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Old 07-21-2014, 02:21 PM
 
135 posts, read 172,649 times
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My husband and I sold our home earlier than planned due to a health issue I have. My husband wants to work three more years then we will be relocating near our children. We can't decide if we should buy a condo or rent an apartment. We can't seem to reach a decision and would really appreciate the opinions of this smart board. Thank you!
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Old 07-21-2014, 02:35 PM
 
Location: SoCal desert
8,093 posts, read 13,251,822 times
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Quote:
My husband wants to work three more years then we will be relocating near our children. We can't decide if we should buy a condo or rent an apartment.
Only 3 years?

Rent.
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Old 07-21-2014, 02:52 PM
 
Location: too far from the sea
19,913 posts, read 18,921,677 times
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I would say rent.

It's money down the drain, yes, but a condo could be the same. Condos can go down in value. They don't hold their value as well as a house. You are paying condo fees which is like rent. You've got taxes and other expenses that go along with being a homeowner. If an appliance breaks, you have to pay to have it repaired or replaced. Sometimes you get stuck with an assessment and you end up paying a large amount of money for general building or grounds repair. I think you'd be taking a big chance if you bought a condo, but with renting at least you know. For only three years you could get an inexpensive rental.
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Old 07-21-2014, 03:07 PM
 
Location: in the miseries
3,302 posts, read 3,587,050 times
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Where are you? the easy answer is rent.
The market can change quickly.
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Old 07-21-2014, 03:14 PM
 
135 posts, read 172,649 times
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Thank you for all of your replies! We are in Chattanooga.
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Old 07-21-2014, 04:26 PM
 
Location: Sierra Nevada Land, CA
8,416 posts, read 9,168,115 times
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Rent. What if your children move?
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Old 07-21-2014, 04:42 PM
 
Location: Near a river
16,042 posts, read 19,007,999 times
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Rent. I echo all of in_newengland's post.

Also with a rent, when you find the home you want to buy, you're free as a bird and can do the closing at any time. Don't do a rental lease if you can help it; rent month-to-month and put most of your stuff in storage after reducing it by a third or more. (That wasn't unsolicited advice was it? )
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Old 07-21-2014, 05:19 PM
 
Location: Portland, Oregon
10,022 posts, read 16,700,236 times
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Rent!!
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Old 07-21-2014, 09:28 PM
 
10,824 posts, read 8,084,160 times
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+1 for rent. The shorter the lease term, the better.
Don't even know why this should be up for discussion, unless you plan to move to a rare (nonexistent?) place where condo values are wilding escalating. Far as I know, Chattanooga and environs is not one.
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Old 07-21-2014, 10:20 PM
 
789 posts, read 800,126 times
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Same thing happened to us. My husband had 1 1/2 years left on his job. House sold quickly. We found a townhouse to rent. Signed an 18 month lease. Moved all our furniture from our sold home to the townhouse. It had a basement and garage so we put whatever didn't fit there.

We had planned to move out of State to be closer to family. We spent the last 6 months house hunting in the other State. Didn't find anything.

Husband retired, lease up, we moved to the State we wanted, put all our furniture in storage and rented without a lease until we found our house. Took us 8 months.

I felt we had the luxury of taking our time to find a place. Of course we had the expense of 3 moves. It worked well for us and I'm glad we took the time we did. I would always recommend renting while you search for your new place.
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