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moana posted:welp, look who's getting started early with her new year goals Congratulations / my sympathy !!
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Jan 2, 2016 21:18
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| # ¿ Apr 29, 2024 12:01 |
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Ok let's play good idea / bad idea for slap me silly in 2016. I'm thinking about selling my house ($XXX/mo mortgage payment) and moving into a one bedroom apartment ($XXX + 30% in rent). Two points in favor: the apartment would be walking distance from work, whereas the house is a 20-30 minute drive that's getting worse and worse every year. And, I'm tired of being responsible for a house that has way more space than I need and incessant yard work and maintenance demands. Points against: the house is in a cooler area than the apartment would be, and apartments have, you know, shared walls and poo poo. Financially, the apartment may cost a bit more over time but probably not by much - I can certainly afford it. Anybody else has done this poo poo?
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Jan 4, 2016 01:33
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I'll throw some of that info out there: Maintenance I've mostly been outsourcing already. But it's still effortful - I have this constant mental accounting going on, "Ok the bathroom tile re-do will cost maybe 3 grand and it's more important than the roof but less urgent and plus I'd better be sure to save up for repainting and blag blargh gently caress" Home ownership was a goal of mine when I bought the place, so I'm not sorry I did it. But now it's 6 years later, I'm single again, and it has become more of a pain in the rear end than a pleasure. I'm not really attached to this house, if I keep some savings around I can always buy another one here or somewhere else in a few years if the mood takes me. Got enough equity to pay the sales costs plus re-roof the place if I have to, and still have a couple bucks left over. I wouldn't sell the car, but I'd save some money on gas and insurance. Not a lot though - it's actually about 12 miles round trip. Which tells you something about the traffic here... In the apartment I'd be farther from some friends, closer to others, it's probably a wash. I don't hang out with my immediate neighbors where I am now. The house is next to an awesome nature-y park, the apartment would be next to an awesome event-y park, if that makes sense. Both are close to the same cross-city bicycle route. Anyway both have different but legit benefits from location. I thought about renting an apartment for myself and keeping the house to rent out to other people, but then I realized I'd just be retaining the upkeep responsibilities that I already don't like, plus adding a shitlot of extra bookkeeping and management crap on top. So yeah, gently caress that I guess.
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Jan 4, 2016 02:37
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Yeah, I used to live about a mile from work and it was loving great. Which is what I'd be targeting this time too. My schedule is flexible but afternoon rush hour is getting longer and longer and I get caught up in it more and more often. If I hate the apartment, well, a year isn't very long. There are about 8 complexes at the same general distance from work that I could try. There are a bunch of "top floor of an old house" type apartments too. There are also condos that are about the same price range as my current house, and houses that are more expensive but could still be in my budget. All in walking distance from work. Or, I could move back to my current side of town which has the annoying commute but has apartments, condos, and houses all a little cheaper. Housing has been kind of nuts here lately, but there has been a lot of development and at my current salary there are a lot of reasonable options.
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Jan 4, 2016 02:52
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I did think about that, actually. I even know a reliable company in the area. Assuming they would take 8-10% cut, and knowing that rents are nuts around here, I think I would have just about enough left after the mortgage payment to cover most of the maintenance probably? Renting it should turn a small profit in the short term, but the place is older and the roof, HVAC, water heater, washer, dryer, kitchen finishings are all in "nurse it along" mode at this point. The longer I rent it out, the harder it will be to sell without pumping money into that stuff. But, that's just me eyeballing it. Has anybody done the property manager thing? How did it go?
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Jan 4, 2016 04:49
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GoGoGadgetChris posted:Could you rent your property for at least 1% of its value (gross rent)? No, not a chance, if I understand you right. I don't know the markets super well, but I'm quite confident that monthly rent would be somewhere between 0.5% to 0.9% of the obtainable sales price. How are you thinking about this number?
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Jan 4, 2016 05:31
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Gotcha. Potentially it's close to that line - I'd have to get a couple of professional opinions to know for sure. And there's an intangible aspect also, which is that I'd get to keep a property owner's foothold in a part of town I like. But, even if the dollars work out I'm not sure it would make up for the mental effort costs I'd be looking at. E: Are you the guy who appraised my house $25k too low at my last refinance thereby costing me a few years of PMI? fuuuuuck 
slap me silly fucked around with this message at 05:47 on Jan 4, 2016 |
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Jan 4, 2016 05:43
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moana posted:It sounds like you just want to sell it and be done with it. Although, extra time is more likely to get spent on musicianship hobbies than income-producing activities 
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Jan 4, 2016 07:00
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I went to Pittsburgh last summer. It was a way cooler city than I had expected. Congrats!
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Feb 1, 2016 21:43
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| # ¿ Apr 29, 2024 12:01 |
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slap me silly posted:Ok let's play good idea / bad idea for slap me silly in 2016. I'm thinking about selling my house and moving into a one bedroom apartment. So, I sold my house and moved to a pricey apartment. I also just signed the lease on a slightly less pricey apartment in a much cooler part of town, got a 6% raise that I didn't even ask for, started maxing out my 401k, paid off my car loan, and opened a donor advised fund. Been a good year financially even in spite of all the $$$ I spent on fancy whiskey and computer toys. Fully expecting to lose my job and go bankrupt in 2017
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Dec 25, 2016 17:16
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