making the decision to spread your wings. Good for you in making your decision carefully and not just jumping from the next and hoping to land in a good spot.
I would recommend that you rent first, even if only for 6-12 months. Perhaps you could rent a townhouse in the condo neighborhood that you are looking into. You didn't mention anything about your credit history, but renting in your name (plus utilities, insurance, etc) will all help with building your score to get the best mortgage rates. Although you have saved money for a down payment, there is no guarantee that you will qualify for a loan. It's so ironic that we have the lowest rates in history, and so many people are being declined.
Whichever you decide, please be sure to get an insurance policy to protect your property. The insurance carried by a Condominium will generally not cover individual owner's(or renters) property.
I wish you all the best
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
