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elSicomoro · 07-27-2003, 10:51 AM

The new lease for the next year came last week--$774 a month, a $40 a month increase. All things considered, still a good deal.

But now I'm in a self-created conundrum...kinda.

Here's the deal. Rho and I are already planning on moving next year, to a more "hip" area. Most of the apartments we have been looking at are in the $900-1200 a month range. That's a lot of glue to be plopping down on an apartment, so...

More and more, I'm pondering the idea of buying a house. We wouldn't need a lot down, my company would give me a discount on PMI, and my good credit would pretty much insure a good mortgage rate. And we'd probably wind up paying $600-900 a month for something that we own, thereby putting equity into it.

But buying a house brings up a ton of concerns: Our housing market (buying-wise) is tight right now, and it seems like the houses are currently over-priced. Property taxes are nothing short of ridiculous right now, and I don't see Big Ed and the state legislature doing anything about it anytime soon. (There are some new houses being built not too far from here on the other side of the Northeast, and from what I've heard, the yearly tax bill on them is $7000.)

Then there is the issue of staying. At this time, Rho and I have no intentions of remaining permanently in Philadelphia. Realistically, with her parents getting older and her being the only child, I sense we will wind up back in Maryland in the next 2-3 years. (Me and HB are going to become best friends, I bet you.) So, would it make sense to buy a house next year, only to move out of it after only owning it for 1 or 2 years?

5 years ago, I was so against buying a house, b/c of maintenance issues, taxes, and what not. But now I've come to the conclusion that buying a house can be a very smart decision, if done carefully. I don't want to deal with a landlord and neighbors I can hear fucking through the walls forever.

I guess the best thing to do for right now is stay the course, and do more investigating. Not only will it make me a smarter homebuyer down the line, but it'll actually help me understand the nature of my job better, seeing as I work for a Private Mortgage Insurance company.

(BTW, we're now accepting volunteers for the big move, which will occur between July and September of next year. Food and liquor will be provided. Plus, you get to hang out with Rho and I all day...what a treat for you!)

07-27-2003, 10:51 AM	#9
elSicomoro Person who doesn't update the user title Join Date: Jan 2001 Posts: 12,486	The new lease for the next year came last week--$774 a month, a $40 a month increase. All things considered, still a good deal. But now I'm in a self-created conundrum...kinda. Here's the deal. Rho and I are already planning on moving next year, to a more "hip" area. Most of the apartments we have been looking at are in the $900-1200 a month range. That's a lot of glue to be plopping down on an apartment, so... More and more, I'm pondering the idea of buying a house. We wouldn't need a lot down, my company would give me a discount on PMI, and my good credit would pretty much insure a good mortgage rate. And we'd probably wind up paying $600-900 a month for something that we own, thereby putting equity into it. But buying a house brings up a ton of concerns: Our housing market (buying-wise) is tight right now, and it seems like the houses are currently over-priced. Property taxes are nothing short of ridiculous right now, and I don't see Big Ed and the state legislature doing anything about it anytime soon. (There are some new houses being built not too far from here on the other side of the Northeast, and from what I've heard, the yearly tax bill on them is $7000.) Then there is the issue of staying. At this time, Rho and I have no intentions of remaining permanently in Philadelphia. Realistically, with her parents getting older and her being the only child, I sense we will wind up back in Maryland in the next 2-3 years. (Me and HB are going to become best friends, I bet you.) So, would it make sense to buy a house next year, only to move out of it after only owning it for 1 or 2 years? 5 years ago, I was so against buying a house, b/c of maintenance issues, taxes, and what not. But now I've come to the conclusion that buying a house can be a very smart decision, if done carefully. I don't want to deal with a landlord and neighbors I can hear fucking through the walls forever. I guess the best thing to do for right now is stay the course, and do more investigating. Not only will it make me a smarter homebuyer down the line, but it'll actually help me understand the nature of my job better, seeing as I work for a Private Mortgage Insurance company. (BTW, we're now accepting volunteers for the big move, which will occur between July and September of next year. Food and liquor will be provided. Plus, you get to hang out with Rho and I all day...what a treat for you!)