Post by Kim Possible on Jun 26, 2008 9:16:30 GMT -5
I'm looking for advice. I must preface this with "I will do what I feel is best" but I'm just wondering what people think, and what anyone in my situation might do.
I am in a rental for almost 3 years now. my lease is up in Sept. I moved in here after my ex moved out of our home in june 3 yrs ago. I felt i couldn't afford to stay where I was, and wanted a 'fresh strt'. I rent from the co-op organization. At the time my credit was very bad (he left me in an awful position) and barely had enough $ for security and moving into the new apt.
So now, the co-op board wants to sell my apartment. I guess it's more profitable for them to do that. They want to sell it to me. Here's my dilemma:
I love where I live, but at the same time, I hate it. It is very small. I already feel like I am outgrowing it. Parking is an issue (it's in a complex and there are multiple units, all of which vie for spots on the street). I don't have a washer/dryer in my apt, and there is no garbage pick up. All these little things bug me, but I deal with them, because I am only renting, and it is not forever.
But I love the location of my apt: there is a huge courtyard where my daughter plays, we get along with our neigbors, it is a good neighborhood, it is near her school (I'd keep her in the school no matter where we lived), near my work and my parents.
Another huge issue: I don't have a cent to put down, and am actually skeptical that I can get approved for a mortgage. I was told by my neighbor (who is on the co-op board) that they would be very willing go work with me, and can waive the required down payment percentage (which I'm sure is like 20%). As per her, they like me, and do not want to see me leave. But would they actually waive it alltogether? because that would be the only way I could stay here.
But, I feel like, if they can work with me, I should give it a shot, because I honestly don't know when I'd otherwise be in a position to own something. Even though it is not something I see myself in long term, at least it's a setpping stone to something better in the future.
Those who I have asked about it don't seem to be very encouraging about it, saying I'll never get approved, and why would I want to own a place I don't love? I am realistic that getting approved is a long shot, I'm not that naive. And I don't want to go through the motions, only to be told at the 11th hour that they can't make it happen.
What's my other option? To find yet another place to rent, one that i will have to pay more for, one that I need to come up with 2-3 months in advance, and one that I need to be 'approved' for (credit check, references, etc). And, the hassle of moving; AGAIN!!
And of course, the thing that troubles me the most, is that I am going at this alone. I have the moral support of my friends, parents and my bf, but no one is in any positoion to help me financially, nor to really aid me in making the right decision.
I just thought after three years, I would have been in a better position
I am in a rental for almost 3 years now. my lease is up in Sept. I moved in here after my ex moved out of our home in june 3 yrs ago. I felt i couldn't afford to stay where I was, and wanted a 'fresh strt'. I rent from the co-op organization. At the time my credit was very bad (he left me in an awful position) and barely had enough $ for security and moving into the new apt.
So now, the co-op board wants to sell my apartment. I guess it's more profitable for them to do that. They want to sell it to me. Here's my dilemma:
I love where I live, but at the same time, I hate it. It is very small. I already feel like I am outgrowing it. Parking is an issue (it's in a complex and there are multiple units, all of which vie for spots on the street). I don't have a washer/dryer in my apt, and there is no garbage pick up. All these little things bug me, but I deal with them, because I am only renting, and it is not forever.
But I love the location of my apt: there is a huge courtyard where my daughter plays, we get along with our neigbors, it is a good neighborhood, it is near her school (I'd keep her in the school no matter where we lived), near my work and my parents.
Another huge issue: I don't have a cent to put down, and am actually skeptical that I can get approved for a mortgage. I was told by my neighbor (who is on the co-op board) that they would be very willing go work with me, and can waive the required down payment percentage (which I'm sure is like 20%). As per her, they like me, and do not want to see me leave. But would they actually waive it alltogether? because that would be the only way I could stay here.
But, I feel like, if they can work with me, I should give it a shot, because I honestly don't know when I'd otherwise be in a position to own something. Even though it is not something I see myself in long term, at least it's a setpping stone to something better in the future.
Those who I have asked about it don't seem to be very encouraging about it, saying I'll never get approved, and why would I want to own a place I don't love? I am realistic that getting approved is a long shot, I'm not that naive. And I don't want to go through the motions, only to be told at the 11th hour that they can't make it happen.
What's my other option? To find yet another place to rent, one that i will have to pay more for, one that I need to come up with 2-3 months in advance, and one that I need to be 'approved' for (credit check, references, etc). And, the hassle of moving; AGAIN!!
And of course, the thing that troubles me the most, is that I am going at this alone. I have the moral support of my friends, parents and my bf, but no one is in any positoion to help me financially, nor to really aid me in making the right decision.
I just thought after three years, I would have been in a better position