To buy or to rent...

So as I’ve posted before, I am moving to Vicksburg, MS and am looking for a place to live.  I had it all sort of worked out where I would live with a friend in Clinton, MS and commute with her husband.  Save on rent, commute time, and money.  However, that took a strange turn and it may or may not work out.  I’m giving it time to see what happens with that situation and then maybe we’ll reevaluate in about a month if all seems well.

I spent a few weeks looking for a place to rent and the options are slim, and expensive.  I could live in a shack, that might blow over in a strong wind and I might get robbed every day, for somewhere in the price range of 650-750$.  OR I could live in a crappy old house or a one bedroom/one bath apartment, for 850-1,500$ a month.  And in this economy, I just don’t see either happening.

I’ve settled, for now (see previous post), on living with my parents in Natchez, MS.  A good one and a half hour commute, one way…door to door.  But with the commute, planning, grading, and my own grad classes, I see this sucking.  A lot.  However, it will save us a lot of money and will allow us to pay off our credit cards much sooner than if I were to rent or buy something.

Now to the buying part.

We are already realizing, remember that previous post, how much this arrangement is going to suck.  So, just for fun, not knowing what my credit looks like or if I can even get a loan for a house, I decided to start looking on zillow.com again.  Just because it’s fun and I like to dream.

We had found this house before, when we first started thinking about buying.

It’s in a great neighborhood, not on a main street, and did I mention it is in a great neighborhood.  After seeing this house, twice, I decided that if and when we buy in Vicksburg, it will have to be in or around this neighborhood.  I mean, people were out walking their dogs, strolling their kids, riding their bikes, and there was even a community Frisbee game on a grassy area in the middle of the neighborhood.  Just made me want to move in and never move again.

The house itself needs a lot of work.  The owner wants 118,000$ for it, but everyone we have talked to says he won’t get it.  It’s a 3/2.  So we could have an office/guestroom and a future kids room, no problem. It’s definitely not move in ready.  It doesn’t even have a washer and dryer hookup.  All of that however could be fixed with the proper loan.  But, it’s an as is sale, meaning, you can’t really get a loan on it. Peeling paint, codes etc.  Sigh.

The nice real estate lady told us about this other house.

It’s 112,000$ and totally move in ready.  It is only a 2/1, but it has a few more square feet than the other house (I haven’t even seen this one in person, but I fell in love with it on zillow).  It’s near the other house, just right up the street really, making it 2-3 blocks closer to the school.  Not that it makes that much of a difference.  But for some reason, I’m in love with this house.  Must. Go. See. It. In. Person.

This is the house that I was thinking about renting for 850$. 

It’s a 2/1 and the lady actually has it on the market to sell for 87,000$  The neighborhood was, meh.  Or what the people in the bizz like to call, transitional.  Meaning it could go either way, up or down.  And in my opinion, that neighborhood was on it’s way doooooown. And according to zillow’s estimate on the mortgage payment, it would be under 400$ a month.  Total ripoff.  I’m sure the hell not going to pay 850$ AND utilities AND mow the grass, when it’s selling for 87,000$.  Fuck that.  It’s falling apart anyway.

So now down to the dirty.

Before we even thought about buying, my credit was really good.  Then our credit cards people’s got mad at us because we were not using our credit cards as much as they would have liked us to.  We were paying them off and using them very sparingly.  So these lovely credit card people decided to cut three of our credit cards off.  Lowering our debt to available credit ratio, putting my credit back in the toilet.  Thanks Assholes!

However, after paying off some more credit cards, I’ve realized that my credit limit on one credit card has been raised from 500 to 2750.  Which gives me much more credit than debt.  So me thinks my credit score may have gone up with that.  So I’ve got to find out exactly what my credit score is and if it’s high enough, see if I can get a loan for a house.

Our idea is that we would take our permanent situation from FL to MS.  Since that is where we won’t to move.  So Ed would rent a room from a co-worker and we could possibly buy a house.  That way we are only rally paying one large amount out and it will be more of an investment than throwing it away to some rich Indian real estate lady and her doctor husband. 

We shall see about all this.  We shall seeeeee…. Stay tuned for updates on my housing woes.

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Update:

Well that was a bust...let's see what I can figure out now...