Life is Grand!!!

Saturday, October 29, 2005

Big Decision!

My hubby and I have a big decision coming up. As some of you know, my hubby is a maintenance man for apartments. Well the company he works for has a property that needs a rm (resident manager). The rm lives on site and is the first one called to emergencies (like a resident's clogged toilet). They also pick up trash every morning and deliver notices in the evenings. But the rm also gets reduced rent. So, my hubby and I are considering moving to this apartment complex to save on money (and to help pay off credit debt).

If we get a large townhome, we would save several hundred dollars a month compared to our mortgage. If we move into a small townhome, we would save twice as much a month, but it's much smaller and has no garage (unlike the large townhome). We would have a harder time being able to fit into a smaller one especially if we have another little one. And I don't think I would be happy in the smaller one. I walked through one and it just didn't feel like home (unlike the beautiful large townhome). But again, we would save twice as much a month living in the small townhome!!!

So, we just don't know if it's worth us moving out of our house...which we LOVE! We are def running out of room in our home, but we could be okay for the next couple of years. We would have to do some more cutting back (if possible) or one of us would need to get another job to help with the credit debt if we stay right where we are, our first home (and where we have been for the past 6 years).

I just don't know what to do right now. I love my house and I would hate moving, but it would save us money each month. But is it worth moving just to save a few hundred dollars a month...and have my hubby have more work to do? Remember he would have to get up early every morning and pick up the grounds and possibly have work/errands in the evenings.

And if we do move, should we sell the house or rent it out? I'm worried with the time issue since we would need renters by the end of the year...but would we even be able to sell our house in a few short weeks (and without taking a huge loss)???

Oh did I mention we have to make our decision by the middle of next week (and that we would have to start moving next month)? Ahhhh!!!! Help please!

Blogger Shelley said...

I would so totally go for it. We have often looked at the costs involved with our home and have considered the apartment life, for exactly the same reasons as you...bills. Pray pray pray....don't sweat it too much. This is falling in your lap for a reason. I wish this would happen to me! I can't seem to get any definitive answers in my life lately! GO FOR IT! Huggs...

October 29, 2005 5:59 PM

Blogger Peaches said...

Hmm....tough call. You reall have to look at all your total costs involved with the current house...including lawn, repairs, utilities, HOA feels, property taxes, insurance. Probably more expensive than you realize to stay at the house. Also you need to look at how much money you can make if you sell the house...would it be enough to cover all the credit card debt? If so, it might be worth it to sell the place, save up for a couple years at the new gig, then move somewhere you can AFFORD and really want to live. Tough call, though. Good luck.

October 29, 2005 6:16 PM

Blogger Amanda Sue said...

hmmm.... i am not great at money, but i would say do not sell your house, whatever you do. your equity in it is worth more than the money you will get, just because there is the time factor involved as well.

move into the large townhome, and rent your house out while you save money. you can pay your credit bills down, and you will still "own" something. the money you make from renting your house will probably pay the mortgage each month.

October 29, 2005 6:31 PM

Blogger M. C. Pearson said...

Well, I'll be praying for you. I know about moving to a small home and about debt...we are going through bankruptcy right now. I'd caution against renting out your home though. Unless you do great walk-throughs and get first and last months rent plus a deposit and a deposit for friend just got through a horrible experience with a family (who USED to be friends) that rented her home. They did more than $1,000 damage. Anyway, sometimes if you are happy where you are, you shouldn't change it. Money is just money...the more you have the more you spend.

October 29, 2005 8:44 PM

Blogger Leslie said...

sitting from the outside, I would def move to the large town home. You would save money and still have the room you need/want. Maybe try renting your home to cover the motgage payments until you can sell it. Which ever option gives you the most peace is probably the right decision.

October 29, 2005 9:08 PM

Blogger Oh great One said...

It's hard to tell someone else what they should do. There are so many things involved. I say, pray about it. One way or the other you'll know you are doing the right thing when it you have a peace about it.

October 29, 2005 9:25 PM

Blogger Jennboree said...

A friend of mine is a police officer and he got reduced rent at apartments. They had a house they loved but were outgrowing so they opted for a townhome apt and it worked great for a little over a year. Then they bought another house, did some remodeling, did the SAME THING by selling and moving into a lower-rent townhome. Just two years ago they built their own home on 2 acres of land and couldn't be happier.

If you are wise with your money, it could work, but sacrifice and tight space is required!

October 29, 2005 10:05 PM

Blogger deputyswife said...

Boy, there are a lot of factors in this decision.

I am always concerned with equity. Selling your home, gaining the equity you just might be able to make a good dent with your debt. On the other hand, you could possibly refinance, pay off your other debt and still have your home. Which could be cheaper in the long run.

Look at the area you are currently in. Will propert values rise in the next few years? If so, stay put and possibly refinance. If it is a so-so area, you might be better to cut your losses and start over.

I wish you all the luck. Please keep us posted.

btw, Suze Orman is awesome with personal finances. I highly recommend any of her books or tune into her show. She is direct and to the point. She does not sugar coat anything.

October 30, 2005 12:12 AM

Blogger jennypenny said...

I would definitely go for it but I would go for the bigger townhouse. You have to be happy where you are and be proud of your home and you don't want to put of something you really want like having another child because you don't have the room. Cut back on spending in every possible other area and when you are ready and you have prepared buy another home and make it your own. Good luck!

October 30, 2005 1:13 AM

Blogger DayByDay4-2Day said...

Only advise I have is to right a list of each advantage/disadvantage and see which weighs the other out.

Moving is so hard when you get attached.

Remember a house is a house, but a home is were the heart is.

October 30, 2005 7:29 AM

Blogger Kevin said...

Here from Michele's.

Far be it from me to tell anyone else what to do, but since you asked:

* Go where the happiness is. Don't let money make the decisions for you.

* If you are moving and you can rent out the house, it'll more or less end up paying for itself. Sell it and you've pretty much got nothing.

* Again, if you do move, go with the bigger townhome. You sound like you'd be miserable in the smaller one, and the money is little consolation.

Just my two cents.

October 30, 2005 9:14 AM

Blogger ~Cathy~ said...

Wow... that's a toughie! I'd be all for saving the money though. Would this resident manager be his only job? Or would he still have to fill in other places?!

Here via Michelle's!

October 30, 2005 9:28 AM

Blogger Trinity13 said...

We are def praying Shelley!

We plan on talking to a realitor Peaches to see what we could do with our house...and to see how much we could get out of it if need be.

We would hope to make about $200 a month with renting our house Amanda Sue (if we decide to rent it out).

Good point MC, "money...the more you have the more you spend".

I def want to be at peace with the whole thing Leslie! And I was at peace while walking through the larger townhome.

I really hope we do the right thing OGO.

Wow, it would be nice to have 2 acres of land Jenn! And I would rather live tight now and be very very happy in a few years.

We refinanced three years ago DW. And they tell ya to stay in the home for four years after refinancing...but we would def need to move out before another 4 years are up (especially with another little one). And we are in a good, but not great, area.

Bigger townhome looks better and better everyday Jennypenny!

My hubby and I will be making that list today DBD4-2D!

Thanks for the two cents Kevin...I would like to rent out the house (if we can find a renter in time).

The rm works before and after their regular shift as a maintanence man Cathy. So my hubby would be out at 8 picking up trash, head to work by 9, and pass out flyers (if need be...not an everyday job) at 6 when he gets off.

October 30, 2005 9:47 AM

Blogger Better Safe Than Sorry said...

i actually was here yesterday and came back to comment on it, wanted to think about what i said before is said it. i agree with quite a few of your commenters here, i think if you able to rent out your house, you should do that. the rent will probably cover the mortgage and you'll continue to build equity into it. as for which townhouse, you will always need more space. if you are able to rent your current home, think of that as a way to earn extra money, it's not in your pocket every month, but it's slowly building up, probably faster than you would even be able to save.

October 30, 2005 11:42 AM

Blogger Jean-Luc Picard said...

It's a no-win situation there, Trin. You will always miss the bigger house you had before. Could you not look for bigger houses in the area?

October 30, 2005 12:34 PM

Blogger Trinity13 said...

This week we will be seeing what a realitor says about keeping the home BSTS.

Even the small townhome would be bigger than our current house Capt.

October 30, 2005 7:49 PM

Blogger Mamacita said...

Here's my vote: Bigger townhouse, rent your house.

I'm just sayin'.

(Michele sent me.)

October 30, 2005 8:17 PM

Blogger Captain Berk said...

You will eventually come to realise that there is no house.

Then it will not be the realtor that bends, but yourself....

October 31, 2005 9:43 AM

Blogger Dirk the Feeble said...

Never fear, the master of advice is here. This is what you do: buy loads of fire insurance, then set the house on fire. You get to collect the insurance, then you get sympathy (and therefore casseroles) from your friends and family. And you get rid of that house you don't need anymore and actually BANK on it!

October 31, 2005 10:05 AM

Blogger Becky said...

I wonder if another alternative is that if you don't move into the townhome and the company can rent it out at a regular price, can they still give the money back to your husband that they would've reduced? If you are already close to the complex, then chances are, he'll still respond to the requests in a timely manner.

Otherwise, if you can rent your house out at a monthly profit or sell it for equity to pay off your house, I'd do those and move into the larger one. There's only so much happiness that saving will bring on a daily basis.

November 02, 2005 4:19 AM

Blogger Trinity13 said...

Part of the responsiblities of being a resident manager Becky is that my hubby lives on site. So if he takes the job, he has no choice but to reside there.

And I think we are def leaning towards selling the home and moving...but only time will tell.

November 02, 2005 7:28 AM


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