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We recently moved away from our hometown in NY to a beautiful new neighborhood in NC. It was a great move for us. Fresh and new, and I was able to transfer my job here. We are renting since we are new to the area, but really have thought about buying a house. There is no way we'd be able to save up a decent down payment on a house here with all of our bills including the $17k we will have paid in rent at the end of our lease. We are thinking about moving our entire family (2 adults 3 kids) back to NY at the end of our lease into my parents house for a year to be able to save up to buy a house. My parents already agreed to it (it was their idea actually) and they have plenty of space for us in their 4 bedroom house. I would most likely be able to transfer my job, or find a new one quickly as nurses are high in demand. My husband is a truck driver, so he can go anywhere. I am just looking for opinions/advice from anyone who has ever done this. I am on the fence about how I feel having all of my personal things in storage, and living with my parents for so long. The kids would be going back to the same school they came from, so I'm not concerned about them adjusting. For anyone wondering, we moved on a whim for a change that turned out great. We don't hate where we live now, just never really knew how much money we actually put into renting! Thanks for any help!
It sounds crazy to me. What about the expense of moving everything again? Times 2 if you go back to NC? Pick up some extra shifts at the hospital or wherever you work there and stay put. Don't mess up your kids lives with another move. And moving in with parents? Maybe they say its fine, but after a few weeks or months, this gets really old. I would not do it but it's your life.
We are renting ...$17k we will have paid in rent
We don't hate where we live now, just never really knew how much money we actually put into renting!
$17,000 ÷ 12 months = $1416/month?
You don't own a calculator?
1) Is that rent rate common around there?
2) How does that number compare to what a mortgage would cost?
If after the year you find that the jobs/income are inadequate to buy then do what you have to...
and you would be glad to NOT have to sell a house as well before heading back north.
We recently moved away from our hometown in NY to a beautiful new neighborhood in NC. It was a great move for us. Fresh and new, and I was able to transfer my job here. We are renting since we are new to the area, but really have thought about buying a house. There is no way we'd be able to save up a decent down payment on a house here with all of our bills including the $17k we will have paid in rent at the end of our lease. We are thinking about moving our entire family (2 adults 3 kids) back to NY at the end of our lease into my parents house for a year to be able to save up to buy a house. My parents already agreed to it (it was their idea actually) and they have plenty of space for us in their 4 bedroom house. I would most likely be able to transfer my job, or find a new one quickly as nurses are high in demand. My husband is a truck driver, so he can go anywhere. I am just looking for opinions/advice from anyone who has ever done this. I am on the fence about how I feel having all of my personal things in storage, and living with my parents for so long. The kids would be going back to the same school they came from, so I'm not concerned about them adjusting. For anyone wondering, we moved on a whim for a change that turned out great. We don't hate where we live now, just never really knew how much money we actually put into renting! Thanks for any help!
So you're going to move back in with your parents so you can save up and buy a place and move back to the city you're moving away from? It sounds asinine. If housing is that expensive surely the cost of living is high. Are you still going to be able to maintain the same standard of living even after buying a house?
If you're just moving back to your hometown and then buying a house that makes a bit more sense, but personally , I think living with parents for any reason other than falling on hard times is leeching.
It sounds crazy to me. What about the expense of moving everything again? Times 2 if you go back to NC? Pick up some extra shifts at the hospital or wherever you work there and stay put. Don't mess up your kids lives with another move. And moving in with parents? Maybe they say its fine, but after a few weeks or months, this gets really old. I would not do it but it's your life.
I have known a few couples, with and without kids, who moved in with their parents for a month or two because their new house being built was behind schedule, or something similar, and it was very, very difficult even for a short period of time.
And, even a four bedroom house, with four adults and three children will probably seem extremely small after a very short time. Picture four adults and three children in the kitchen at the same time or in the living room at the same time, etc. etc. day after day after day.
Now, if it was an absolute emergency (someone lost their job or had a health crisis) or the house had a completely separate living area with it's own kitchen, dining room, bathroom, living room and bedrooms then it may work out. But, just to "save money" for a year. Nope. Cut down on expenses and get second jobs and make it work.
Last edited by germaine2626; 09-10-2017 at 05:35 PM..
We recently moved away from our hometown in NY to a beautiful new neighborhood in NC. It was a great move for us. Fresh and new, and I was able to transfer my job here. We are renting since we are new to the area, but really have thought about buying a house. There is no way we'd be able to save up a decent down payment on a house here with all of our bills including the $17k we will have paid in rent at the end of our lease. We are thinking about moving our entire family (2 adults 3 kids) back to NY at the end of our lease into my parents house for a year to be able to save up to buy a house. My parents already agreed to it (it was their idea actually) and they have plenty of space for us in their 4 bedroom house. I would most likely be able to transfer my job, or find a new one quickly as nurses are high in demand. My husband is a truck driver, so he can go anywhere. I am just looking for opinions/advice from anyone who has ever done this. I am on the fence about how I feel having all of my personal things in storage, and living with my parents for so long. The kids would be going back to the same school they came from, so I'm not concerned about them adjusting. For anyone wondering, we moved on a whim for a change that turned out great. We don't hate where we live now, just never really knew how much money we actually put into renting! Thanks for any help!
Yet there are still people that say rent for a year. I have never agreed with that.
It is not 1960. You can thoroughly check out an area online. When you narrow it down you can even check out the neighbors(don't forget their Facebook page).
Things I checked. Grocery ads, church bulletins, political contributions by zip code, read the local newspaper, checked distance to stores, restaurants, etc and zoomed in to see them and checked Yelp, did mapquest for things at a distance to check travel time, read recorded HOA documents, did a search of ex classmates/coworkers, sex offenders.
You can sign up for email alerts on many local government web pages. The same with local TV. Enlarge the map and look for noise, airports, race tracks, railroad tracks, etc. Check the area on YouTube. There are many videos of people driving around towns and areas with their narration of what they are driving by.
Check out things you have an interest in. Skating rinks? Art festivals? Opera?
Just keep renting if you have to for now. Or forever.
If you're happy there and your kids are doing well, I see no reason to uproot everyone just for buying a house that you will then have a mortgage for anyway.
Yet there are still people that say rent for a year. I have never agreed with that.
I'm one of them. Especially so in the absence of at least one VERY solid job.
The issue is how much you pay in rent until you can square away the good job income.
Pay rent based on whatever get by job(s) you can line up until then...
not what you hope you'll be able to afford a year later.
Yet there are still people that say rent for a year. I have never agreed with that.
Seeing as how I've never had the money to buy a house I agree with renting for a year. Plus you need to be sure you're stable with your job before making that kind of purchase.
It is not 1960. You can thoroughly check out an area online. When you narrow it down you can even check out the neighbors(don't forget their Facebook page).
This is not the same. Checking out a town in person give you a better feel for things. Especially the people.
Things I checked. Grocery ads, church bulletins, political contributions by zip code, read the local newspaper, checked distance to stores, restaurants, etc and zoomed in to see them and checked Yelp, did mapquest for things at a distance to check travel time, read recorded HOA documents, did a search of ex classmates/coworkers, sex offenders.
I agree with checking these things out.
You can sign up for email alerts on many local government web pages. The same with local TV. Enlarge the map and look for noise, airports, race tracks, railroad tracks, etc. Check the area on YouTube. There are many videos of people driving around towns and areas with their narration of what they are driving by.
Check out things you have an interest in. Skating rinks? Art festivals? Opera?
I wouldn't do it. I did move back in with my parent when I was in my twenties because of medical debt. Mom was thrilled! Five minutes after I got there, she started acting like my mom. "You didn't hang up your coat, you spilled something on the carpet." Seriously? I cleaned it. Dad was fine, but couldn't get her to back off.
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