Housing situation

[Dunit35]

Needing opinions.

Apartment or house, what would you do?

The fiance and I are looking for a place to live after our contract runs out next month. It seems that when we find a house we want in a good neighborhood the prices are from 600-800. Well I'd prefer to spend less then 600 so we can save money before we get married. We want a 2 bedroom house. We have a Siberian Husky, so she needs room to play.

Apartments are cheaper and could help us save money in the long run. But, our puppy won't have her own backyard. Apartments seem to range from 375-500 for a one bedroom and the bills are cheaper. The fiance wants a house and it doesn't bother me what we get. Put yourself in our shoes (college students, getting married next May, niether of us have the jobs we are working towards) what would you do?

[Coach]

Originally Posted by Dunit35

That's what I've been thinking. Long-term an apartment could save us an easy 150+ a month and over a year or two (two years left for school) and we could easily use it for a down payment on a house. We'll have to get a new car sometime when we get married both of ours aren't the best and are high mileage. I could just see us easily paying over 1K on a house, bills, auto insurence, health insurence, etc. When we would only be making 2K a month. What if something happened to a vehicle, would we have to wait to fix it because we don't have the money. With an apartment, saving that money, we could fix something real quick.

As my brother said "if you say you can afford this place, it doesn't mean you should go get it". Find cheaper stuff, he says to get an apartment.

The more I talk to you guys and him, I'm hoping we can just get an apartment.

Yeah, I was in that type of a grey area that you're currently in. Me and the miss are deftinaly trying to save up $ for the down payment. Not to mention that we're figuring out and deciding (we're more than likely gonna build a home) if we want to have a walkout basement or not.

For instance, Yeah, we did some advanced thinking, and that would be with 2 types.

1. With Walk-out
- Base price is $229,000
- All extra stuff added (i.e. additional lighting, low-e windows, corial countertops, etc etc) $12,095
- 9' Walkout Basement - $18,550

Add all them up, it's $259645

2. W/o Walkout

Same as above, minus the $18,850, which would be $242,855.

And our down payment would be at least around 40,000, which is very good since it would lower the monthly payments.

With the walkout, the payments would be starting at $1,760, that's included taxes and insurance. W/o the walkout, it's starts off a $1,656, including taxes and insurance.

So we're thinking to ourselves, is it really worth an extra $100? Especially when you add it all up and all.

We know for sure, with the bills that we are currently paying for, will not cover the home costs. That's why we set a goal to at least try to get 3/4ths of our bills paid off by next June, where it would free up at least close to $800 that we can put into the mortage payments.

[Dunit35]

Originally Posted by Coach

Heh, good line on the Holiday Inn Express. No, you are correct on the credit history. Usually, if people have a very solid credit history, and they are capable of paying their bills on time, and no missed payments, more often than not, they would be approved for a big mortage, provided that their salary will be sufficiant enough to pay it, of course.

Usually, it a good idea to buy stuff that is around the $400 to $600 and most stores have that gimmick of 12 months no interest for purchases of $399 and up. Start off paying off those first to build up your credit.

For example, in March of this year, at Circuit City, I recently bought a new computer, with Windows Vista, 3.0 Ghz, 2 GB RAM, 22 inch widescreen monitor and it had a free printer/fax/scanner in one, thrown in the package. 14 months, no interest for it.

It costed me $1150, but I got $320 back from rebates, and I used that to chuck off part of the payments. And I'm deftinaly gonna get this paid off before the end of the year, easily. About $500 more to go.

I'm wanting to do the same thing. I got another credit card a month ago for 500. But, don't plan on using it for anything other then a breakdown of my truck.

If there is one thing I want it's a 32 inch Sony LCD HDTV at Wal-Mart for 700.

[Bill Lundberg]

Originally Posted by Dunit35

You are saying that if I continue paying it off as quickly as possible it could hurt me?

What I am saying is, the credit report people don't see that I paid off a credit card 5 months in advance?

There are no "credit report people" it's all programmed formulas. Paying it off won't hurt you. The main thing is that now that you have it open it should be active. Unfortunately with a Kay's card you can't really use it very often. I would recommend you sign up for a card on campus (master card or visa), get the free tee shirt and use it for 1 tank of gas per month. When you get the bill pay it off in full and charge another tank of gas and so on. This will establish an active account that is managed responsibly. The scoring model will see low balance to limit ratio, and good payment history and BOOM there you have it! Within 6 months you will have a good credit score.

[Coach]

Originally Posted by Dunit35

I'm wanting to do the same thing. I got another credit card a month ago for 500. But, don't plan on using it for anything other then a breakdown of my truck.

If there is one thing I want it's a 32 inch Sony LCD HDTV at Wal-Mart for 700.

Heh, as long you make the payments, and don't miss a payment, you'll be fine.

BTW, where are you wanting to live at? Your location thingy says OKC, and I'm assuming ya'll are looking at in the OKC area?

[Dunit35]

Originally Posted by Bill Lundberg

There are no "credit report people" it's all programmed formulas. Paying it off won't hurt you. The main thing is that now that you have it open it should be active. Unfortunately with a Kay's card you can't really use it very often. I would recommend you sign up for a card on campus (master card or visa), get the free tee shirt and use it for 1 tank of gas per month. When you get the bill pay it off in full and charge another tank of gas and so on. This will establish an active account that is managed responsibly. The scoring model will see low balance to limit ratio, and good payment history and BOOM there you have it! Within 6 months you will have a good credit score.

Like I said, I have a chase credit card that has 500 on it. You think it'd be best if I used that once a month for gas and paid it off in full each month? Do you think that the Kay card that I used won't give me much credit? Just wondering.

[Dunit35]

Originally Posted by Coach

Heh, as long you make the payments, and don't miss a payment, you'll be fine.

BTW, where are you wanting to live at? Your location thingy says OKC, and I'm assuming ya'll are looking at in the OKC area?

Yeah, right now we live in NW OKC and are looking for a place here. But when we graduate we both want to immediately move back to her hometown (my bro lives there now also), that is if our jobs would allow that.

[StcChief]

Apts are usually cheaper depending how safe an area you need to be in....

Save up for a house decent down payment. Still buyers market

[Coach]

Originally Posted by Dunit35

Yeah, right now we live in NW OKC and are looking for a place here. But when we graduate we both want to immediately move back to her hometown (my bro lives there now also), that is if our jobs would allow that.

Where would her hometown be at, if I may kindly ask?

[Dunit35]

Originally Posted by Coach

Where would her hometown be at, if I may kindly ask?

Watonga. Small town, everythings cheaper but fuel.

[Bill Lundberg]

Originally Posted by Dunit35

Like I said, I have a chase credit card that has 500 on it. You think it'd be best if I used that once a month for gas and paid it off in full each month? Do you think that the Kay card that I used won't give me much credit? Just wondering.

Absolutely on using the Chase card for gas. If you pay off the full balance you'll never pay a dime in interest so it does nothing but good. The Kay card will help in the short term it is just an account that you won't use very often unless your lady requires jewlery on a monthly basis. If that's the case you may want to reconsider that ring!!

[bogie]

God I'm old.

[Coach]

Originally Posted by Dunit35

Watonga. Small town, everythings cheaper but fuel.

Ah, ok. For some reason, I thought maybe ya'll were from the KC area.

Either way, good luck.

[Dunit35]

Originally Posted by StcChief

Apts are usually cheaper depending how safe an area you need to be in....

Save up for a house decent down payment. Still buyers market

Yeah, that's a problem. This place she lives in now is considered a nice area. This two bedroom she lives in now is 644 a month. It seems most of the aparments I've driven by this week haven't been amazing looking.

[Dunit35]

This looks nice.

http://www.rent.com/rentals/oklahoma...1&searchrank=3

The pic could be a trick though.

[bogie]

Originally Posted by Dunit35

Needing opinions.

Apartment or house, what would you do?

The fiance and I are looking for a place to live after our contract runs out next month. It seems that when we find a house we want in a good neighborhood the prices are from 600-800. Well I'd prefer to spend less then 600 so we can save money before we get married. We want a 2 bedroom house. We have a Siberian Husky, so she needs room to play.

Apartments are cheaper and could help us save money in the long run. But, our puppy won't have her own backyard. Apartments seem to range from 375-500 for a one bedroom and the bills are cheaper. The fiance wants a house and it doesn't bother me what we get. Put yourself in our shoes (college students, getting married next May, niether of us have the jobs we are working towards) what would you do?

If this living arrangement is temporary, rent the least expensive place you two can agree upon. Give it a while, sign a 6 month lease or less if possible. If you hate it, when your lease runs out, find a bigger place. You need to put your money away until you can buy. Your goal is to buy. Drive your Grandpa's car until it falls off its wheels. Save, save, save. You have your whole life ahead of you. You may look back on these struggling days with fondness.