WWYD re:lease LONG

[jennyl772003]

Here's the deal. Our lease expires Nov. 30.

Last spring my parents inherited money after my grandmother died, and for Christmas gave us money towards a deposit on a house. Since we had just re-signed our lease, we had to wait until this one expired to start looking.

Now, this lease is close to being up, so I called our management co. about our options.

We basically have 3...

1. would be to buy a house RIGHT THIS SECOND, put in our 60 day notice and not sign a new lease. This is not going to happen.

2. Would be to sign a month to month lease with a 60 day out. Our rent would be about $20 more a month. If we found a house this way, we would just need to put in our 60 day notice.

3. Would be to sign a 6 month lease. Our rent would go up slightly. This way we would need to either time our home buying to coincide with the end of the lease (probably next to impossible) or at the end of the 6 months, sign a month to month.

DH wants to do the 60 day and then possible month to month. He thinks spring would be a better time to look for a house and it would be less disruptive for DS (9) school wise since the year would be over.

I want to go right to the month to month since deep down, I REALLY want a house of my own. It seems that DH just keeps pushing it back and back. We would start by looking at houses in the same town we live in, so DS would possibly not even have to change schools (our town is pretty expensive though, so we may not be able to find anything in our price range), and I have heard that it is sometimes actually easier for kids to change schools mid-year.

So, which do YOU think we should do?

 

[mickeyboat]

I woudl do the month to month now. What is the net difference between the $20 extra for month to month and the extra rent for a 6 month lease? You are paying a little more for the flexibility, but you will be even worse off if you happen to find something right away, and have to pay both rent and mortgage payments.

Good luck.

Denae

 

[Tigger&Belle]

I would also go with the month to month. You might even get lucky and find something right away and be ready to close by the end of Nov, or at least close to it. I wouldn't want to lock myself into the 6 month lease.

Have you looked around and have an idea what you would want in a new house? Buying a first house is such an exciting and scary time!

As far as spring being a better time to look, that really depends. Not as many people are looking to buy right now, which could work to your advantage. It will be more competitive in the spring since more people want to move into a house in late spring/early summer. There might not be quite as many houses on the market, but the people who need to sell, will have their houses on the market. The people wanting to sell might wait until spring, but you might find a more motivated seller.

 

[DisneyMommyMichelle]

Month to month is your best bet. you never know what could come up causeing you to need more time orrrr you could find something RIGHT AWAY

 

[jennyl772003]

Thanks all! I knew I was right and DH was wrong

Now I'll go home and tell him the Dis agrees with me!

 

[barkley]

before i made a decision i'de look at the terms of the current lease and local rental laws. your current lease holds you there or obligated to pay the rent until november 30th (so they can't MAKE you move 60 days from now unless it's a valid eviction issue), and most standard leases/rental laws say when a lease ends unless renegotiated by both parties it reverts to a month to month tenancy with 1 months notice of vacating (not 2). i also don't think a landlord can force you to enter into a new lease or rental agreement until the first one is within 30 days of expiration (but your current lease may call for a different agreement on this).

so this would put you at not having to make a formal decision until 10/30/06. you could start looking now and might get a better deal on houses in the fall or winter months-even when the seller's market was'nt crashing around here like it is now housing sale prices dropped dramaticly once the end of summer hit (sellers know people want to time moves when the kids are out of school and they price accordingly). you might also not have to change schools right away and be able to time it for when the next semester starts, or if you bought in the spring-when the next school term starts (if it's workable for you to transport the child back and forth to the old school).

 

[jennyl772003]

The lease on this apartment doen not revert to month to month. We are actually already on the second lease agreement. This will be the third. It automatically renews to another year unless we give notice at least 60 days (DH said the 60 day part, I did not see that in the lease) prior to it expiring.

I would love nothing more then finding a new place before our lease is up, but DH isn't quite as gung-ho as me. We still need to get pre-approved and all of that jazz as well.

 

[Tigger&Belle]

Getting preapproved should be easy if your credit is good. Nothing complicated at all and as far as I remember, it's mainly to show the sellers that you are someone who is worthy of their time. It's not as if it's something binding. It's been a while since I've bought a house (almost 7 years) and a quite a while since I've bought my first house, though (17 years).

It's natural to be reluctant to buy. I've been scared to buy each and every time, but especially the first time. It's a big thing, but a lot of fun, too.

 

[The Mystery Machine]

Hmmmm....

Any of the options are fine, really.

I guess I don't see where your DH is "pushing things back"... He has agreed to not sign a lease and then go month to month.

Month to month can be tricky, make sure they cannot raise the rent to something atrocious to get you out of there.

When you get approved and start looking and find your home you will move. Good Luck!

 

[Kimmie5870]

The lease on this apartment doen not revert to month to month. We are actually already on the second lease agreement. This will be the third. It automatically renews to another year unless we give notice at least 60 days (DH said the 60 day part, I did not see that in the lease) prior to it expiring.

I would love nothing more then finding a new place before our lease is up, but DH isn't quite as gung-ho as me. We still need to get pre-approved and all of that jazz as well.

Does your Dh give you any reason why he wants to wait on buying a house?The only reason I'm asking is because Dh and I have been in the same boat,only it was me who was bulking.

DH pushed me about buying a house until I gave in.That's one of the biggest mistakes I've made.Within 6 months I hated the house and the neighborhood and I resented DH for pushing me into a making a decision I wasn't ready for.