Tuesday, April 8, 2008

Rent vs. Buy


Ever since moving to Tucson last June, I fell in love with the city. I am currently renting a 2bedroom/2bath 800 sqft. duplex with 2 roomies. I LOVE my house, I LOVE my location; it is centralized so I can get to the places I shop most, very quickly. Not to mention getting to work takes a maximum of 15 minutes.

Our lease is up in August and while I would love to re-rent although I don't want to live with my current roommates. The issue is respect of my things, the move my items, store them away, and feel that they can take what they want when they want. I'm fed up!

A few months ago I was out with my dog and noticed a house down the street for sale. I had never noticed this house before and it was love at first sight; I cannot stop thinking about it. Unfortunately the guy is asking $159,900 for this house. It's a 1952, 791 sqft, 2 bedrooms (1 is a glorified closet!), and 1 bathroom, the kitchen is so small you can't even eat in it. Why do I want it? It's a BEAUTIFUL little house. It has been completely redone, the original floors have been restored, new A/C and heat, and is on a HUGE lot with no houses around it. Simply put, I.Love.It. Unfortunately, the price is just ludicrous!! They recently put up a sign for rent in front of the house and when I called they're asking $925/month!! HA! We pay only $765 for our duplex.

I'm not sure what I'm going to do, but I really want this house and am trying to explore my options. I hadn't planned on buying a home for at least 2 years to get my debt paid off and get a nice down payment, but I'm so in love with this house.

I've been looking on the net and researching rent vs. buy, mortgage calculators, etc. I found a really good one here that helps you calculate how much you can afford, how much your payments will be, etc. So I encourage you to check it out.

Would it behoove me to try and buy this house? Why should I continue to throw away rent when I found a house that I love, that I could possibly afford with no down payment (if I had a roommate), and that is in the perfect location, especially since I'm planning on staying in Tucson? I think I should definitely pursue this. As my bf always says, "If it's meant to be, it's meant to be." I don't know why I love this house so much but I really feel like it's meant to be mine.

I'll keep you updated and let you know what happens, but I'm really determined right now and feel that this is the next step I have to take. Wish me luck.

1 comment:

Amy said...

I'm wishing you luck!! You go girl get the house you've always wanted!! Screw the roommates and have a home to yourself dude! Its time you do something for yourself, something that makes you happy. Good luck!!