Profile picture for Belleshells

Rentals are limited....does that mean I have to buy?

I am starting a new job and must relocate with my family. We are having a hard time finding a place to rent in a good location with great schools. The hardest part is that we have two dogs and no one is willing to take us with our pets. We want to stay below $2900 - in this case is it better to purchase a home - the area we are looking is $550K +? The downside is that I am just getting out of school and so I don't have much of a savings for a downpayment...any thoughts?
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April 05 2011 - El Segundo
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Hi,

You can check with a lender and see if you can get down payment assistance. There are grants and loans available. Also, if you take that, and possibly a decent tax return, you might be able to buy. Buying right now is a smart thing, if you can swing it, and you might be surprised to find that it might be more affordable than renting. Not to mention the tax break you get for home-ownership. What city are you moving to? Perhaps an attached home or town-home would be more affordable.
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April 06 2011
Profile picture for wetdawgs
Be persistent looking for rentals.   Extending yourself to buy at this time doesn't make sense.   Houses are more expensive than just the payment for mortgage, taxes and insurance.  Furnaces go out, roofs need repairs, the plumbing needs attention, then the electrical panel needs updating.   You could probably find a way to buy, but keeping a house can be harder than the initial purchase.  

Do you have CGC certificates on both dogs?  That helped when we were renting.
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April 06 2011
Do you have any family members that can give you the money?
Find out about local programs and new homes. many new home sellers have a lot of help.  Do you have property items like cars that you can sell and buy less expensive ones and use that money.  Look carefully at your expenditures and what you can do without. Eating out, buying coffe , sancks in convenient soores. Bring lunch to work do the laudry at home.
 
Write down everything you are spending on for about 3-4 weeks and see where your money is going that doesn't need to go. 
Can someone keep your pets for a year?
Good luck  
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April 06 2011
Consider "camping out" by renting as cheaply as possible while still in a safe area with preferred schools.  Save every bit you can and put down a whopper down payment in a couple of years.

You may find that living in a cheap rental will give you some laughs as well as setting the stage for a sesible furture purchase.  Frankly, most of us don't really need all the trappings and material stuff we get drawn into buying. 
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April 06 2011
Profile picture for Dunes....
I'm starting a new job should I take on $550,000 + in debt because I'm having a hard time finding a place to rent?

No
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April 06 2011
Great Question... I would always recommend renting in the area you are about to move in, so that you can get a feel for the area and prices before you buy your home. Rentals come on the market everyday. I would find a realtor to help you look for new rentals everyday (have them send you some through emails). Once you get your family moved and you started your new job you can start looking for a home not being rushed. Good Luck with your new job and new environment.
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April 06 2011
Try to check on classifieds for rentals to get the best rent deal and check for assistance too. 
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April 06 2011
Profile picture for the_country_hick
"so I don't have much of a savings for a downpayment...any thoughts?"

Save what you can. Work extra hours if possible. Save as much as you can. If this means no more pizza night that is a needed sacrifice. The end goal is what you want not today's nice life.

I have one thought for you. Last hired first fired. (That happened to a friend of mine 2 or 3 times) You never know beginning work at a new company if the job will work out or even if it will be there once you move to get the job. Try renting somehow some way until you are sure the job will work out and the company will stay in business.
It could be tough finding a rental yet even tougher is moving, buying a house and then finding out the job went away. In this economy it has happened.
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April 06 2011
Find a rental, and make the best of it.
Not a good idea, imo, to buy when you're fresh out of school. and starting a new job!

try to save money  while you're renting.....that's paramount.

If you are having trouble finding a rental due to the dogs, perhaps you can offer a higher security deposit to reassure the landlord.
It's not easy, but someone out there, maybe a dog lover themselves,  will accept your pooches.Be prepared to be flexible.

Good luck with the job and the move!
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April 06 2011
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  Frankly, most of us don't really need all the trappings and material stuff we get drawn into buying.

So true!
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April 18 2011
I'm currently working with rentals and you are correct, it is hard to find owners that allow pets.  I call and ask them even when it says, no pets.  However, because the rental market is moving very fast the home owners have a lot of options and will most likely choose a renter who does not have pets if that is their desire.
You don't need a 'lot' down to purchase a home.  You can go in FHA for as low as 3.5% of purchase price. 
Which ever way you choose to go you should contact an expert in the area you are moving to.  Once you are in the hands of a good agent it will be very beneficial to you.  An agent can also help you find a rental property and may negotiate the 'pets' being allowed.  Good luck!
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April 18 2011
Not at all times unless your finances permits you. Renting would be better for short term residency and are good for couples or individuals. Families who needs more space or wants to make renovations or improvements are advised to buy. 
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April 19 2011
 
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Rentals are limited....does that mean I have to buy?
Profile picture for Michael Austin
Latest reply by Michael Austin
April 19 2011 | 12 answers
  • Posted by Belleshells
  • In Rentals
  • April 05 2011
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