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/u/AREISMU3
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Hey all, my partner and I have an opportunity to move cross country from state of Kansas City, Kansas to Sacramento, California for a job promotion. I am trying to figure out if it would be better to RENT or OWN. We currently own a home here in Kansas. Here are the facts:
We have almost 100K in equity and after real estate commissions and fee's will probably be closer to 75-80K. We know we are going to have to downsize to a condo or townhome or small home most likely and are trying to figure out what would be best for us both financially and from a quality of life standpoint. I've been running the numbers, and WITHOUT an HOA we could afford up to a 400K house, condo or townhome which puts us at about a 2500/month mortgage payment. WITH an HOA, we are looking at only being able to purchase a condo or townhome for anywhere from 275K-350K depending on the HOA fee which I'm seeing ranges anywhere from 250-550/month (ouch).
Renting a 2b 1b minimum would cost us anywhere from 2100-2400/month. Most of the places we have checked out have a pool, fitness room, tennis courts etc so could probably nix the gym membership for a year and save on that as well. I am wondering if apartments also charge for parking there. I used to live in seattle and phoenix and they always charged for parking so that's an added cost if we don't buy a home. I know this could be a cost if we bought a condo.
We need at minimum a 2b 1b, as we are in the process of trying to get pregnant currently and will also need a spare bedroom in case family ever wants to come visit. Would love a 2b2b but that's besides the point and irrelevant to this post I believe.
Another important factor: my wife will have to quit her job and look for a new one. She's a product manager but has experience with business dev, customer success etc so I don't project this being an issue but who knows with the job market right now so we need to take this into consideration.
submitted by /u/AREISMU3
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Rent or Own?
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We have almost 100K in equity and after real estate commissions and fee's will probably be closer to 75-80K. We know we are going to have to downsize to a condo or townhome or small home most likely and are trying to figure out what would be best for us both financially and from a quality of life standpoint. I've been running the numbers, and WITHOUT an HOA we could afford up to a 400K house, condo or townhome which puts us at about a 2500/month mortgage payment. WITH an HOA, we are looking at only being able to purchase a condo or townhome for anywhere from 275K-350K depending on the HOA fee which I'm seeing ranges anywhere from 250-550/month (ouch).
Renting a 2b 1b minimum would cost us anywhere from 2100-2400/month. Most of the places we have checked out have a pool, fitness room, tennis courts etc so could probably nix the gym membership for a year and save on that as well. I am wondering if apartments also charge for parking there. I used to live in seattle and phoenix and they always charged for parking so that's an added cost if we don't buy a home. I know this could be a cost if we bought a condo.
We need at minimum a 2b 1b, as we are in the process of trying to get pregnant currently and will also need a spare bedroom in case family ever wants to come visit. Would love a 2b2b but that's besides the point and irrelevant to this post I believe.
Another important factor: my wife will have to quit her job and look for a new one. She's a product manager but has experience with business dev, customer success etc so I don't project this being an issue but who knows with the job market right now so we need to take this into consideration.
submitted by /u/AREISMU3
[link] [comments]
Rent or Own?
Continue reading...