This is really bumming me out!

Rob Babcock · « **on:** 8 May 2006, 12:55 am »

As some of you may know, I'm in the process of relocating for work, and sadly the rental market in my new town is really awfull. There's practically nothing decent in the rental market, and I'm not willing to buy right at the moment (due to time constraints plus the fact that I'm not sure if this will be a semi-permanent post or a long-ish temporary one

). Sadly, it looks as though I'll probably be trading in a large, well proportioned room for a smallish, poorly proportioned one.

Worst thing is it's not really even about $$$- it doesn't seem to matter a whit what I'm willing to spend. It's bizarre that a town of 20k+ only has about five rental houses listed between the classified section and the three property management agencies!

Double Ugly · « **Reply #1 on:** 8 May 2006, 01:23 am »

If you're handy with power tools, sheetrock and the like, you may want to consider looking for a good deal on a nice fixer-upper. That way you might make a buck or two when you leave...or at least better the odds of not losing any. Or considering the absence of decent rental property, you might think about leasing it out, assuming there's someone there you could trust to manage it for you.

One of the bigger downsides is that, if you leave right away (6-12 months) you're a lot more likely to get stuck with it than not.

Otherwise, if you aren't handy, just don't want to put in the time it would require, or aren't sure how long you'll be there, I dunno.

warnerwh · « **Reply #2 on:** 8 May 2006, 01:51 am »

The above poster makes a good point. You may want to look and see what real estate has appreciated there the last couple of years. A fixer upper would be ideal if you're going to be there over at least a year.

With a rental you get receipts, if you purchase you'll be able to deduct your interest and other loan costs(shop or ask in the Sports bar). You can also deduct every penny you put into that house.

You could possibly make a good profit. In the Northwest our real estate has been appreciating about 20% per year the last two years and shouldn't slow down too much in the next two.

If you're stuck with a worse room than you had before I'd consider some digital room correction and room treatment to make your stay more enjoyable.

Best Wishes

Rob Babcock · « **Reply #3 on:** 8 May 2006, 06:53 am »

Yeah, I've crunched the 'rent vs. buy' numbers and I'm just not convinced that buying will pay out in the long run. But on the the plus side, tonight I looked at a place with 2 smallish bedrooms but one large room that would work pretty well for audio/video. Given the dearth of better options I think I'll take it.

Rocket · « **Reply #4 on:** 9 May 2006, 02:51 am »

Hi Guys,

Just curious to know if the USA is in the middle of a housing boom. Prices have skyrocketed in perth, western australia over the last couple of years. It take almost 2 years to build a house.

Regards

Rod

woodsyi · « **Reply #5 on:** 9 May 2006, 03:43 am »

I don't know about the whole country but the greater Washington DC area has peaked and is on the way down. Already there are stories of people walking away from tens of thousands of dollars on deposits on new construction because the finished units of the same model are on sale for less even after the loss of deposit. By next year we will seriously have a surplus of condos. A few years down the road, a condo in a good location will be a good investment.........

Woodsea · « **Reply #6 on:** 9 May 2006, 06:53 am »

That is good to hear woodsyi. We will most likely be in DC for 2 years in 2.5 years. The cost of a home is atrocious around the capital.
Sounds like you found a good option with the large living room, Rob. If it falls thru, buying is always better than renting. Unless of course your company is paying for your housing and it is less than a 12 month stint.

Rob Babcock · « **Reply #7 on:** 9 May 2006, 11:37 pm »

I signed a year lease today. Not an ideal place, but certainly liveable. A year goes by pretty fast, and if things are working out I'll probably start looking for a house to buy before too awful long. In the short term my new room probably won't be as nice as my current one but it should be adequate. I've had to deal with a lot worse.

I predict some heavy duty room treatments in the next couple months, though.

mcrespo71 · « **Reply #8 on:** 11 May 2006, 03:28 am »

Where are you moving to?

Rob Babcock · « **Reply #9 on:** 11 May 2006, 05:38 am »

Watertown, SD. From "Middle Nowhere" to "Nowhere."

lonewolfny42 · « **Reply #10 on:** 11 May 2006, 05:44 am »

Quote from: Rob Babcock

Watertown, SD. From "Middle Nowhere" to "Nowhere."

Thats not so bad Rob....your close to water........

mcrespo71 · « **Reply #11 on:** 11 May 2006, 05:59 am »

How far is that from Sioux Falls? It looks like a little over a hundred miles from the map, but I"m just guessing.

Rob Babcock · « **Reply #12 on:** 11 May 2006, 07:18 am »

96 miles. Only about an hour and fifteen minutes, all by interstate, so not a bad drive at all. It's not hard to come back home to shop or hang with my family.