Okay…for the last year I have been wanting to get out of our current house. We hate the HOA, we could use another bedroom, and I have come to realize that the style of the house is not one I am really comfortable with. It looks nice, but it’s not really right for how we live. I would like something more like what I grew up in. To explain, we have a house that has an “open” floorplan. The cieling in the living room goes all the way up to the second floor (a nightmare to paint!) and it has all kinds of architecturally interesting niches and shelves. We also have a lot of tile. This house echoes like the dickens, and the bedrooms are not separated from the noise of downstairs at all. This house feels very un-private. I grew up in your standard 50s ranch tracked house and have come to realize that I am more comfortable with the less open, more separated style of houses like that. Add in the fact that the HOA sucks and that I have been emotionally divested of this house for over a year, and I am eager to move.
Well, because the housing market has TANKED here in Phoenix, selling our house is nearly impossible. It does need some cosmetic work. Paint and carpet mostly, landscaping, some new doorknobs, and the overhang over the back patio needs some work. With five children, DH working full time and me working part time, church and extra curriculars (not excessive, either - one sport per child) we just don’t have time to do that work. We don’t have the money, either. We have a fair amount of credit card debt (stupid, I know, but some of it was medical) and honestly, I think we made ourselves a little house-poor when we bought this. We should have looked for something less expensive.
So, because the housing market is so bad, rents are plummeting. We could rent a house with more bedrooms than what we have, only a few miles away and in a nice neighborhood, for $400 less than our house payment! :eek: So we are seriously considering getting out from under our current house and doing that. I have even found another, bigger house (like 1000 sq. ft. bigger!), in a neighboring city, for that same rent.
The idea is that we would call one of those quick home buyers (the “we buy ugly houses” types), get as much as we can for the house, as long as we can pay it off and have a little left over (we owe much less than it is worth), and then rent this other house. Reducing our housing cost by so much would give us a chance to sort of start over financially, pay off our debt, save up, and be ready to buy again in a couple of years. I asked about a 2 year lease, and the agent said it would be no problem and in fact sounded eager.
I know that going back to renting would be seen as a step backward by many… but it seems like the right thing to do for our family right now.
Would you do this if you were in a similar situation?