Skip to main content

Blended family of 6 living situation. Rent bigger, stay in rental or buy?

I have two kids and they are here half the time based on my custody. He has two kids he has every other weekend (two nights in our home. During the week he visits them). We have one on the way.

It would be: Two full time adults One full time child Two part time (half time) kids Two kids spending on average 4-6 nights a month

We are renting a 3 bedroom house with large yard and storage (pets allowed) and have plenty of space except when his kids visit on their weekends.

My lease won’t end until February and I’m due at the same time.

I can either:

A) Have the landlord put this place in the market and I’m responsible for rent until someone rents or my lease is up. There is a fee of $2000 which is half my deposit for “deposit release .” We would rent a 4-5 bedroom place at a few hundred more a month but risk signing another lease before we know when our place would rent out. I wouldn’t know much we would lose in total and if we go for it, we would rent for long term (2-5 years).

B) Complete our lease and stay for an additional 6-12 months in this space and then buy.

We want to buy but nothing we like is on market right now. But if we rent a new place , I rather not move again just a year after to buy. Moving is tough and disrupts the kids too.

Suggestions? Stay crammed every other weekend in our 3 bedroom, 2 bath 1600 sqft home until able to buy? Or break lease, accept the penalties and rent larger place for longer term that may likely say no pets? No pets now but we do want a dog

submitted by /u/lilyfernanda
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/cxwknc/blended_family_of_6_living_situation_rent_bigger/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...