Contemplating my next move. Possible purchase. Advice?

[Aksannyi]

Okay, this has been on my mind for a while, but the discussion in the relic thread (lol) gave me the thought that maybe I should ask BG for some advice ... I know ... but hear me out.

Basically, I know that my lease ends in mid-July. The rent for that month was paid when I moved in here, so ideally, I am looking for a move-in date of July 1st when I do move. So I figure now is a good time to start looking at my options, and I'm about to really start searching in earnest once I get a few things straight.

I've considered there are a few options, and my thoughts on them, feel free to refute what I've said or give me more insight.

Apartment: Probably the easiest scenario, and I've lived in several apartments - a few that were houses that had separate upstairs/downstairs suites, and a few that were in huge complexes. Rent is typically easy to make and the security deposits are not insane. I've grown tired of apartment living for many reasons: Parking sucks, noisy neighbors, lack of space, less privacy, having to walk to get my mail (minor annoyance, really), the fact that if I want to get a paper delivered to my apartment, someone will probably steal it from my doorstep, etc. I've not ruled it out as an option, but it is very low on the list of things I'm considering.

Renting a house: I guess this would depend on a lot, but it seems like the rental agreement would be similar to renting an apartment, but without all of the apartment-related crap, though I guess I might have to deal with noisy neighbors wherever I go. I'm not sure about things like yard maintenance - if it would be my job to mow, landscape, water, etc. Also, wondering if renting a house is less restrictive than renting an apartment: Can I paint my interior walls? Pets? Stuff like that. This is something I've considered as an option, for sure. The only real con is that renting is always on a temporary basis - one year, two years, etc. - and I'm kind of in the mood for something more permanent.

Buying a condo: This is another thing I've considered, though I really don't know jack about condos. I do know that I can't do anything at all with the exterior of the condo but that I own the inside of it ... not sure if that means I could theoretically gut the kitchen and rebuild it in my own style ... guess that's something I'd have to ask, or if I'd be more restricted to things like painting my walls. I also know that there are some other kinds of rules within condo complexes, and that there are fees for living in that community on top of my mortgage payment. However, I do kind of like the idea of owning property.

Buying a house: This would be the ultimate goal, but not really financially feasible. Mortgage payments on houses are typically higher than condos (though I'm betting depends on the actual price) and also if the house is falling apart, it's on me to throw my own money into it to fix it. Then there's taxes, and general property maintenance. I'm not sure I'm ready for that ... though it's been something in the back of my mind, though I think it's more of a goal for the future as opposed to the next six months.

Buying a trailer: Considered this about 8 years ago, but ... lol trailer park. I guess owning a trailer wouldn't be that bad, as it is actually something I would own ... but ... lol trailer park. Also, most trailer parks down here are 55+ ... fucking Florida. It's an option, but I definitely want better for myself.

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That being said, those are just my musings really on the whole thing. I know there's a lot that I don't know, especially when it comes to purchasing a property. I guess I'm looking for advice from those of you who have bought a house or a condo and let me know what kind of things I should look into, or if there are other options I should consider.

I'm not having any more roommates. That's another thing to consider.

Financially, there is the truck situation (I will have to get a newer vehicle within the year ... I will get a second job for that if I have to.) I'd say that I make about ... $20-25k a year? Can't really say since my hours fluctuate. That's not really a super high income, by any means, but it should give you an idea of what kind of price range I'm looking for. I can (and do) live frugally.

Thinking absolute max monthly rent/mortgage payment would be $700 a month. I'll have to cover utilities and whatnot, obviously. So I guess I'm just asking with the relative anonymity of the internet for some housing advice. Living here another year is not an option. It's a place meant for students and it has come to their knowledge that I am no longer a student, so I have to leave when my lease is up. Which is no matter, I wanted to anyway. This was never meant to be my permanent housing. And these fucking college kids keep throwing trash in the bed of my truck ... if I ever catch them, they'd better fucking run. Lol.

For reference, I am 29, I have decent credit (which is improving since the divorce). I am single, and I do have kids, though they don't live with me. They will stay with me from time to time, though, so obviously will need space.

Also I do have the VA home loan benefit, which means (as far as I am aware) low money down, lower rates, things like that. So I'd definitely be interested in looking at that if I choose to purchase. And find out if buying a condo falls under that ... or other things. Anyone who knows more about that, I'd appreciate it.

So ... thoughts anyone? Sorry for the long post, just a lot of shit going through my head. And trying to start putting my feelers out for what I should be looking for.

For those in/around Tampa, looking to stay on the Tampa side of the bridge, preferably northern side (kind of close to where I am now, not far from USF though I'd like to move a bit further away from the college kids). So if you have any recommendations of places I could look into, that'd be great also.

Thanks in advance for all responses/advice you guys have. I obviously can do my own research and ask family/friends, but I figure the more personal testimonials/information I have, the better off I'll be.

[Pyro]

I'd say buy a house. There are amazing deals to be found out there especially if you check out some of the auction websites. You can bid on houses as if they were on eBay. I bought my house using that method and I'm paying less than $700 a month for a 4 bedroom 2.5 bath that is 3 years old and was never lived in. The website was http://www.rowellauctions.com and they sell properties all over the place.

Pretty sure the housing market is as low as it's going to get if not making its way back up right now so it's the perfect time to purchase.

[SephYuyX]

Short and sweet: Buying a house is the best financial option there is, if you can afford it, but if you cant afford it, then renting an apartment would be the next choice. You just need to do lots of checking around for the right deals. Foreclosures, auctions, etc.

Renting an apartment is horrible in general, but it's usually less expensive than renting a house, and less of a headache. I own a house that I rent out, and it's a fucking pain, on both sides; Apartments are mindless, and not all are bad, you just need to look in better places.

Ive no experiance/comment on trailers, but you get the automatic trailer trash stamp on your head if you go that route.

Edit: Try http://www.zillow.com/
Oh, and condos are a hassle too, just avoid those completly, better off renting a house.

[sephir]

I'd suggest saving the money through renting until you can afford to buy a house. When you buy a house your not just gonna have to buy the house, but additional furniture, additions, gardening supplies etc. The expenses will be very high in the first few years as you try to make your home perfect for you and tools needed to take care of it.

Unless you find a house condo, you would have a situation almost exactly like your current appratment situation.

[Aksannyi]

Ive no experiance/comment on trailers, but you get the automatic trailer trash stamp on your head if you go that route.

Yeah, no kidding. Plus they are typically very cramped. It would drive me nuts to live in such a small space.

I guess I could appreciate the idea of renting an apartment again for another year while I save a little more - or until I get a vehicle paid off - I've moved about 12 times in ten years (thanks US Army ... no really) so I'm sick of moving which is why I'm wanting something more permanent.

I just don't know if I'm ready to buy a house yet, as badly as i want to. Maybe I should look further into what the VA loan entails, and how it helps me before I decide.

This stuff is all helpful though, so keep tossing ideas at me.

[oldoldman]

Move out east to Brandon. There are like a billion new housing projects out there.

[vagus]

Time for NA's to get out of the "house" is the way to go mindset, especially with the current state of the American economy and over consumption.

Aksannyi situation seems to allow her to get a small place, possibly a town house or apartment as she only seens her children on a weekly basis. It's all she really needs. A backyard is overrated, let's be honest how often will you really go out and toss the ball around when there is a park around the corner. Your taxes pays for the upkeep, use it.

A house also has a lot of extra costs & time to upkeep which could be spent on a minor strata fee and balloons for the kiddys.

[ODF]

I don't recommend you a house if you're not financially comfortable, I know what I'm talking about I'm 25 and It's my second house I have to pay 5000$+ just for taxes but where I live Its a way to make huge money by buying 'or building' a house and selling it.

The issues with a condo is that you'll have to pay for the général maintenance of the building, but It's your propriety and its more confortable on the financial aspect.

I went from my parents house to a 415 000$ house and I'm single, the step was big, It's better to rent an apartment, then to buy a condo and then if your sitation is good and you're all set go buy a house.

Good luck =) Sorry for the english :D

[Aksannyi]

Okay I browsed those sites you guys linked and talked to my dad, general consensus is that with some of these prices (talking $200~ a month on a home payment) I should seriously consider buying. And these aren't even shitholes, which I thought for sure they would be. Looking at these pics, some of these are pretty nice places. I think there's a huge open house event this weekend or next in this general area, so I might just cruise around and start looking.

Talking to my dad, I was very surprised that even he recommended I consider buying. My dad has always been advising me to be extremely conservative financially and I thought for sure he'd never recommend that I buy instead of continue to rent. He said because the prices are so low and because of my VA loan, and that tax credit thing, it would actually be really advantageous for me to buy now instead of waiting. I'm kind of stunned honestly, but if my dad thinks I can do it, then I can do it. I mean, even a month ago my dad was saying I shouldn't really consider buying a house, but now that I showed him some of these places and the prices, he's on board.

Really I had no idea until I actually searched how low prices are right now. If I'm looking at a $200 mortgage payment, I know that I'll be able to afford utilities, the new vehicle I know I will need within the year, and a lot of other things I wasn't thinking I'd be able to afford along with paying the actual cost of the building. I guess I really just needed the kick in the butt to start looking in earnest.

I do plan to have the kids with me full time eventually, by the way, it's just not feasible in this apartment because I share this space with two others. And I plan to live here in Tampa for a long time so I don't see why I shouldn't own my own space where I can sunbathe topless and Cream Soda can come spy on me. XD

[ODF]

Your dad is right some of my friend here in Canada bought houses in Florida and it was of course very advantageous, I really don't know your financial life but If you're looking for a $200~ a month mortgage payment assuming that most mortgage where I live are 800$+ a month you might get some surprises from what you're gonna buy.

I build 20-25 houses a year I know what I say =)

Just be carefull and a house is full of surprises. You will have a shit load of things to buy beleive me !

[Takedown3]

buy a house

[Ryany]

I'm pretty much stating the obvious, but the whole rent/buy debate varies greatly on your location. A home mortgage where I am is as little as half of a equivalent home's rent payment even when you include property taxes.

I constantly hear pro-rent people saying mortgage payments are more than rent payments, which I can only guess that is a regional thing.

Of course limited mobility, huge upfront costs, and upkeep costs of buying do have a price.

[Aksannyi]

Just be carefull and a house is full of surprises. You will have a shit load of things to buy beleive me !

Yeah, I'm going to be VERY cautious before I buy anything. Right now just looking online there are a lot of places that look promising but I won't know what they're actually about until I actually go see them. My dad said I should get a realtor, so on Monday I will start to shop for one, see if any of my coworkers know anyone or something like that.

Right now $200 mortgage would be less than half what I'm paying for basically just a room. And there are some which are creeping up higher per month, of course, I could easily pay $500 a month and still have plenty of room to spare when it comes to paying other bills. Like I said in my OP, $700 a month was the absolute limit of what I'd be comfortable paying. Obviously the lower, the better.

[Fodder]

Using VA benefit = less down, higher rate. The last time I looked it was .5% more.

[Takedown3]

make sure you DO NOT get a variable rate mortgage btw even if rates are low now u gonna get raped down the road

[Souj]

I'm not sure if this is still going on or not, but I bought a house August of last year, and the government gives 1st time house buyers 10% of what the house costs to you in your tax refund.
I ended up getting about $10,000 back in taxes this year, which means I basically live in the house for free for the 1st year.

[Aksannyi]

First time home buyer credit is still in effect until April 30th, you get $8000. Have to complete contracts by the 4/30 and close by 6/30. I just looked that up. So considering I want to move at the beginning of July, if I can get everything straight, I could push that up a week or whatever to get the tax credit.

[Souj]

ah was 8k. I had gotten 8k, but the house was 80, so yay assumptions.
20 days is pretty fast for buying a house though.

[Aksannyi]

Yeah, not sure if I can do it honestly but if I can, would definitely be worth it.

[Pyro]

Yeah, it's 10% of the purchase price up to $8,000