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What would you do?

We've been looking into buying our first home for the last couple of months, we've been renting the same house for 12 years now. The lady that owns the house has never raised our rent, which is very low for Chicago burbs. She called today and asked if we would stay one more year and will knock $100.00 off the monthly rent. This house is almost too small for us- 2 beds and 1 bath. We also have 2 kids.

 We got a pre-approval letter for a mortgage, but didn't get approved for enough to buy a house that doesn't need a ton of work. DH is self-employed and I work part-time. I feel that if we stay another year we could save more money, etc. 

What would you do?

Re: What would you do?

  • I'd stay another year and look for a house in that time!
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  • image katarczyna:
    I'd stay another year and look for a house in that time!

    Sounds like a plan to me!:)

  • image katarczyna:
    I'd stay another year and look for a house in that time!

    Ditto.

      

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  • I would stay another year.... and save save save for a nice house that you want and are comfortable with the amount of work that needs to be done.

    Best of Luck to you and your journey toward your first time as Home Owners. :)

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  • Ditto everyone.  Why would you want to settle? 
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  • Stay a few more years and save like crazy!
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  • Stay and rent is the no-brainer option. 
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  • If she offered to knock it down by $100, I'd ask her to knock it down by $150.
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  • image ZestofLime:
    Stay and rent is the no-brainer option. 

    Yes 

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  • Stay; get a job; sock away more money, and with you employed, you'll qualify for a better mortgage.

     

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  • Stay another year. It sounds like a great deal. In the meantime, save as much as possible so you can be able to afford a home. Keep looking for a house in the meantime. You never know, you may be able to find a house that you fall in love with.
  • I'd stay that last year - though you feel you are outgrowing the house, all of you are already there so you know it can be done.  

    Use that year wisely and strategically.  Invest that $100 into getting out of debt or raising a fund, or putting it towards closing costs on your house in one year's time.   Do the same with your regular monies...and try to pull in as many extra hours as you can without injuring your family time.   

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  • If you are really feeling squeezed, I might rent a storage unit and clear out any unnecessary stuff to feel a bit less cramped in the house.  It will make the additional year feel less like purgatory and more like a comfortable choice.

    Also, since your landlady obviously values stable family tenants, is there a friend that you might suggest to rent the house after you leave.  She would probably be thrilled at not having to list the property and deal with strangers. 

  • ki10ki10 member

    Stay, definitely.

    I would accept the offer of $100 off/month but also request a month-to-month lease (since it's quite apparent that landlady isn't going to randomly evict you with only two-months' notice) so that, if you find a house for the right deal, you can move out without any financial obligation to the rental for the rest of the year.

    And I love the PP's idea about renting a storage locker or something! From what I know of renting houses, there's usually a ton of storage space (as a midwesterner, I would guess you have a full basement of it) and you're probably more having trouble with kids wanting own bedrooms and maybe kitchen space. I would say that you can probably stand to move a lot of the stuff you only use occasionally in your cabinets into the garage or something just for another year. If it is short on storage, though, that's a great recommendation.

    Save the extra $100/month wisely and you'll find your situation much improved in a year. The housing market might go up in your area, but it's extremely unlikely to run off and leave you shocked.

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