Tuesday, April 14, 2009

Housing Frustrations....Again

Went looking at a couple of houses tonight....they were both creepy and ghetto in their own special ways. This means that the house I was originally interested in is still my best bet when it comes to home ownership.

There are a couple of things that suck about this whole thing though. First, I like the house I am looking at but I don't LOVE it. I like it as a quaint little place I could live for a year or so and then rent out. I think the place would make an excellent rental property. The problem is that if I don't live in the house as my main residence for three years, I can't get that $8000 tax credit. Could I live there for a year, sure, past that it gets sketchy. Secondly, the place is really small. I have lived in small places before and this isn't a huge deal to me but if I am going to buy a house, I would like it to be a place that could hold a few people in the event of a party.

The downside to all of this is, until I know for sure that I have a teaching job, it is hard for me to legitimize getting a house that I would actually be cool with living in long term.

The next option is to stay in my parents' basement. This is smart because I save money here and I don't really have to pay anything. Man though, the social life is having a mean damper put on it because of this. Dating is...interesting. Having parties or people over is...odd. Dealing with the eccentricities of my parents and the dogs can be trying on the nerves.

That leaves me with one other option and that is renting. I hate this idea for numerous reasons. The house I would consider buying would have a mortgage payment about the same as a rent payment. I would have to commit to a lease for an apartment and it could very well be that I can get a house this summer or fall and then I would be stuck in the lease. The apartment I would end up in would probably be about the same size as that house too.

All I know is that the basement isn't working at the moment and each day gets a little more desperate. I need to get out of here. I need a place of my own. I need a better job. Man, why didn't I go into engineering like the rest of my friends? I just had to be a teacher. I am kidding about all of this...sort of.

10 Comments:

At 1:50 AM, Blogger dustin said...

You might want to look into that tax credit. It's not $8000 that you get to pocket, rather $8000 that you can take out of your taxable income, and only for this year. For every dollar you save this year, you have 1/15 of a dollar of liability for the next 15 years. Details here: Seattle PIDon't feel bad about your career choice: most of the engineers I went to school with at UW are heading for their Masters or taking non-engineering positions because the economy sucks. I got especially lucky in that I caught Intel in a very short hiring phase.

 
At 1:01 PM, Blogger Jason said...

If you're anxious to get out of your parent's basement, but haven't found a house you would actually want to buy then have you looked into seeing about whether or not you can find an apartment that you could just pay month-to-month until you did find such a place?

 
At 3:26 PM, Blogger Mogwai said...

I don't feel bad about my career choice. I was kidding when I said that, just wish teaching paid just a tad more. Just a tad.

As for paying month to month for apartments, I haven't found too many willing to do that. I did find a couple but they were not the nicest places in the world.

I do have a house in mind as far as purchasing goes. It is a little townhouse that has been on the market for almost a year. I know why this is and I know it has nothing to do with the home itself. I am especially interested in this place because I think I would probably keep the property even after moving into a new home because it is fairly cheap and would make an ideal place to rent out. In this case, I am looking at this fairly long term as a form of investment as well as helping me out now.

Dustin, trust me when I say that I am fully aware of that $8000 credit. It is also serving as a little bit of an incentive to snag this place.

 
At 10:56 PM, Anonymous Captain Kangaroo said...

Monique and I just put an offer on a house and it got accepted after some negotiations. Now we're waiting for the loan to be approved, conveyancing, inspections.

"Ah the waiting game....................................................................................................
Screw this, lets play Hungry Hungry Hippoes"

 
At 3:00 PM, Blogger Heather said...

Does the quaint house have a decent yard? You could throw parties back there during the spring/summer/fall and in the winter just have parties over at friends' houses.

Just a thought...

 
At 7:27 PM, Blogger Ben said...

Craigslist may show rooms for rent in a house or a sublease of an apartment. It could work for the short term, be cheap, get you out of your parent's house, and not tie you down to a lease.

 
At 7:47 PM, Blogger Ben said...

Dustin, from all the sources I've read and our Realtor, the $8000 tax credit is applied to your tax liability, not your taxable income. See: http://www.federalhousingtaxcredit.com/

 
At 7:56 PM, Blogger dustin said...

Ben, you are correct. I was reading about the old tax credit. $8000 sounds pretty good. If all our funds weren't being sucked up by the wedding, I'd be looking at buying as well!

 
At 7:25 PM, Blogger Ben said...

Dustin, elope!

 
At 1:31 AM, Anonymous Captain Kangaroo said...

Our house fell through (surprise surprise). Bank wouldn't let owners sell it as it was collateral for their business and home which they owe alot of dough on. Back to square one. In Oz, if you purchase before June 30, you get 7K on top of the 7K and free stamp duty they give you already. They are thinking of extending it until end of the year. I don't know what is the more positive outcome, as because of the extended grant, all the lower price houses have been jacked up at least 7K so it kinda cancels out. Bukka housing market. Hope your well legend. (Ahem...Photos?) (Cough) Sorry, i think I have that swine flu that's getting about ;)

 

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