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My lease is up should I resign for 6 months or 12?

C

coolred

Diamond Member
I have been renting my townhome apartent for the past year and my lease is almost up. I want to buy a house in the near future, but I am no ready just yet. I have some credit card debt I want to get paid off and I would like to have a little more time in at my current job, which i started about 5 months ago.

Basically since the 6 month lease here is not a standard lease, they charge an extra 40 bucks a month for it, although these are very well priced apartments, so even with the added 40 bucks, they are still reasonable. With the 12 month lease there would be no change in rent costs.

I know the longer i wait, the more debt I will get paid off, but also the higher the rates are likely to go on mortgages. I also would prefer to move earlier then later, since the space we are in is kinda cramped right now. Its a 2 bedroom for my son, wife and I. Its decent sized, but we have quite a bit of stuff taking up a lot of room. Also we are trying to have another child, so it would be nice to get settled in a new home before the new baby arrives, plus we will need an extra room for the baby eventually.

So the 1 year lease looks better from the fact that it would be cheaper and allow me to pay off more debt, but the longer I wait the higher the rates will likely go.

The 6 month lease I like cause it gets us more room sooner, and hopefully at a lesser rate. But it is more expensive by 40 bucks a month and allows less time to pay of debt.


Just wondering what AT thinks?
 
I also have the option of a month to month lease, I think that costs and extra 60 bucks per month, and maybe even some money up front, not sure though
 
Originally posted by: coolred
I have been renting my townhome apartent for the past year and my lease is almost up. I want to buy a house in the near future, but I am no ready just yet. I have some credit card debt I want to get paid off and I would like to have a little more time in at my current job, which i started about 5 months ago.

Basically since the 6 month lease here is not a standard lease, they charge an extra 40 bucks a month for it, although these are very well priced apartments, so even with the added 40 bucks, they are still reasonable. With the 12 month lease there would be no change in rent costs.

I know the longer i wait, the more debt I will get paid off, but also the higher the rates are likely to go on mortgages. I also would prefer to move earlier then later, since the space we are in is kinda cramped right now. Its a 2 bedroom for my son, wife and I. Its decent sized, but we have quite a bit of stuff taking up a lot of room. Also we are trying to have another child, so it would be nice to get settled in a new home before the new baby arrives, plus we will need an extra room for the baby eventually.

So the 1 year lease looks better from the fact that it would be cheaper and allow me to pay off more debt, but the longer I wait the higher the rates will likely go.

The 6 month lease I like cause it gets us more room sooner, and hopefully at a lesser rate. But it is more expensive by 40 bucks a month and allows less time to pay of debt.


Just wondering what AT thinks?
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Might you want to get completely out of debt and have a long-term permanent residence before having another kid?
 
You gotta ask yourself also how much possible equity you'll lose out on by waiting a year to buy your house. I'm not sure where you live, but here in Southern Cali we've been seeing people's home equity go up like 25% in just their first year.
 
Originally posted by: RaistlinZ
You gotta ask yourself also how much possible equity you'll lose out on by waiting a year to buy your house. I'm not sure where you live, but here in Southern Cali we've been seeing people's home equity go up like 25% in just their first year.
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I don't think you'll see those kind of numbers once these rates get a bit higher. I'll be in the same position as the OP in about 6 months and think the 'safe' bet is to stay put until you feel comfortable with purchasing the house whether that's 6 or 12 months from now.
 
I am in Columbus, OH, from what I have seen from this area the property values seem steady. They tend to increase for the most part, usually not falling, but they only increase at a slow pace.


Snagle, I see what your saying and hear where your coming from, but I also don't want to have anothe rbabay when I am 30, I would prefer to have the child while I am a bit younger. What you say makes sense, and hopefully doing what I want won't bite me in the a$$, but we would rather have another child now. Or at least soon. Our fson is already 4, we don't want a huge age differance between the kids.
 
I feel comfortable buying now, I could get approved for a mortgage and afford a decent house as it is now. I would just feel a bit more secure and be able to maybe afford a bit mor ehome if I wait. I am leaning towards the 6 month lease, but like snagle kinda pointed out, the longer I stay here, the more money I will have to pay off my current debt. Although most of my debt is in car loans and student loans, which won't be paid off within a year anyways, so the payments will be the same now as they will be in 6 months to a year to a couple years.
 
I didn't ask anyone to make it for me, I know what way I am thinking of going, i was just looking for others opinions to see if there is anything I am not thinking of
 
Originally posted by: Nik
Originally posted by: dartworth
Originally posted by: Nik
This is not a decision that anyone but your immediate family can make.
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LOL...you are such an ass...
Click to expand...

LOL...actually I'm not...
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LOL...well around here you are...

I guess you win the Oscar for best actor in your performance as the biggest ass on ATOT
 
Originally posted by: dartworth
LOL...well around here you are...

I guess you win the Oscar for best actor in your performance as the biggest ass on ATOT
Click to expand...

LOL...well around here I'm not...

I guess you win the Delusional Award for best halfwit in your performance, though. 🙂
 
Originally posted by: Nik
Originally posted by: dartworth
LOL...well around here you are...

I guess you win the Oscar for best actor in your performance as the biggest ass on ATOT
Click to expand...

LOL...well around here I'm not...

I guess you win the Delusional Award for best halfwit in your performance, though. 🙂
Click to expand...

Just shut up. Take your personal issues to PM.
 
Originally posted by: PhasmatisNox
Originally posted by: Nik
Originally posted by: dartworth
LOL...well around here you are...

I guess you win the Oscar for best actor in your performance as the biggest ass on ATOT
Click to expand...

LOL...well around here I'm not...

I guess you win the Delusional Award for best halfwit in your performance, though. 🙂
Click to expand...

Just shut up. Take your personal issues to PM.
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Personal issues? Jesus, you're just as dilusional as he is. If you wish my retraction from the conversation, why do you keep replying to me?
 
Because I feel waiting till my car payments and everything else is paid off will just be too long. I don't want to have a baby when i am 30 or more. I want to thave them when I am a bit younger. Its not liek i can't afford them, I mean I am handling paying for everything my current child needs. I don't feel another kid will break me financially.
 
Do you spend less than half of what you make on your current bills/child? If so, great. If not, how do you figure that doubling what you pay now won't break you?
 
How do you figure having a child will double my expenses?


According to my rough math, I spend more then half on bills expenses, but that will be closer to half once I pay off some of this debt. But my son does not account for very much of my expenses. Obviously he is not in school yet, so costs will go up when he starts school, but I will be able to manage that I feel.


Now let me ask you a question if you don't mind, how many kids do you have?
 
Originally posted by: Nik
Um... 1 child + 1 child = two childrenz

1*2=2

😕

Unless you still have a lot of the baby clothes and other hand-me-downs?
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Yes but you said on my current bills/child, not just on my child. Having another child will double or maybe even more then that, my child expenses, but it will not even come close to doubling my total expenses. I mean according to what you said, your saying that by having another child it will double my car payments and student loan payments and all that stuff, but that won't happen, and actually another child is another tax deduction. Not that that is a factor for me, but since your talking about money, thats more money coming in right there.
 
Originally posted by: coolred
Originally posted by: Nik
Um... 1 child + 1 child = two childrenz

1*2=2

😕

Unless you still have a lot of the baby clothes and other hand-me-downs?
Click to expand...

Yes but you said on my current bills/child, not just on my child. Having another child will double or maybe even more then that, my child expenses, but it will not even come close to doubling my total expenses. I mean according to what you said, your saying that by having another child it will double my car payments and student loan payments and all that stuff, but that won't happen, and actually another child is another tax deduction. Not that that is a factor for me, but since your talking about money, thats more money coming in right there.
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You make it sound like having a second child will be easy...?
 
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